We have advised Chequers Capital (Chequers) on the refinancing of its portfolio company, Nayak Aircraft Services GmbH (Nayak). The refinancing, completed two years after the initial acquisition, reflects the company’s strong performance and successful execution of its growth strategy. The financing supports Nayak’s continued growth and provides additional financial flexibility to pursue organic expansion and strategic acquisitions, further strengthening its leading position in the European aviation MRO market.
Chequers is a Pan-European, mid-market buyout specialist focused on B2B companies. Founded in 1972, the company manages assets of more than €2bn and, with over 25 investment professionals, is one of the leading players in the mid-cap private equity market in Europe. Chequers focuses on light industrial companies and B2B service providers with good positioning and international development potential.
Founded in 1974, Nayak is Europe's leading independent provider of aircraft maintenance and painting services, operating a network of 70 stations across 18 countries and serving over 250 airline and cargo customers mostly on a longer-term contractual basis. The company provides mission-critical, safety-relevant maintenance services and has established itself as a trusted partner to airlines across Europe through its extensive network, long-standing customer relationships and differentiated service offering.
Since its acquisition by Chequers in 2024, Nayak has delivered strong operational and financial performance, driven by sustained organic growth, increasing market share, and the successful integration of strategic acquisitions. The business has continued to strengthen its leading position in the European line maintenance market while expanding its service capabilities and geographic footprint.
The refinancing provides Nayak with enhanced financial flexibility and additional firepower to pursue its growth strategy. The transaction further strengthens the company’s ability to drive both organic expansion and strategic acquisitions. Building on its strong market position and extensive European network, Nayak is well positioned to further consolidate the highly fragmented aircraft maintenance market and strengthen its position as Europe’s leading independent line MRO provider.
