Element Financial Corporation acquires $250m US helicopter portfolio


Element Financial acquires $250 million US helicopter lease portfolio consisted of 63 individual helicopters.

Element Financial Corporation in Canada has entered into an agreement to acquire a $250 million portfolio of finance assets secured by individual helicopters operated by a diversified base of US customers.

Bradley Nullmeyer, president of Element Financial Corporation, said: “This transaction will provide Element with a seasoned portfolio of financial assets and direct access to well-established operators and manufacturers across the US helicopter market.”

“The transaction allows us to take advantage of early renewals, end of lease replacements and upgrade cycles with these customers and manufacturers,” added Nullmeyer.

Tony Bergeron, who leads the company’s aviation finance business unit and previously worked for GE Capital, said: “Combined with our existing portfolio of helicopter financings, this transaction elevates and secures our position as a North American leader in helicopter finance.”

“We expect to increase our penetration of this market by continuing to deliver timely credit decisions, tailored financing solutions and highly competitive product structures to these customers,” he added.

The portfolio of assets consists of 63 individual helicopters operated by a many customers across a variety of industries. The transaction is expected to close on or before the end of 2013, subject to customary conditions.

“This asset purchase is in line with our business plan and advances our growth strategy,” said Steven Hudson, Element’s chairman and CEO.

“In addition to giving Element an industry-leading position in the North American helicopter finance market, it adds to our Aviation Finance business unit  to strengthen growth in 2014 and beyond,” added Hudson.

Element was launched in early 2012 and is part of Element Financial Corporation. It an independent finance company listed on the Toronto stock exchange and although it will finance a range of assets, business aircraft finance remains a strong focus for the company.