Keystone Northern Ireland has assisted Causeway Aero Group, in a deal that sees it become the first business to receive backing from a £30m growth fund created by a number of state-owned financial institutions.
Led by Director and senior corporate lawyer John McMahon and assisted by Lauren McGarry, the team advised Causeway on the corporate finance aspects of the transaction, which provided the business with £500,000 additional funding, to expand the business, via the Growth Finance Fund.
Causeway offers a range of aerospace products from cabin interiors to airframe structures. The group was established in 2016 by companies such as Moyola Engineering and Denroy Plastics to help bid for bigger contracts as a joint venture.
Meanwhile The Growth Finance Fund was originally set up by the British Business Bank, economic development agency Invest NI and the Northern Ireland Local Government Officers' Superannuation Committee.
The matter signals the latest in a series of deals that Keystone NI has assisted Causeway with. In October 2018, the team advised the Group on its acquisition of Belfast Aircraft Stress Engineers (BASE) Ltd and also on an aircraft seat manufacturing agreement; and earlier this year, Director and property lawyer Jim Houston helped facilitate Causeway’s move into a new 20,000-sq-ft facility in Lisburn.
John McMahon said:
“It has been a pleasure to be involved in the development and growth of Causeway Aero Group, one of the leading aerospace companies in Northern Ireland. We continue to receive new instructions from Causeway as it seeks to attract third-party investment to enable it to continue on its ambitious expansion plan. Causeway is regarded by Invest NI as a significant success story in this sector and holds it out as an example to other young companies on how to avail of local support and funding in order to flourish. We are currently advising on a further acquisition and a significant private equity investment, both of which will complete in the coming weeks.”