MIG invests €15m in aviation services

The Athens Stock Exchange-listed mega-fund is the latest private equity firm to move into the aviation sector, purchasing just less than half of medical evacuation-focused Flight Ambulance International.

Listed Greek private equity fund Marfin Investment Group has acquired 49.9 percent of medical evacuation company Flight Ambulance International Rent-a-Jet Aktiengesellschaft for €15 million.

MIG has the option to increase its shareholding to 51 percent for an additional €2.5 million within two years.

Nuremburg, Germany-based Flight Ambulance International offers private aviation services to corporate, governmental and non-governmental organizations. The bulk of the company’s revenues are derived from providing medical evacuation services to insurance and assistance companies.

Flight Ambulance International’s fleet includes nine Lear Jets.

Unlike many other fleet-based companies, Flight Ambulance International is generally immune to fluctuations in fuel costs as the costs are passed onto clients, according to a statement from MIG.

Within emergency services, CHC Helicopter, which provides coast guard search and rescue services for countries including Ireland and Australia, agreed to be purchased by private equity firm First Reserve for C$3.7 billion in February. CHC is the world’s largest provider of helicopter services to the offshore oil industry.

Other recent transactions in the aviation sector include distressed specialist Bayside Capital’s purchase of Orlando, Florida-based air courier service Flight Express and MENA-focused Swicorp’s acquisition of a minority stake in aviation leasing company Jordan Aviation, reportedly for more than $150 million.

MIG raised the world’s largest listed fund last June at €5.2 billion and plans to seek €5 billion in new capital via a private placement.