Helicopter Leasing Sector Timeline By Corporate Jet Investor
Since 2010 we have seen the launch of many new specialist helicopter leasing companies – including Milestone Aviation Group, Waypoint Leasing, Lobo Leasing, Lease Corporation International, Macquarie Rotorcraft Leasing and others.
Operating leases have been a popular source of finance for helicopter operators for many years. However, they were typically offered by banks and large equipment finance companies – or by operators like Era Group themselves. Since Milestone Aviation Group’s establishment in 2010, the industry has witnessed a new wave of dedicated helicopter leasing companies.
This timeline gives the story so far. Source: www.helicopterinvestor.com
June 2019
Milestone adds its 79th Sikorsy 2-92 aircraft. This means the leasing company now owns more than 30% of S-92s.
March 2019
Macquarie completes the acquisition of Waypoint Leasing. Banks chose to keep some of the assets. Lease Corporation International is manager for a number of helicopters that do not go to Macquarie.
December 2018
Macquarie agrees to buy Waypoint Leasing.
November 2018:
Waypoint Leasing files for Chapter 11. The Lessor was hit hard by the oil and gas downturn. CHC was its biggest customer.
2018 Operating Leasing League Table
Milestone Aviation
Current portfolio value: $4.7 billion
Number of helicopters: 300+
Orders and options: valued at $3 billion
Customers: more than 37 customers in over 30 countries.
Shareholder: GE Capital Aviation Services
Macquarie Rotorcraft
(after acquiring Waypoint Leasing)Current portfolio value: est. $1.8 billion
Number of helicopters: approx. 200
Shareholder: Macquarie Bank
LCI Helicopters
Portfolio: $750m (Ascend Full Life Base Value)
Number of helicopters owned, managed and on order: 61
Orders and options: Between $105m – $125m
Customers: 18
Lobo Leasing
Currentportfolio value: $300 million
Number of helicopters: 32
Shareholder: GSO Capital Partners
Nova Capital
Currentportfolio value: $275 million
Number of helicopters: 80
Shareholder: founder & CEO
Equity Sponsor: Rive Private Investment
2017 Operating Leasing League Table
Milestone Aviation
Current portfolio value: +$4 billion
Number of helicopters: 306
Orders and options: valued at $3 billion
Customers: more than 35 customers in over 30 countries.
Shareholder: GE Capital Aviation Services
Waypoint Leasing
Current portfolio value: $1.6 billion
Number of helicopters: 150+
Orders and options: more than 90 helicopters valued at $1 billion
Shareholders: MSD Capital, Soros Fund Management, Cartesian Capital Group
LCI Helicopters
Current portfolio value: c. $516m
Number of helicopters: 40
Orders and options: between $225 million and $245 million
Customers: 15
Shareholder: Lease Corporation International
Lobo Leasing
Current portfolio value: c. $300 million
Number of helicopters: 32
Shareholder: GSO Capital Partners
Macquarie Rotorcraft
Last recorded portfolio figures: $260 million
Orders and options at end of 2014: $270 million
Shareholder: Macquarie
Nova Capital
Current portfolio value: c. $ 235 m
Number of helicopters: 75
Orders and options: value c. $ 40 m
Shareholder: founder
Equity Sponsor: Rive Private Investment
October 2016
CHC selects Milestone (GE) as lead Lessor. Milestone restructured leases and lent CHC $150 million backed by helicopters as part of its restructuring.
May 2016
CHC – the world’s largest helicopter operator and the biggest single user of operating leases – files for bankruptcy.
February 2015
GE Capital Aviation Services closes its acquisition of Milestone Aviation Group.
October 2014:
GE Capital Aviation Services announces that it is buying Milestone Aviation Group. Milestone had also been planning an IPO. The first investors in Milestone more than doubled their money.
March 2014
GE Capital Aviation Services, the world’s largest commercial aircraft leasing company, says it wants to invest up to $2 billion in helicopters.
February 2014
Boutique financier Amur Capital launches Amur Helicopter Services. It acquires 28 Bell 206-L4 helicopters from Bristow.
February 2014
Lobo Leasing receives US$200 million from GSO Capital, part of Blackstone.
January 2014
Perella Weinberg Partners Asset Based Value Strategy and Hawke Aerospace Holdings launch Infinity Helicopter Leasing, which will focus on smaller helicopters in the US – particularly EMS and Police helicopters.
January 2014
KKR invests $100 million in Lease Corporation International Helicopters
2014 Operating Leasing League Table
1. Milestone
Portfolio at end of 2014: $2.8 billion Number of helicopters at end of 2014: 168 Orders and options: $3 billion (131 helicopters) Shareholder: GE Capital Aviation Services2. Waypoint Leasing
Portfolio at end of 2014: $1 billion
Number of helicopters: 100
Orders and options at end of 2014: $1 billion
Shareholders: MSD Capital, Soros Fund Management, Cartesian Capital Group.
3. (Joint) Lease Corporation International
Portfolio at end of 2014: $260 million
Number of helicopters: 15
Orders and options at end of 2014: $1.3 billion
Customers: 8
Shareholders: Libra Group, KKR
3. (Joint) Macquarie Rotorcraft
Portfolio at end of 2014: $260 million
Orders and options at end of 2014: $270 million
Shareholder: Macquarie
5. Lobo Leasing
Portfolio at end of 2014: $200 million
Shareholder: GSO Capital Partners
6. Amur Helicopter Services
Portfolio at end of 2014: $100 million
Number of helicopters at end of 2014: 41
Shareholders: Amur Capital
7. Vector Aerospace
Portfolio at end of 2014: $80 million
Number of helicopters at end of 2014: 12
Shareholders: Airbus Helicopters
8. Infinity Leasing
Portfolio at end of 2014: $33 million
Number of helicopters at end of 2014: 6
Shareholders: Perella Weinberg Partners Asset Based Value Strategy and Hawke Aerospace Holdings
June 2013
Macquarie,the Australian bank with a long history in transport finance, launches Macquarie Rotorcraft. The Lessor is led by Jeff Pino, the former CEO of Sikorsky Helicopters, and James Clarke, a commercial aircraft leasing veteran.
June 2013
Waypoint Leasing is launched. Waypoint is led by Ed Washecka, the former CEO of Era Helicopters, and is backed by $375 million of equity from MSD Capital, L.P., Soros Fund Management LLC and Cartesian Capital Group.
February 2013
Waypoint Leasing places a firm order with Agusta Westland for helicopterry 2013
Waypoint Leasing places a firm order with Agusta Westland for helicopters.
January 2013
Amur Capital closes its first helicopter operating lease.
February 2012
Commercial aircraft Lessor Lease Corporation International announces it is moving into helicopter leasing and places a $400 million fleet order with Agusta Westland.
June 2011
Lobo Leasing is formed. Perella Weinberg Partners agrees to fund it but this venture eventually ends with both partners choosing other groups to work with.
August 2010
Milestone Aviation Group launches with The Jordan Company (lead investor) and Nautic Partners investing $500 million between them. Milestone is led by Richard Santulli, the founder of NetJets, Bill Kelly, head of NetJets Europe, and other senior managers from NetJets.
The early days
2005
Ed Washecka, CEO of Era Group, transforms the company (then part of shipping company SEACOR) from a pure operator into a hybrid operator/Lessor.
1989
Tomoo Nakayama launches ITC Leasing, a helicopter and aircraft leasing company that uses Japanese investors to finance aircraft. ITC is still active.
1986
Santulli’s focus switches to selling fractional shares in a company called NetJets, partly because of changes to tax laws. He keeps RTS but stops originating new deals.
1984
Santulli acquires a company called Executive Jet which operates corporate jets and also owns a Bell Helicopter Service Centre. RTS grows to 200 helicopters.
1980
Santulli leavesGoldman Sachs and launches RTS, a leasing company. Goldman give him their helicopter portfolio as they consider the market and assets to be too small.
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