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 integration of air transport services is becoming indispensable in rural and mountainous regions. SAF Aerogroup's unique capabilities position it at the forefront of this essential service, facilitating timely medical responses and enhanced patient outcomes.

Furthermore, the strong emphasis on environmental sustainability has opened avenues for companies like SAF to diversify services, such as aerial firefighting operations. This expansion caters to growing concerns associated with climate change and natural disasters, creating a favorable market climate for specialized infrastructure investments in air services.

The French government continues to support the development of emergency transport services, providing a regulatory framework that encourages private investment and innovation in healthcare logistics. Initiatives aimed at improving emergency response times and the integration of advanced technology in transport operations further contribute to the industry’s resilience and growth potential.

Overall, the air ambulance sector is anticipated to expand in the coming years, fueled by advancements in technology, regulatory support, and a proactive response to emergencies. Companies in this space, especially those with specialized services, are likely to enjoy sustained demand as they continue addressing critical health and environmental needs.

The Rationale Behind the Deal

The acquisition of SAF by the Vesper-Infracapital consortium represents strategic investment aimed at leveraging SAF's established market position and driving further growth. Vesper and Infracapital recognize the long-term potential of SAF, particularly given its vital role in emergency services and its commitment to innovation in air transport solutions.

This partnership will enable SAF to enhance its service quality and expand into new markets, building on its pioneering spirit that has characterized its operations since 1979. The consortium's involvement will likely facilitate access to capital for future growth initiatives and technological investments, ensuring SAF remains competitive in an evolving industry landscape.

Investor Information

Vesper Next Generation Infrastructure Fund I SCSp specializes in investments in essential infrastructure services with a focus on sustainability and operational efficiency. As a leader in infrastructure investment, Vesper aims to partner with companies that are positioned to address critical needs while providing long-term value to stakeholders. Their experience in supporting infrastructure investments positions them well to contribute positively to SAF's mission.

Infracapital, a recognized player in the infrastructure investment sector, shares a commitment to supporting essential services within the public domain. With a strong track record in guiding companies through their growth phases, Infracapital's partnership with SAF will leverage its expertise in operational improvement and strategic expansion to enhance SAF's service offering across Europe and beyond.

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This acquisition by the Vesper-Infracapital consortium is perceived as a sound investment opportunity for several reasons. Firstly, SAF's established market leadership in air ambulance services, paired with its demonstrated growth trajectory, indicates solid fundamentals that are attractive to investors looking to finance essential services.

Moreover, the increasing demand for swift medical transport and emergency response services is a vital driver for the sector, presenting ongoing opportunities for expansion. Additionally, SAF's diversification into aerial firefighting reflects foresight in addressing evolving challenges related to climate change, further enhancing its appeal as an investment.

The partnership with experienced investors such as Vesper and Infracapital may also provide the necessary support for SAF's management to pursue its growth objectives effectively. By combining their resources and industry knowledge, the consortium is well-positioned to facilitate SAF’s continued evolution as a leader in emergency transport services.

In conclusion, the acquisition of SAF is likely to be beneficial for all parties involved, laying a solid foundation for long-term success and cementing SAF’s crucial role in the air transport sector. This strategic move not only aligns with market trends but also supports societal needs, making it a potentially valuable investment.

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