KELBROOK aerospace engineering firm Euravia has been sold in a deal worth approximately £30 million.

The aviation company, which is now based at Colne Road, was formed by Dennis Menderos in 1988 and provides maintenance, repair and overhaul solutions for a wide range of aircraft and helicopter gas turbine engines.

The Kelbrook firm was purchased by aerospace industry supplier Magellan Aerospace, which is based in Ontario, Canada.

Magellan announced last Friday that it had acquired all the shares in Euravia, which has an established international reputation for delivering high-quality, cost-effective engine support.

It holds 19 international approvals supporting over 150 civil and defence customers in 50 different countries.

Mr Mendoros, Euravia’s chief executive, said: “The acquisition by Magellan leads Euravia to the next development level, opening potential new business opportunities in North America and enabling us to offer enhanced customer support and dedicated aftersales service.

"In addition, Magellan’s global reach augments Euravia’s existing partnerships in the Middle East, Asia-Pacific, and across Europe.”

Magellan’s president and chief executive officer, Phillip Underwood, said: “The acquisition of Euravia complements Magellan’s existing repair and overhaul capability in North America.

"Euravia has an excellent reputation for providing high-quality MRO capabilities, supporting a global customer base, and delivering exceptional customer service.”

Mr Menderos, who had worked as an aeronautical engineer in Greece, initially started Euravia in 1988 as a one-man outfit renting a workshop and office in the now-demolished Fairbank Mill in Barnoldswick repairing aero engines.

Within 15 months, he had won a £2.4 million contract from the Ministry of Defence to work on engines for the TriStar RB211 transport aircraft.

Euravia then purchased its first aero-engine repair facility at Earby in 1989 before relocating to its purpose built state-of-the-art factory at Kelbrook in 1994.

Euravia’s revenues for the fiscal year ending December 31, 2014, were approximately £14 million.

The purchase price with Magellan will be subject to final adjustments, including an amount based on earnings achieved by Euravia over the next two years.

Magellan, which operates units throughout Canada, the United States, the United Kingdom, Poland and India, will fund the purchase through its current operating credit facilities.