Three regional airports to be bought in multi-million pound partnership
An investment group is closing in on a deal to purchase Bournemouth, Exeter and Norwich
An investment group is closing in on a multi million pound deal to buy three regional airports.
Over the weekend, it was reported that ICG was expected to sign a formal agreement to buy the sites at Bournemouth, Exeter and Norwich at a cost of £200 million.
This has now been confirmed by the alternative asset management firm, following more than a decade of successful collaboration with the Rigby Group - and we're told that this transaction is expected to close later this month.
The announcement has confirmed Regional & City Airports, the operator of Bournemouth, Exeter and Norwich Airports and owner and operator of XLR Executive Jet Centres, will be selling-up the airports.
The incoming owners added: "We’re proud to be partnering with one of the UK’s most dynamic regional airport groups in a transaction that underscores our commitment to supporting high-potential infrastructure assets."
The new partnership will see ICG’s European Infrastructure team support RCA’s continued growth, with the Company set to expand its airports, cargo and executive aviation operations.
ICG say they re also focused on working with RCA to further accelerate sustainable aviation practices across its operations, with RCA poised to enter an ambitious new phase, with its strategic priorities remaining unchanged.
ICG will work closely with the Company’s leadership and talented workforce through this new cycle.
Under Rigby Group’s stewardship, passenger numbers have risen to over 2 million, up 13% year-on-year, providing clear evidence of RCA’s sustained growth.
'Now is the right time'
Steve Rigby, Co-CEO of Rigby Group, commented: “Rigby Group has been a committed investor in these regional airports since 2013. Regional & City Airports comprises a thriving group of airports, strategically important in their regions and growing at above market rates.
"Following our successful stewardship, now is the right time for the next phase in Regional & City Airports’ growth in collaboration with an infrastructure fund with the investment capability and appetite to ensure these airports and their associated property reach their full potential.
"We are delighted to see the Company partner with ICG, a FTSE100 asset manager, keeping these key UK assets in UK stewardship.”
We are now ready to accelerate further'
Andrew Bell, Chief Executive of Regional & City Airports, commented: “Regional & City Airports has flourished into one of the leading UK airport groups and a high-performing enterprise.
"We are now ready to accelerate further – with the help of our new partner, ICG. Across our networks, it will be business as usual, with the same outstanding team and vision, boosted by renewed momentum to drive our continued growth, innovation and sustainability in regional aviation.
"I’m proud of our team and everything we’ve achieved and look keenly ahead to what’s next.”
'Underscores our commitment to supporting high-potential infrastructure assets'
Ludovic Laforge, Managing Director at ICG European Infrastructure, said: “We’re proud to be partnering with one of the UK’s most dynamic regional airport groups in a transaction that underscores our commitment to supporting high-potential infrastructure assets.
"Regional & City Airports enjoys very robust fundamentals with high-quality leadership, a successful regional focus, and strong revenue diversification.
"A key part of our plan will be to work with the team to further accelerate the transition towards sustainable operations while delivering on the attractive growth potential the platform offers.”