Singapore’s GIC has become a minority shareholder in a Nordic aircraft lessor partly owned by a fund controlled by Swedish investment firm EQT.
Nordic Aviation Capital’s (NAC) founder Martin Møller and EQT VI fund said GIC will co-invest to become a “significant minority investor” in NAC. No financial details were disclosed.
The transaction will be executed by an affiliate of GIC, the shareholders said.
NAC currently has a fleet of 468 regional aircraft and a total asset base of $8.0bn (€6.91bn).
Møller, who is also chairman of NAC, said: “It is nearly three years since we partnered with EQT VI to support our growth strategy. Together, we continued our profitable growth and benefitted from the partnership’s global perspective, experience and financial strength.
“GIC brings further financial strength and commercial capabilities that will allow us to take advantage of expansion opportunities as they arise.”
Søren Overgaard, the CEO of NAC, said: “We have delivered on our key strategic objectives, broadened our product offering and expanded NAC’s operations significantly over the last years.
“Bringing in a new investor is a step further on the journey of consolidating NAC’s position as the world’s leading and preferred regional lessor of choice for our customers, OEMs, capital market investors and our dedicated employees. Partnering with GIC will further strengthen our Company’s commercial and financial position.”
Morten Hummelmose, a partner at EQT Partners and investment advisor to EQT VI, said:
“EQT VI is excited to welcome GIC as a long-term investor and a strategic partner given their significant aviation leasing experience.
“With the investment from GIC, NAC will be able to further enhance its growth journey by cementing its market position as the world’s largest regional aircraft lessor.”
Choo Yong Cheen, the CIO of private equity at GIC, said: “NAC has a strong track record of growth and market leadership in a segment with secular growth drivers.
“As a long-term investor, we look forward to partnering with Martin Møller and EQT and supporting the future growth of the company.