Gecas To Acquire Milestone Aviation

In a deal that could be a preview for the already red-hot helicopter leasing market, GE Capital Aviation Services (Gecas) announced October 13 that it is acquiring helicopter leasing firm Milestone Aviation for $1.775 billion.

 

Gecas, the U.S. and Irish commercial aircraft financing and leasing business of GE, has a fleet of approximately 1,600 owned and serviced aircraft with more than 230 airlines. Gecas also provides spare engine leasing, aviation consulting services, and spare parts financing and management. It is a unit of GE Capital.

 

Since launching in August 2010, Milestone has acquired a fleet of 168 helicopters worth $2.8 billion (U.S.) and supports 31 operators in 25 countries on six continents. The company has a forward order book for 131 firm and option aircraft with an estimated aggregate purchase price of $3 billion (U.S.).

 

Milestone’s management team, including founder and chairman Richard Santulli, will remain in place. Santulli will become an officer of GE and join its board. Santulli founded business jet fractional ownership company NetJets in 1986 and sold it to Warren Buffett’s Berkshire Hathaway in 1998. He left NetJets in 2009.  Milestone will continue to operate as the Milestone Aviation Group.