LCI, RIVE and Turning Rock buy 19 helicopters from Lobo Leasing
LCI, RIVE Private Investment and Turning Rock Partners are buying 19 helicopters worth $115m from Lobo Leasing.
“This portfolio acquisition is another major step in LCI’s strategic plan and reflects our confidence in the helicopter market,” says Jaspal Jandu, CEO of LCI. “Our team and partners have performed strongly, and the assets will be seamlessly incorporated onto our leasing platform, driving further efficiencies of scale.”
RIVE co-invested alongside LCI in 2020. This is the first time it has worked with Turning Rock.
“This transaction leverages LCI’s strong global technical expertise and track record to cautiously expand RIVE Private Investment’s geographical and sectorial footprint,” said Camille Brunel, partner at RIVE Private Investment.
The portfolio is a mix of Airbus, Bell, Leonardo and Sikorsky helicopters.
“We are excited to work with strong partners like LCI and RIVE in underwriting and structuring this investment,” said David Markus, partner at Turning Rock Partners.
Eight of the aircraft are placed on lease in South America, with the rest in Europe and Africa. LCI now has customers in 28 countries.
“The continued expansion of LCI’s fleet represents another strategic and forward-looking investment by the company,” said George Logothetis, chair and CEO of LCI’s parent company, the Libra Group. “LCI continually works to demonstrate foresight and agility in meeting customer needs.”
The portfolio includes S92s, AW139s and a AS332L1 operating mainly in the oil and gas sector but also in other roles including search and rescue (SAR) and general utility. This significant inter-lessor trade is a positive sign for the helicopter investment environment, as it demonstrates the liquidity of helicopter assets, said Dan Roberts, CEO of Lobo Leasing. “Lobo built this helicopter portfolio over an eight-year period and managed it through some turbulent times in the industry,” he added. “The successful sale of this well-performing portfolio is a testament to the long-term dedication and expertise of the Lobo team.”
The sale process was led by Seabury and generated significant market interest, said Roberts. “Cooperation with the buyer consortium was strong throughout and we look forward to further opportunities to work together on transactions.”
