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Aviation, Aerospace & Airports M&A Quarterly Aviation, Aerospace & Airports M&A Quarterly Q4 2014 In this edition: • Aviation deal activity centered on rotorcraft, leasing and China • Consolidation in the metals sector an ongoing trend in aerospace • Developing markets continue to be active in the airport space A newsletter published by ICF International in association with Mergermarket 1 page title Aviation & Aerospace M&A Quarterly Q3 2013 Contents 03 Introduction 05 AerospaceQ4 2014 Highlighted Pivots to Commercial Transcations and Global Growth 0708 AirlinesAviation Join Highlighted Forces Transactions and Trends 0912 StrategicsAerospace and Highlighted Private Equity Transactions Vie for Aerospace and Trends and Aviation Assets 1015 ConclusionAirport Highlighted Transactions and Trends 11 About ICF SH&E ICF SH&E, one of the world’s largest and oldest aviation consultancies, is now doing business as ICF International. ICF’s aviation practice provides strategic and transaction advisory services to clients across the spectrum of air transport. 2 pageContents title Aviation, Aerospace & Airports M&A Quarterly Q4 2014 Introduction ICF International (formerly ICF SH&E) is pleased to present the sixth edition of Aviation, Aerospace & Airports M&A Quarterly, published in association with Mergermarket. The publication highlights activity and trends in aviation, aerospace and airport M&A in Q4 2014. Q4 2014 proved to be another healthy three months • Aviation deal activity covers airlines, air freight, for investment activity across the aviation, aerospace leasing, business and general aviation, operators, and airports sectors. China featured heavily in all and aviation IT and service providers, such three segments, with Chinese investors making key as those involved in handling or catering. acquisitions both domestically and overseas. • Aerospace deal activity includes commercial In aviation, the rotorcraft and aircraft leasing and defense-related firms, such as original markets were particularly buoyant in the fourth quarter. equipment manufacturers (OEMs), aerospace GE Capital Aviation Services made a key acquisition suppliers, and maintenance, repair and overhaul in the form of helicopter lessor Milestone Aviation providers (MROs). Group, marking the largest aviation deal of the quarter • Airport deal activity includes private financing at US$1.8bn. Irish commercial aircraft lessor Avolon transactions where airports obtain funding for Holdings went ahead with its initial public offering facility upgrades and infrastructure maintenance. after talks with Chinese bidders broke down, and Asian billionaire Li Ka-shing expressed an interest in acquiring a 100-strong portfolio of aircraft from leasing company Q3 2014 Aviation, Aerospace, and Airport AWAS Aviation Capital through his Cheung Kong M&A Activity Holdings conglomerate. If this deal goes ahead it will join three other agreements signed in November, which saw Cheung Kong enter the aircraft leasing business through the purchase of 18 aircraft from GECAS, Volume Value US$m 10 from BOC Aviation and a further 14 from Jackson 43 5,326 Square Aviation. 62 2,666 In aerospace, China’s KuangChi Science and AVIC 15 2,329 International Holding were particularly acquisitive overseas. The former invested in both New Zealand- based jetpack developer, Martin Aircraft, and Canadian hybrid cargo aircraft manufacturer, Solar Ship, while Q4 2014 Aviation, Aerospace, and Airport the latter attracted investment from Li Ka-Shing, M&A Activity acquired Align Aerospace and signed a turboprop engine development joint venture agreement with France’s Safran. Metals and specialist aerospace testing firms proved to be enduring investment targets in their Volume Value US$m respective growing markets. 51 3,374 In airports, China’s presence was also strongly felt 57 5,899 through the acquisitions of Airbus’s base, Toulouse 20 5,715 Blagnac International Airport in France, and all of Parma International Airport in Italy. UK airports had a busy quarter with approval being granted to Ferrovial Aviation and Macquarie to acquire Aberdeen, Glasgow and Aerospace Southampton from Heathrow Airport Holdings, and Airport Ontario Teachers’ Pension Plan once again showing 3 Introduction Aviation, Aerospace & Airports M&A Quarterly Q4 2014 its soft spot for the market by upping its stake in Birmingham Airport. In Barranquilla, Colombia, the National Infrastructure Agency (ANI) announced in December 2014 the selection of Valorcon, Equipos Universal and Inversiones Millenium Azipo as the winning consortium for Ernesto Cortissoz International Airport. In Canada, Porter Airlines, in a surprising move, agreed to sell its terminal concession rights at Billy Bishop Toronto City Airport in January 2015 to equity group Nieuport Aviation, which is comprised of InstarAGF Asset Management Inc. (InstarAGF), Kilmer Van Nostrand Co. Limited, Partners Group, and institutional investors. And, two airport deals in Myanmar showed that investor confidence is beginning to return as relations continue to improve with the West. This sixth edition of Aviation, Aerospace & Airports M&A Quarterly provides deep insight into the dealmaking activity during the fourth quarter by pulling out and breaking down key transactions, examining the driving forces behind those transactions, and identifying and analyzing both new and continuing trends. 4 Introduction Aviation, Aerospace & Airports M&A Quarterly Q4 2014 Q4 2014 Highlighted Aviation Transactions Announced Target Company Bidder Company Deal Value Date US$(m) 10/13/2014 Milestone Aviation Group Limited GE Capital Aviation Services LLC 1,775 12/08/2014 Hainan Airlines (4.89% Stake) Grand China Air Co. Ltd. 296.6 10/23/2014 Monarch Airlines (90% Stake) Greybull Capital 266 10/14/2014 Hebei Airlines Co Ltd (95.4% Stake) Xiamen Airlines Co Ltd 200 11/25/2014 Minsheng International Jet Co Ltd China Minsheng Investment Co Ltd 194 (61.25% Stake) 12/08/2014 Gama Aviation Holdings (Jersey) Ltd Hangar 8 Plc 128 10/09/2014 Century Tokyo Leasing CIT 120 11/27/2014 Jetstar Japan Qantas, Japan Airlines 93.27 11/28/2014 Shanxi Airlines capital investment HNA Group 82 12/08/2014 Hayward Aviation Limited Jardine Lloyd Thompson Group Plc 42 10/21/2014 Milestone Aviation Group Limited (40% GE Capital Aviation Services LLC 40 stake of JZCP) 11/10/2014 Gading Sari Aviation Services Sdn. Bhd. KL Airport Services Sdn Bhd 22 10/07/2014 Japan Airlines CAE 9.6 10/26/2014 Hokkaido Air System (51.2% Stake) Japan Airlines 9.3 11/25/2014 ACC Aviation Ltd. British Smaller Companies VCT Plc; 8 YFMEP II 12/08/2014 Cimber A/S SAS 2.69 10/02/2014 Aergo Capital Limited (90% Stake) CarVal Investors, LLC 10/05/2014 R.E. Atckison Columbus Jack Corp. 10/07/2014 Swissport France Holding SAS and GH Team Servisair SAS (ground handling activities in France) 10/09/2014 Wiggins Airways, Inc. Ameriflight, LLC 5 Q4 2014 Highlighted Transactions Aviation, Aerospace & Airports M&A Quarterly Q4 2014 Q4 2014 Highlighted Aerospace Transactions Announced Target Company Bidder Company Deal Value Date US$(m) 12/31/2014 Prime Turbines; CT Aerospace, LP; Kansas VSE Corporation 229 Aviation of Independence, LLC; Air Parts & Supply Company, Inc. 11/12/2014 Provincial Aerospace Ltd. Exchange Income Corporation 217 12/24/2014 Armstrong Aerospace, Inc. Astronics Corporation 51 12/21/2014 Martin Aircraft Co. Ltd. KuangChi Science Ltd 41 12/10/2014 MAS GMR Aerospace Engineering GMR Infratrusture 15 Company (44.61% stake) 10/01/2014 MW Crow Rift Valley Equity Partners 10/08/2014 Atlantic Precision Generation Growth Capital 10/09/2014 Remos Aircraft Andreas Heeschen 10/15/2014 Weatherford Aerospace, Inc. Novaria Group Inc. 10/17/2014 North American Aircraft Services, Inc. Triumph Group, Inc. 10/17/2014 Crown Precision Machining H-D Advanced Manufacturing Co. 10/20/2014 Phoenix CNC Engineering Limited Universal Engineering Limited 10/24/2014 Hispano-Suiza (Safran) Rolls-Royce 10/28/2014 Snecma Max Aerospace 10/28/2014 AeroSystems Engineering, Inc. Gen Cap America, Inc. 11/03/2014 X-Ray Industries, Inc.; Arcadia Aerospace Applus Services, S.A. Industries, LLC; Nray Services Inc. 11/04/2014 Avionics Interface Technologies, LLC Teradyne, Inc. 11/11/2014 FDS Avionics Corp. Harbert Private Equity Fund III L.P. 11/12/2014 Safran AVIC 11/13/2014 AEds Etablissements Belzane 6 Q4 2014 Highlighted Transactions Aviation, Aerospace & Airports M&A Quarterly Q4 2014 Q4 2014 Highlighted Airports Transactions Announced Target Company Bidder Company Deal Value Date US$(m) 10/16/2014 Aberdeen International Airport Ltd; Heathrow Airport Holdings Ltd. 1,678 Southampton Airport; Glasgow Airport Limited 10/29/2014 Hanthawaddy airport project Consortium of Yongnam Holdings 1,500 Ltd, Changi Airport Planners and Engineers, and JGC Corp. 12/04/2014 Toulouse-Blagnac Airport S.A. A consortium led by Shandong High-Tech 380 (49.99% Stake) Investment Co Ltd 11/17/2014 Mandalay International Airport Jalux, Mitsubishi and Yoma 86 Development Group 10/10/2014 Aeroporto Valerio Catullo di Verona Save S.p.A. 31 Villafranca Spa (35% Stake) 10/01/2014 Flemingo International Ltd. Samena Capital 10/13/2014 Flughafen Wien AG Wien (29.9%) IFM Global 10/14/2014 Parma International Airport IZP Technologies 10/16/2014 Setur Lagardere Services 11/24/2014 Koltsovo Airport (47.515% stake) Renova Group 12/19/2014 Kazan International Airport (35.36% stake) Svyazinvestneftekhim 12/29/2014 Birmingham Airport (19% stake) Ontario Teachers' Pension Plan 7 Q4 2014 Highlighted Transactions Aviation, Aerospace & Airports M&A Quarterly Q4 2014 Aviation Highlighted
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