Air NZ sells luxury jet fitout business

Michael Pervan, Managing Director of Altitude Aerospace Interiors.

Air New Zealand has sold its cabin interiors and corporate jet fitout business.

The airline has sold Altitude Aerospace Interiors to AIM Aviation a British-based airline interiors design, engineering and manufacturing company.

Air NZ's chief financial officer, Rob McDonald, said the airline had been exploring ways of taking its Altitude business to the next stage of growth and was satisfied the transaction would provide a "strong foundation" for both companies to leverage the relationships they had with aircraft manufacturers and airline customers.

The financial details of the transaction are not being disclosed.

"With rapid growth forecast in aircraft deliveries over the coming five years and premium airlines increasingly demanding bespoke interior solutions, this is an exciting opportunity for Altitude, which will gain access to AIM Aviation's new UK based state-of-the art manufacturing facilities," he said.

"This is a great example of Air New Zealand fostering and developing an internal venture and then divesting at the right time when further resources, skills and expertise are needed to realise its growth potential."

AIM Aviation is majority owned by TowerBrook Capital Partners, an international investment management firm based in USA and Europe.

Altitude Aerospace Interiors was set up in 2008 and designs, engineers and supplies customised airline cabin interiors for commercial airlines and VIP Boeing Business Jets. It employs approximately 100 staff.

Altitude general manager Michael Pervan said the airline was "incredibly excited" to join AIM Aviation for the next stage of its development plan

The parties plan to complete the transaction by the end of this month.