The French infrastructure investor is betting on strong growth in the aerial services market in Europe. Eliance manages public contracts in emergency medical services, search and rescue and firefighting.
Infranity, a Paris-based asset manager specialising in essential and sustainable infrastructure, has committed €190m in financing to Eliance, a Spanish emergency air transport services provider.
Founded in 1958, Madrid-based Eliance operates a fleet of over 100 helicopters and fixed-wing aircraft. It is mostly active in Spain and Italy, where it manages public contracts in emergency medical services, search and rescue and firefighting.
“Eliance’s concession-based model, characterised by its mission-critical nature and asset heaviness, aligns perfectly with our mandate. This financing not only ensures the sustainability of Eliance’s operations but also paves the way for future growth and innovation in the aerial emergency services sector,” said Georgios Tzimas, investment director at Infranity, which as last month had around €12.5bn in assets under management.
Strong growth
The global air ambulance market is forecast to grow by $6.77bn (€5.77bn) between 2023 and 2028, at an annual compound growth rate of 10.05%, according to Technavio.
“Eliance’s dedication to integrating ESG excellence across their operations demonstrates their commitment to providing critical lifesaving operations while also ensuring that business is conducted responsibly and sustainably. Those are additional aspects that we are evaluating and paying particular attention to as part of our investment process,” Tzimas told Impact Investor.
The cash injection comes two months after Swiss Life Asset Managers bought a controlling stake in Eliance from Buenavista Equity Partners and Himilcon on behalf of its second infrastructure opportunities growth fund.
As part of the transaction, the Swiss asset manager said at the time it would provide Eliance with extra cash to support its expansion in its home markets. The European market for emergency medical services is forecast to grow between 3.1% to 4.5% annually, Swiss Life Asset Managers said.
Blue Elephant deal
As previously reported by Impact Investor, Infranity last month invested €200m in Blue Elephant Energy, a German renewable energy company which runs solar parks and onshore wind farms in Europe and South America.
Infranity is owned by its three founders Philippe Benaroya, Alban de La Selle and Gilles Lengaigne, who hold 49% of the company, with Italian insurer Generali Group controlling the remainder.
