News
Singaporean wealth fund buys equity in NAC
October 19th 2018
Singaporean sovereign wealth fund, GIC, will take a minority shareholding in regional aircraft lessor, Nordic Aviation Capital (NAC), joining the firm’s currently stakeholders EQT VI and the company’s founder, Martin Moller, as a “significant minority investor”. Read More »
The parties said the transaction would comprise a partial sale by the existing shareholders and new capital to strengthen NAC’s balance sheet. EQT VI will remain the largest equity holder and founder Martin Moller “will remain a significant shareholder”, the parties announced this week. Moller will also continue as chairman of NAC.
Since 2015, NAC has transformed from being a lessor focused on turboprop aircraft into the world’s largest regional aircraft lessor and the fourth largest commercial aircraft leasing company by investing more than US$4.5 billion in the business. During that period, NAC has more than doubled its operating lease income and added more than 30 customers. Today the company has a fleet of 468 regional aircraft, a total asset base of US$8 billion.
“It is nearly three years since we partnered with EQT VI to support our growth strategy. Together, we continued our profitable growth and benefitted from the partnership’s global perspective, experience and financial strength. GIC brings further financial strength and commercial capabilities that will allow us to take advantage of expansion opportunities as they arise”, said NAC founder and chairman, Martin Moller.
“NAC has a strong track record of growth and market leadership in a segment with secular growth drivers. As a long-term investor, we look forward to partnering with Martin Møller and EQT and supporting the future growth of the company", said GIC chief investment officer, Choo Yong Cheen.
Separately, NAC this week announced the delivery of an ATR 72-600, on lease to Garuda Indonesia.
