Large investment funds enter the emergency helicopter business in Galicia » Galicia

Large investment funds enter the emergency helicopter business in Galicia » Galicia

In last decade, Landing of mutual funds in Galicia normalized. Especially in the real estate sector, it is as important as the players. black stone anyone Cerberusbut also in large companies in the community. brookfield controls Glass; Behind the Portobello gyms side and trison, Technology supplier of Inditex; Made with platinum iberian In 2019; TPG owns Xeal; and busy R is now waiting to merge MoreMobile Y Orangebehind its original shareholders: KKR, Cinven and Providence.

One of the last sectors in which international investment funds have set their sights and turned to capital has been emergency air services, helicopters that help extinguish fires, rescue survivors at sea or transport patients at full speed. The two major concessionaires of these posts in Spain, who received most of Xunta’s services, turned to investment funds to either strengthen their capital or transfer the business directly to them.

Babcock’s farewell

it is known to be BabcockBritish multinational company that has agreed to sell the entire fire department, medical services and search and rescue division to the fund Ancala Partners in six countries: Spain, Italy, Portugal, Norway, Sweden and Finland. The company that took over the history inaera franchisee of Xunta since the time of Manual FragaIt aims to focus on the markets that it considers strategically with the operation and in general, such as the United Kingdom, Australia and Canada, for which it provides defense services.

Handover pending approval, Overcame by a full wave of fire in GaliciaOne of the tasks Babcock has agreed with Xunta is firefighting. The sale will also include the transfer of the goods. two Marine Rescue helicoptersAnother one of his many years of service to the community.

London and Luxembourg-based Ancala Partners, power in energycontrols 49% of its capital. Established in 2010, the fund has invested heavily in energy, with a focus on renewables, although its portfolio covers sectors such as transport (Hector Rail), telecommunications (Fore Freedom) or water (Portsmouth Toilet).

RiverRock, land and air healthcare

One of the air services Babcock did not provide in Galicia was the emergency medical transport of 061 helicopters. eliance, in a process that has even been appealed in court by the British multinational. The award, which was resolved by 061 public foundations in 2018 for running the chairmanship of Eliance, was not lacking in morbidity. Luis MinanoHe is the founder of Inaer and therefore the ultimate manager of the company that has been serving since its inception for many years.

Eliance has been the subject of controversy recently. Failure of Ourense-based sanitary emergency helicopter, something that is not new in the development of this contract, as a failure on the Santiago aircraft had previously caused the service to operate with only one device. Despite these setbacks, within a few years the company had become Babcock’s major competitor in aerial equipment contracts, firefighting or rescue missions in Spain.

Last year, Miñano and its executives decided to strengthen the solvency of the company, which was experiencing liquidity problems, and entered the Luxembourg-based REI1F Luxco One fund. It is one of Turkey’s investment branches. river rock british backgroundAn old acquaintance from Galicia because he bought 16.6% of the company in 2019. Alvaro Cunqueiro Hospital in Vigo. In the case of Eliance, it became the largest shareholder with 43% of the capital.

The fund inflow made sense to the company for several reasons. Faced with a debt of 121.8 million at the end of 2021, which first strengthened its capital and was refinanced in 2020. Benefit from RiverRock’s 41 million -30 million capital increase and 11 million loan participation injection – to acquire fleet; and expanding its internationalization, an aspect that it has recently stepped into by acquiring Italian elfriulia.

a complex job

Unlike other concessions, emergency air services do not always offer the desired profitability. The business Babcock sold to Ancala Partners It has 2,400 workers and a fleet of 232 aircraft spread across 164 bases in six countries.. It generated revenues of £405m for the year ending March 2022 and 10 million loss before tax. In the previous exercise, the red numbers were 177 million pounds.

subsidiary of the multinational company dedicated to operating on the territory of Galicia, Babcock Mission Critical Services GaliciaIt was chained in the red two years before the sale, with a loss of 2.8 million in the year ending March 2021 and a loss of 2.3 million in the previous one.

eliancelast year with a turnover of 53.1 million 8.7 million lost. The red numbers were mainly driven by negative financial results of 8 million from debt repayment. However, the operating result in the last two years has also been negative, losing more than 2 million in both 2021 and 2020.

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