Babcock circles private equity-backed Inaer

The sale would value the asset at more than €1bn. Babcock's acquisition would enhance the firm's presence outside the UK.

The buyer would assume Inaer's debt, understood to stand at around €700m. The firm reported a €575m turnover in 2012. 

Investindustrial bought a 75% stake in World Helicopters, the holding company of Inaer, for €205m in 2005, according to unquote" data. The GP invested via Investindustrial III, which closed on €500m in 2005. Ariadne, Emisys Capital and Oquendo Capital provided mezzanine financing. 

In 2010, Investindustrial mandated JP Morgan to find a buyer for a 50% stake in the company. The same year, KKR bought a 49.9% stake in Inaer, in a deal valuing the company at €700m. The investment was all-equity, leaving the firm's existing debt structure in place. Investindustrial and the firm's management remained in the shareholding structure. 

In 2011, holding company World Helicopter acquired Bond Aviation for €300m, including a €150m debt package provided by Lloyds TSB. 

Inaer provides mission-critical operations including medical emergency, civil protection, search and rescue, coast and city surveillance, fire-fighting and energy support services.

 

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