A value-add infrastructure fund managed by Swiss Life Asset Managers is acquiring a controlling stake in European aerial emergency services (AES) provider Eliance.
The deal involves current majority shareholders Buenavista Equity Partners and Himilcon selling their stakes to Swiss Life Global Infrastructure Opportunities Growth II for an unspecified amount, with existing shareholder RiverRock remaining as a minority investor in the company.
As part of the transaction, Swiss Life AM will provide additional growth capital to support Eliance’s expansion plans. The Spain-based provider of helicopter emergency medical services, firefighting, search and rescue operations will also benefit from investments to help expand its presence in its key markets of Spain, Italy and Croatia.
Founded in 1958, Eliance operates and maintains a fleet of 100 aircraft and helicopters. The company is one of only two accredited Airbus maintenance providers in Spain.
Matthew Dooley, director value-add infrastructure at Swiss Life Asset Managers, said: “The AES business model is characterised by its essential nature, strong cash flow stability and asset heaviness.
“These are all key infrastructure characteristics we look for as part of our value-add investment strategy. We are excited to work with Eliance’s management team to continue capitalising on the business’s strong growth potential.”
Alessandro Graziano, CIO at RiverRock, said: “We are thrilled to welcome Swiss Life Asset Managers as a new shareholder in Eliance. Their partnership represents a significant milestone in our journey, which began in 2021 and has led Eliance to become a leader in AES in Southern Europe.
“The strength and scale of Swiss Life Asset Managers further underscore the appeal of Eliance and the attractiveness of the industry to infrastructure investors. Their support will be instrumental in driving Eliance’s next phase of growth and enabling the company to play a key role in the consolidation of the European market.”
Juan Carlos Martinez, group CEO and Fernando Gallardo, group CFO at Eliance, said: “Swiss Life Asset Managers’ investment in Eliance Group not only strengthens our financial framework but also ensures the stability necessary to propel our ongoing growth in a sector that increasingly requires significant investments.
“This strategic partnership positions us well to enhance our profitability and continue our expansion.”
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