Reiten sells Blueway to Ardian's NHV

Ellie Pullen
28 August 2014

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Norwegian GP Reiten & Co has sold Blueway Group, an Oslo-based helicopter operator, to Ardian-backed Belgian helicopter operator Noordzee Helikopters Vlaanderen Group (NHV).

The merger sees NHV buy out Blueway's current owners, Reiten and Helicopter Transportation Group, which held 60.4% and 39.6% respectively.

Following the takeover, the new group plans on expanding its fleet to include 19 new helicopters. It will also focus on extending its customer base around the North Sea – specifically Norway, Denmark, the Netherlands, Belgium and the UK – as well as France and its existing bases in Africa, namely Ghana, Nigeria and Ivory Coast.

The newly merged entity will have more than 650 employees across 26 bases, and a combined turnover of $270m.

Previous funding
Ardian acquired NHV in December last year, buying a 75% stake in the business in a deal valued at €110m, according to unquote" data. Ardian acquired its stake in NHV from the group's founding shareholders: CEO Eric Van Hal, Jozef de Kinder and Belgian helicopter company Concordimo.

Reiten bought Blueway in November 2006, providing capital via its €125m Reiten & Co Capital Partners VI fund.

Companies
Founded in 1997, NHV is headquartered in Ostend with 14 additional bases. The company employs 360 staff and recorded €90m in turnover last year, representing a 34% year-on-year growth rate.

NHV provides B2B helicopter transport services such as medical transport, search-and-rescue missions, pollution control and freight transport for the oil and gas industry, wind farm operators and hospitals.

The group currently operates a 26-strong fleet of helicopters.

Blueway was originally established in 1986 under the Airlift brand, with the Blueway Group formed in 2006. The Oslo-headquartered business employs 277 staff and operates a fleet of 33 helicopters, 23 of which the company owns.

The company operates under the divisions DanCopter, Blueway Offshore Norge, Vertech Offshore and Airlift. Its turnover last year reached €120m.

People
Eric Van Hal is the CEO of NHV. Johnny Skoglund is the CEO of Blueway.