One of France’s leading helicopter emergency medical services (HEMS) operators is hoping for a growth boost from a planned acquisition by a pair of private equity firms.
Albertville-headquartered SAF Aerogroup says the proposed purchase by a consortium led by funds associated with Vesper Infrastructure and Infracapital will fuel its Europe-wide expansion.
Owned since 2017 by funds managed by Oaktree Capital and French national investment bank Bpifrance, the group includes operators SAF Helicopteres, Reunion-based Helilagon, and Irish firm Starlite Aviation, plus several training and maintenance firms.
SAF says the prospective buyers have “signed a put option agreement” – in essence, they are in exclusive negotiations – to acquire the business for an undisclosed figure.
Last year, SAF recorded group revenues of €110 million, sharply up on the €38 million it brought in at the time of Oaktree/Bpifrance deal.
While much of the growth has been organic – SAF has become a leading HEMS provider in France and also carries out Alpine rescue missions – the 2021 purchase of Starlite added a new revenue stream and led to the creation of a business unit focussed on humanitarian and disaster-relief services. SAF also boasts an expanding aerial firefighting division.
“This new chapter will allow SAF Aerogroup to continue strengthening its service offering across Europe and beyond, while expanding into new markets with the pioneering spirit that has defined us since our founding in 1979,” state Thibault Nicodeme and Jean-Louis Camus, the company’s co-chief executives.
No timeframe has been disclosed for completion of the deal, but the parties say it remains subject to regulatory approval and consultation with SAF’s workforce representatives.
Beyond paying the acquisition price, the purchasers also plan to invest in SAF, but they decline to say how much.
Although much of the focus appears to be on European expansion, the buyers insist they will support the firm’s global footprint.
SAF Helicopteres is the largest group business, boasting a 43-strong fleet dominated by Airbus Helicopters types operating from 30 bases, mainly in southeast France but with a smattering in the north of the country and across the border in Belgium.
Helilagon – based in French overseas territory Reunion – has as fleet of 12 light-singles and twins used mostly for sightseeing flights and aerial work.
While Ireland-headquartered, Starlink was formed in South Africa and retains strong links with the continent, providing medium- and heavy-lift helicopter operations, plus fixed-wing services.
