Alternative asset manager ICG is acquiring UK airports operator Regional & City Airports (RCA) from Rigby Group.
The London-listed manager’s European infrastructure business has agreed to buy RCA, which operates Bournemouth, Exeter and Norwich Airports and owns and operates XLR Executive Jet Centres, in a deal expected to help RCA expand its airports, cargo and executive aviation operations.
Ludovic Laforge, managing director at ICG European’s infrastructure arm, said: “We’re proud to be partnering with one of the UK’s most dynamic regional airport groups in a transaction that underscores our commitment to supporting high-potential infrastructure assets. Regional & City Airports enjoys very robust fundamentals with high-quality leadership, a successful regional focus, and strong revenue diversification.
“A key part of our plan will be to work with the team to further accelerate the transition towards sustainable operations while delivering on the attractive growth potential the platform offers.”
Andrew Bell, CEO of Regional & City Airports, said: “Regional & City Airports has flourished into one of the leading UK airport groups and a high-performing enterprise. We are now ready to accelerate further – with the help of our new partner, ICG.
“Across our networks, it will be business as usual, with the same outstanding team and vision, boosted by renewed momentum to drive our continued growth, innovation and sustainability in regional aviation. I’m proud of our team and everything we’ve achieved and look keenly ahead to what’s next.”
Rigby Group built its RCA portfolio over several years through a series of individual airport acquisitions. The investor acquired Exeter Airport and Regional and City Airport Management from Balfour Beatty in 2013. Rigby Group then acquired Norwich Airport in 2014, and reportedly paid £39m (€44.8m) for Bournemouth Airport from Manchester Airports Group in December 2017.
Steve Rigby, co-CEO of Rigby Group, said: “Rigby Group has been a committed investor in these regional airports since 2013. Regional & City Airports comprises a thriving group of airports, strategically important in their regions and growing at above market rates.
“Following our successful stewardship, now is the right time for the next phase in Regional & City Airports’ growth in collaboration with an infrastructure fund with the investment capability and appetite to ensure these airports and their associated property reach their full potential.”
Financial details were undisclosed, however, reports suggest the acquisition price is around £200m (€230m).
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