Singapore鈥檚 GIC has become a minority shareholder in a Nordic aircraft lessor partly owned by a fund controlled by Swedish investment firm EQT.
Nordic Aviation Capital鈥檚 (NAC) founder Martin M酶ller and EQT VI fund said GIC will co-invest to become a 鈥渟ignificant minority investor鈥� in NAC. No financial details were disclosed.
The transaction will be executed by an affiliate of GIC, the shareholders said.
NAC currently has a fleet of 468 regional aircraft and a total asset base of $8.0bn (鈧�6.91bn).
M酶ller, who is also chairman of NAC, said: 鈥淚t is nearly three years since we partnered with EQT VI to support our growth strategy. Together, we continued our profitable growth and benefitted from the partnership鈥檚 global perspective, experience and financial strength.
鈥淕IC brings further financial strength and commercial capabilities that will allow us to take advantage of expansion opportunities as they arise.鈥�
S酶ren Overgaard, the CEO of NAC, said: 鈥淲e have delivered on our key strategic objectives, broadened our product offering and expanded NAC鈥檚 operations significantly over the last years.
鈥淏ringing in a new investor is a step further on the journey of consolidating NAC鈥檚 position as the world鈥檚 leading and preferred regional lessor of choice for our customers, OEMs, capital market investors and our dedicated employees. Partnering with GIC will further strengthen our Company鈥檚 commercial and financial position.鈥�
Morten Hummelmose, a partner at EQT Partners and investment advisor to EQT VI, said:
鈥淓QT VI is excited to welcome GIC as a long-term investor and a strategic partner given their significant aviation leasing experience.
鈥淲ith the investment from GIC, NAC will be able to further enhance its growth journey by cementing its market position as the world鈥檚 largest regional aircraft lessor.鈥�
Choo Yong Cheen, the CIO of private equity at GIC, said: 鈥淣AC has a strong track record of growth and market leadership in a segment with secular growth drivers.
鈥淎s a long-term investor, we look forward to partnering with Martin M酶ller and EQT and supporting the future growth of the company.
