PE trio sells Milestone for $1.8bn

According to a statement released by GE Capital, the deal has enabled GECAS to combine its commercial jet leasing businesses with a fast-growing helicopter financing platform, providing diversification for the aviation business.

GECAS is the aircraft leasing arm of GE Capital, the financial services division of General Electric.

The transaction has generated a 2.8x return for JZ and an IRR of 36%. JZ has received $40m from the sale.

Previous Investment
US-based private equity houses Jordan and Nautic supported Milestone's start-up in 2010.

The duo invested $500m to support the company, according to unquote" data. The deal was sourced through a private placement arrangement managed by Credit Suisse.

JZ first invested in the company in 2010 also, injecting $15.1m throughout the holding period.

Company
Milestone was established in August 2010 by former members of the NetJets executive management team. The company currently has 168 helicopters in its fleet, worth a combined $2.8bn. The helicopters are typically used by the offshore oil & gas industry, search and rescue, emergency medical services and mining.

People
Keith Sherin is chairman and CEO of GE Capital. Richard Santulli is chairman and CEO of Milestone.

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• Topics
• UK / Ireland
• Buyouts
• GE Capital