Lessor GDHF to buy operator, MRO & training firm NHV
One of NHV's Airbus H175s.
Lessor GD Helicopter Finance (GDHF) has signed an agreement to acquire NHV group – the rotary operator, maintenance and training business. GDHF expects to complete the transaction in the first quarter of 2026, subject to regulatory approvals.
GDHF and NHV will maintain independent operations, said the lessor. GDHF will continue to serve customers globally, while NHV will focus on operations in Europe and Africa.
The significance of the deal was explained by Michael York, CEO, GDHF. “This strategic acquisition creates huge synergistic value, combining GDHF’s global helicopter leasing and finance capabilities together with NHV’s strong market position and reputation as a premium European helicopter operator and MRO,” said York.
The acquisition will boost the lessor’s global delivery and asset management capabilities, he added. This will be achieved by linking GDHF’s global capabilities, existing helicopter portfolio and large OEM order books of new technology multi-mission cost-efficient assets with the safety, reliability and precision operations of NHV, claimed York.
‘GDHF ownership’
Lars-Henrik Thorngreen, CEO of NHV Group, said: “GDHF ownership reinforces what NHV stands for: operational excellence, safety without compromise and long-term commitment to our customers. It gives us the means to strengthen our operational resilience and continue delivering pivotal services where reliability truly matters.”
The new group will provide innovative high-value, bespoke solutions to serve the needs of a diverse portfolio of customers across mission-critical helicopter industry sectors, according to the lessor. Key markets include offshore energy, government, maritime services, wind, emergency medical services (EMS), search and rescue (SAR), parapublic, MRO and training.
“NHV will be greatly enhanced with new technology cost-efficient helicopter fleet deployment capabilities to better meet the need of customers,” said the lessor. “Together we will be able to expand choice, capability, performance and value for our customers.”
‘Steady and sustained demand’
Speaking at Helicopter Investor’s Finance Forum at European Rotors last month York said: “The industry is in good shape. Growth is good, people are getting paid, people are making money across the industry. We’re seeing innovation and a nice replacement cycle of old technology assets moving out of the industry.” During this investment cycle, unlike previous ones, the prospects for growth are well founded. “It’s not a bubble. We’re not seeing euphoria, we’re seeing measured, logical, sensible application and deployment of capital resources and investment in the right places, matching what we see as a steady and sustained increase in demand,” said York.
GDHF CEO York – a former Milestone executive and Royal Australian Air Force fast jet and helicopter pilot – launched GD Helicopter Finance in April 2024. He started the business with a 70-helicopter order book comprising 50 Airbus H160s and 20 H175s. The key points of differentiation would be the lessors’ ability to offer the latest technology aircraft, capital and customer-focused service, he said at the time.
NHV, headquartered in Ostend Belgium, specialises in business-to-business helicopter services operating in Europe and Western Africa. The business has a workforce of about 450 staff and operates a fleet of about 28 helicopters with revenue of around €155m this year.
