RIVE sells 14 medical missions aircraft to Norway & Spain
RIVE has sold a 14-aircraft portfolio to Monte. (Photocredit: RIVE).
RIVE Private Investment has revealed the sale of 14 turboprop aircraft and one business jet, configured for medical missions, to Monte Global Asset Management for deployment in Norway and Spain.
The divested portfolio includes 13 Beechcraft King Air 250 and one Cessna Citation Latitude, aircraft designed to perform vital missions in remote areas, operate in challenging environments, and land on unpaved runways.
Acquired between 2018 and 2019, the aircraft were previously leased to Avincis for critical missions in Europe. They will now be deployed under public air ambulance contracts in Norway and Spain. The aircraft will form an essential part of the national emergency healthcare infrastructure, operating in coordination with local health authorities, according to the independent European investment firm, which specialised in transportation assets and energy transition.
The transaction highlights RIVE’s ability to identify, lease, and manage essential assets serving local communities, while delivering an attractive return profile and regular liquidity to its investors, it claimed.
RIVE has identified the specialised air transport sector – including medical, search and rescue (SAR) and firefighting – as a strategic asset class, where the firm has invested regularly for more than 10 years. Such assets are at the heart of the firm’s evergreen RIVE Transportation Assets Income Fund (RTAIF), launched in June 2021.
Camille Brunel, partner, Transportation Assets at RIVE said: “With performance achieved above our initial targets, this transaction perfectly illustrates one aspect of our asset management strategy for our investors: generating liquidity through disposals of leased asset portfolios.
“The underlying assets continue to attract strong interest from numerous financial buyers due to their embedded resilience: they meet essential community needs and are supported by long-term trends such as fleet modernisation and the increasing adoption of leasing solutions,” he said.
The transaction team for the portfolio sale to Monte included: Brunel, Bachir Lahsini, investment director and Shabnam Cathelain, investment manager.
Advisers on the buy side were: Greenhill, Mizuho Group, acting as financial adviser and Stephenson Harwood, acting as legal adviser. Acting on the sell-side were legal adviser Watson Farley Williams and legal and tax adviser Matheson.
Founded in 2013, RIVE manages more than €1bn and has completed over 100 transactions.
Monte provides financing and leasing solutions to commercial, cargo and special missions operators. The financier is also active in the maritime and infrastructure sectors.
