Published on May 24th, 2012 | by CPE Editor0
Moelis Capital Partners Acquires Embattled Mxi Technologies
With over 200 employees, Ottawa based Mxi Technologies is a provider of aviation maintenance management software solutions to commercial airlines, Original Equipment Manufacturers (OEMs), Maintenance Repair and Overhaul (MRO) organizations and defense operators.
Maintenix, Mxi Technologies’ flagship platform, manages the engineering, planning, execution, materials management and maintenance-related business support and analytic activities of aviation organizations.
Dave Seibel, Chairman & CEO of Mxi, will continue in his roles as Chairman & CEO, and all other management team members will remain in their current positions.
Moelis & Company, JetCapital, The Avascent Group and Sagence Group served as advisors to MCP on the transaction, and Parr Brown Gee & Loveless, and Osler, Hoskin & Harcourt LLP served as legal counsel to MCP.
In March 2012, a panel of three judges of the Court of Appeal of Ontario dismissed the appeal of a trial decision that requires Mxi Technologies, Bradley Forsyth, Douglas Brouse, Jeffrey Cass, and Robert Vandenberg to each pay, jointly and severally, more than $20 million in damages, interest and costs to GasTOPS.
The lower court Trial Judge Thomas Granger found that the former GasTOPS’ Managers breached numerous post-employment duties owed to GasTOPS, when they resigned to start MxI.
The last avenue of recourse for Mxi were to seek leave to appeal to the Supreme Court of Canada.
Concurrent with the sale announcement, Mxi Technologies announced the end of litigation with GasTOPS with the payment to GasTOPS ordered by the lower court, ending a nearly 16 year lawsuit between the two companies.
Tags: Bradley Forsyth, Douglas Brouse, GasTOPS, Jeffrey Cass, JetCapital, Moelis & Company, Moelis Capital Partners, Mxi Technologies, Osler Hoskin & Harcourt, Parr Brown Gee & Loveless, Robert Vandenberg, Sagence Group, The Avascent Group
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