Groupe SAF majority stake acquired by Oaktree Capital Management
PE firm Oaktree Capital Management has acquired a stake in the French helicopter services provider Groupe SAF, according to an announcement from existing investor Bpifrance which remains a minority backer alongside BNP Paribas Developpement, and Credit Agricole des Savoie Capital. The French-language item noted that Amundi Private Equity Funds and Portuguese United Helicopter Service exited the capital.
News portal Capital Finance noted that Oaktree took a 49.9% stake while the existing investors reduced their stake from 70% to 44%. The management team, led by Christophe Rosset, retains circa 6%.
The finalization of the transaction, which is expected in the coming weeks, is subject to administrative and regulatory approvals.
SAF Helicopters has a headcount of 220 people and posted EUR 42m consolidated turnover in 2016. It offers rescue and protection, aerial work, passengers transport, maintenance and training services.
The vendors were advised by UBS, Shan Finance, Cabinet Lamartine, and De Pardieu Brocas Maffei. Oaktree was advised by KPMG, ERM, Lockton, Hottinguer, Willkie Farr & Gallagher, 8 Advisory, Mayer Brown, and AT Kearney. Bichot & Associes acted as legal counsel for Bpifrance. Cabinet Goutagny and Adamis served as lawyer for the management team.