SAF Aerogroup has announced its acquisition by a consortium led by Vesper and Infracapital, signaling a new chapter in its growth as a leader in emergency air transport services.

Target Information

SAF Aerogroup ("SAF"), based in Albertville, France, is a leading player in the European air ambulance transport sector. The company has announced a significant acquisition deal involving a consortium led by Vesper Next Generation Infrastructure Fund I SCSp ("Vesper") and Infracapital, acquiring shares from Oaktree Capital Management, L.P. ("Oaktree") and Bpifrance. The completion of this transaction is contingent upon consultation with employee representative bodies and the approval of customary regulatory authorities.

Since the investment from Oaktree and Bpifrance in 2017, SAF has seen remarkable growth, with revenues increasing from €38 million to €110 million in 2024. This growth has primarily been driven by strong organic performance, with SAF establishing itself as the leading provider of air ambulance services in France, particularly through its SAMU/HeliSMUR operations. The company serves over 20 hospitals and conducts emergency rescue missions in the French Alps. Additionally, SAF has successfully launched an aerial firefighting division to meet the increasing need for environmental protection and natural disaster management in both Europe and Latin America. The acquisition of Starlite Aviation in 2021 further bolstered SAF’s global humanitarian operations, underpinning its mission to save lives and protect communities.

Industry Overview in France

The air ambulance industry in France has witnessed substantial growth, driven by an increasing demand for rapid medical transport in emergency situations. With a robust healthcare system and a rising awareness of health emergencies, the integratio