Employers' Access
 My FinanceJobs
 Contact
The jobs & careers site of Finance Dublin, Aviation Finance, and Finance Magazine, for finance jobs. Monday, 13th July 2020
    Home     Jobs Search     News & Analysis     Employer Search     Careers     My FinanceJobs     Finance Dublin     Finance Magazine     
GECAS to Acquire Milestone Aviation Group, moving into helicopter leasing Back
DUBLIN, Ireland – October 13, 2014: GE Capital Aviation Services (GECAS), the aircraft leasing unit of GE, today announced the signing of an agreement to acquire Milestone Aviation Group, the Dublin-based helicopter lessor, for $1.775 billion. In an interview in Aviation Finance last Autumn, Norman Liu gave his views on investing in the helicopter leasing sector at that time. Earlier this year his views on the issue had advanced, as indicated in this Aviation Finance article.
“The Milestone acquisition is a great fit for GE – it combines GECAS’ global reach and 45+ years in leasing commercial jets with a fast-growing helicopter financing platform that will diversify our business and put our capital to work at good returns,” said Keith Sherin, chairman & CEO, GE Capital. “The addition of Milestone will deepen our domain expertise in aviation and oil and gas, two critical GE industries,” Sherin added.
Richard Santulli



In September Milestone submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (the “SEC”) relating to a proposed initial public offering of Milestone’s common shares. The initial public offering process was expected to commence after the SEC completed its review process.

In an interview in Aviation Finance last Autumn, Norman Liu gave his views on investing in the helicopter leasing sector at that time. Earlier this year his views on the issue had advanced, as indicated in this Aviation Finance article.

GECAS said the acquisition "is in line with GE Capital’s strategic plan of growing and enhancing value in core areas aligned with GE’s industrial domains including energy, aviation, oil & gas and healthcare, while reducing the overall size of GE Capital through the disposition of non-strategic assets such as the recently executed IPO and planned split-off of our North American Retail Finance business and the sale of our consumer banks in the Nordics.

Helicopter finance represents a fast-growing sector in aviation. Since Milestone’s founding in August 2010 by aviation and leasing industry veteran Richard T. Santulli and other members of the former NetJets executive management team, the company has quickly grown into a leading helicopter leasing company. Today, Milestone’s fleet includes 168 helicopters worth $2.8 billion as well as a strong forward order and option book of $3 billion with a variety of helicopter manufacturers. The helicopters in Milestone’s fleet are primarily used in offshore oil and gas, search and rescue, emergency medical services and mining, as well as other industries, and are currently leased to 31 operators in 25 countries.

“In joining GE Capital, Milestone will continue to operate as we always have – committed to our customers and partners, nimble and entrepreneurial – only with an enhanced ability to offer innovative product solutions in a variety of markets around the globe,” said Richard Santulli “Four years ago, Milestone pioneered a new industry by providing much-needed capital for high-quality helicopter operators around the world. Thanks to partners like The Jordan Company and Nautic Partners, who have been with us since day one, I am proud to say that our core values of service and commitment to customers and manufacturing partners are stronger than ever and will continue to strengthen going forward.”

Santulli will serve as chairman of the helicopter leasing business and will become an officer of GE. Milestone president Daniel Rosenthal will serve as president of the business, which will continue to operate as “Milestone Aviation Group.” Fellow Milestone co-founding executives John Burns, Robert Thor Dranitzke and Matthew Harris will continue in their current roles, as will the rest of the Milestone team.
space space space space space space space

Home | Contact | About | Links | Privacy Statement | Terms & Conditions | Advertise on this site

©2020 Fintel Ltd. All rights reserved.