Spain's Eliance Group has announced that Swiss Life Asset Managers has acquired a significant majority stake in the company from Buenavista Equity Partners and Himilcon through its Swiss Life Global Infrastructure Opportunities Growth II fund. The current shareholder, RiverRock, will continue as a minority investor in the company's capital, retaining its commitment to Eliance's growth.

This strategic move strengthens Eliance's financial capacity to expand in the key markets of Spain, Italy and Croatia by providing capital for growth and consolidating its current leadership position in sectors such as firefighting, medical transport and rescue operations.

Since its foundation in 1958 in Madrid, Eliance has evolved from a provider focused on firefighting to a leading player in the emergency air services sector, with an integrated business model and European presence. The company has a varied fleet of fixed and rotary wing aircraft and stands out as one of only two companies accredited for Airbus maintenance in Spain.

Eliance's success is also based on its remarkable track record of international expansion and winning government contracts. Recently, the firm expanded its global presence by acquiring Italian operator EliFriulia and starting operations in Croatia to meet the growing demand for helicopter emergency medical services in these geographic areas.

Eliance competes in the European concession-based aerial emergency services market. This market is expected to grow at sustainable levels, with the strongest growth anticipated in Eliance's largest segment, emergency medical services, which is projected to achieve a compound annual growth rate of between 3.1 to 4.5 per cent.

Matthew Dooley, director value-add infrastructure at Swiss Life Asset Managers, says: “AES's business model is characterised by its core nature, strong cash flow stability and asset weight. These are all key characteristics of the infrastructure we seek as part of our value-added investment strategy. We are delighted to be working with the Eliance management team to continue to leverage the strong growth potential of the business.”

“We are excited to welcome Swiss Life Asset Managers as a new shareholder of Eliance. Its collaboration represents a significant milestone in our journey, which began in 2021 and has led Eliance to become a leader in air emergency services in southern Europe. The strength and reach of Swiss Life Asset Managers further underscore Eliance's appeal and the industry's attractiveness to infrastructure investors. Its support will be instrumental in driving Eliance's next phase of growth and enabling the company to play a key role in consolidating the European market,” adds Alessandro Graziano, chief investment officer at RiverRock.

For their part, Juan Carlos Martínez, CEO of the group, and Fernando Gallardo, group CFO at Grupo Eliance, add: “Swiss Life Asset Managers' investment in Grupo Eliance not only strengthens our financial framework, but also ensures the stability needed to drive our continued growth in an industry that increasingly requires significant investments. This strategic partnership positions us to enhance our profitability and continue our expansion.”

Lazard served as the sole financial advisor to Eliance during this transaction, contributing its expertise to secure an investment that supports Eliance's operational sustainability and growth.