GDHF to acquire NHV in ‘the most unusual deal ever’
GDHF's plans to acquire NHV were revealed on Friday. (Photocredit: Sweet-az).
Helicopter industry watchers were treated to a true pre-Christmas cracker on Friday night with the announcement that lessor GD Helicopter Finance is to acquire NHV group – the rotary operator, maintenance and training business. The transaction – described by one industry veteran as the industry’s “most unusual deal ever” – is expected to complete 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 financial terms of the agreement have not been disclosed.
News of the NHV sale was less surprising than the identity of the proposed buyer for industry insiders consulted by Helicopter Investor.
“It’s been common knowledge that NHV’s owners have been trying to sell it for some considerable time without success, so I assume the purchase price was pretty attractive,” said Clark McGinn, founder and principal of consultancy Uplifting Advice. “This maybe the most unusual deal ever announced in the helicopter industry. It’s simply bizarre that a lessor leasing into the oil and gas sector (which is where GDHF’s high end order book points) could own its own operator. When I read this on the news, I thought it was an AI hallucination.”
‘Amazement’
Another industry insider confessing “amazement” is Oliver Althoff, MD for Capital Markets at Seabury Capital. “I would not have expected a company that provides helicopter lease and other finance solutions to step into the shoes of an operator,” he told us. “We were aware of operators and infrastructure funds having an interest in NHV, as we were approached by parties regarding buyside M&A support, but GDHF is unexpected. I wish NHV and GDHF well in their new journey together.”
Helicopter consultant Alastair Fallon, founder of appraiser Fly Fast Further First (F4) conceded: “The acquisition of NHV is unusual but by the same token not a surprise. They [GDHF] are investors. Their buyout of NHV but keeping the operation separate is sensible.”
LOIs (letter of intent) in new Airbus H160s H175s might become firm orders as GDHF may use some of these to replace some of the ageing NHV fleet, he added.
Although further consolidation in the industry is unsurprising, Sara Dhariwal, from Cirium Ascend Consultancy, tells us she did not anticipate this particular partnership. “That said, it makes a lot of sense. Together, the two companies can deliver an integrated portfolio of services across diverse market segments,” said Dhariwal, principal aviation analyst and lead appraiser – Helicopters & AAM.
‘Accelerates growth’
“For NHV, the collaboration strengthens its financial foundation, accelerates growth, and supports the deployment of a modernised, optimised fleet. It also creates opportunities to expand beyond offshore operations, adding further stability.”
GDHF also benefits in a number of ways including advancing its global strategy, improving asset utilisation to increase ROI and diversifying revenue streams to reduce risk.
“My position on consolidation in the current market remains unchanged,” Dhariwal told us. “Combining companies can strengthen balance sheets, unlock access to capital for growth and innovation and enhance efficiency and stability – all of which is of benefit to the current helicopter market as a whole. I look forward to seeing how this partnership evolves.”
Lessors buying other leasing companies is not unusual. Only last month the UK Competition and Markets Authority (CMA) finally approved the acquisition of Macquarie Rotorcraft by the joint venture between Sumitomo Mitsui Finance and Leasing Corporation (SMFL) and LCI. Macquarie Rotorcraft’s portfolio of about 120 helicopters will be managed by LCI and the process of merging the two companies is now underway. But it is hard to think of a case where a leasing company has bought a significant operator (although one leasing company did consider buying a small operator during the market downturn).
It is not unprecedented for operators to have leasing companies. Companies like Rainier Heli International and Arrow Aviation have operated and leased smaller helicopters for many years. Era Helicopters also had a significant helicopter leasing business. In 2020 (before it merged with Bristow), Era had around 45 aircraft worth $400m on lease to other operators. Era was also already placing speculative orders. In 2006 it ordered 20 AW139s. It planned to operate some, lease some and sell others – and was successful with this. But GDHF’s acquisition is still surprising.
Revenue of €155m
Founded in 1997 and headquartered in Ostend, Belgium, NHV is a significant helicopter services provider, operating around the North Sea and West Africa. The business has about 450 staff and operates a fleet of around 28 helicopters with revenue of €155m ($182.4m) this year. Key markets include offshore energy, government, maritime services, wind, emergency medical services (EMS), search and rescue (SAR), parapublic, MRO and air crew and engineer training.
GDHF CEO Michael York said the deal would unlock significant benefits for both companies. “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,” he said.
NHV owner private investment firm Ardian said its acquisition of a majority stake in the business in 2013 had helped the company expand its offshore operations in Europe, acting as the launch customer of Airbus’ H175, one of the first super-medium assets and also via the acquisition of Blueway Group in 2014.
Anaïs Robin, senior investment manager, Buyout, Ardian said: “The sale to GDHF demonstrates NHV’s strong strategic value and proven operational expertise in the sector. The company now is ideally positioned to capture growth potential in Europe and West Africa, in an industry with high barriers to entry. We would like to thank Lars-Henrick Thorngreen [CEO] and the whole NHV team for their commitment throughout our collaboration and we wish NHV and GDHF every success for the future.”
Operational expertise
Thorngreen said Ardian’s operational expertise has been invaluable in helping the business maintain cash generation especially during more difficult market conditions. “We are looking forward to the next steps of NHV’s growth story and to combining our strengths with GDHF to offer the best helicopter transportation services,” he said.
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. The business is backed by GDHF company owner Peter Jiang, also the founder and chairman of Chinese helicopter operator GDAT.
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.
The deal still needs to be approved. The UK’s CMA will review the proposed acquisition in the New Year and regulators in other countries may want to look. It is, however, not removing an operator so may not be an issue.
It remains to be seen if its decision unlocks post-festive Christmas cheer or a headache for the would-be partners.
HI Uplift Dashboard: Helicopters for sale
Multi engine
Total for sale/lease: 276 – one fewer than last week
Percentage for sale/lease: 3.61%
Absorption rate: 3.62 months
Total fleet: 7,635 – two more than last week.
Single engine
Total for sale/lease: 446 – two more than last week
Percentage for sale/lease: 3.81%
Absorption rate: 3.81 months
Total fleet: 11,703 – two more than last week.
Source: AMSTAT, December 22nd 2025
