Seven years ago, mutual funds Investindustrial and KKR made large capital gains on the sale of Avincis (the result of the merger of Spanish helicopter and commercial aircraft operator Inaer with Bond Aviation, which specializes in moving personnel to the United States’ oil rigs). North Sea), which they controlled since 2010 after valuing them at 700 million euros, the British Babcock International for 2,000 million euros (1,100 million paid in cash and debts of 900 million assumed) She had fattened these mutual funds to sell them and even considered going public, but Babcock saw Avincis as an opportunity to diversify his business on the advice of JPMorgan and until then had been focusing heavily on UK Defense Department contracts Service in the Navy and the RAF.
Babcock had to provide almost all of the amount paid to buy Avincis, whose business was severely impacted by the decline in activity in the North Sea Wells and the low margins on his contracts in Spain to sell it in parts. There is a preliminary agreement to sell Bond Aviation to North American CHC, its major competitor, and it is looking for prospects for Inaer in Spanish and Italian terms, recognizing that the 2014 acquisition of Avincis will generate no value for the company has shareholders as it has low returns and high amounts of invested capital while exploring options for each of the emergency air carriers. Inaer has to bid in each Autonomous Community to operate helicopters used by health services and light aircraft to extinguish fires.
In Italy, the government awarded the company 50 million euros last year for agreeing price offers for tenders. Babcock expects a much smaller amount for Bond and Inaer than he paid, but his goal is to focus his defense business on the UK, France, Canada, Australia and South Africa. Inaer, based in Alicante, is the result of the merger of Helicsa and Helisureste in 2003. In 2005, Investindustrial, a venture capital company led by Andrea Bonomi, bought 75 percent of the company for 205 million euros, the rest remained in the hands of Transfesa and des Management teams led by Luis Miano. In the following years it grew internationally with acquisitions in Italy, Great Britain, Australia and other countries. In 2010, KKR agreed to take over the 49 percent and four years later it was transferred to Babcock. Boatman Capital accused him of paying too much for Avincis-Inaer in 2018. Babcock Espaa operates around 160 aircraft.
Photo: Babcock has several contracts from Spanish public authorities.
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