A Newport aviation company, that has grown into a global supplier of aircraft engines, parts and maintenance services, has been bought in a deal worth about £475m.

Japanese firm ORIX Aviation has agreed to acquire AerFin, which employs more than 230 people and operates from sites in the UK and around the world.

Founded by Bob James, AerFin has developed from a south Wales business into a global aviation aftermarket specialist.

Announcing the takeover, AerFin described it as the start of a new chapter for the company.

The firm - which was majority owned by a private equity company prior to the sale - buys, sells, leases and repairs aircraft, engines and components.

In 2025, the company moved into a new purpose-built, 116,000 sq ft facility, external at Indurent Park in Newport.

ORIX Aviation is the aircraft leasing arm of Japanese financial services giant the ORIX Group.