MRO & Manufacturing
Milestone Aviation Group Celebrates 15 Years as Leading Helicopter Lessor
Milestone Aviation marks 15 years managing 300+ helicopters worldwide, leading growth in helicopter leasing with AerCap backing.
In August 2025, Milestone Aviation Group celebrates its 15th anniversary, a significant event in the global aviation finance sector. Since its founding in 2010, Milestone has evolved from a pioneering startup into the world’s largest Helicopters leasing company, now managing a fleet of over 300 helicopters across more than 35 countries. This milestone not only marks the company’s longevity but also highlights its strategic importance in supporting mission-critical helicopter operations worldwide, including offshore oil and gas, emergency medical services, search and rescue, and firefighting.
The company’s journey has been characterized by strong leadership, disciplined market expansion, and a focus on technological innovation. Milestone’s growth reflects broader industry trends toward leasing as a preferred financing model, the increasing complexity of helicopter applications, and the need for specialized expertise in asset management. The anniversary also coincides with a period of stabilization and renewed optimism in the helicopter leasing sector, positioning Milestone to capitalize on emerging opportunities in defense, climate response, and sustainable aviation.
This article examines the historical foundation of Milestone Aviation, analyzes its current market position, and explores its strategic vision for the future. Drawing on publicly available data and expert commentary, we break down the company’s evolution, leadership, and industry impact while maintaining a neutral and factual perspective.
Milestone Aviation Group was founded in August 2010 by Richard Santulli, a veteran of the aviation industry known for transforming NetJets into a global leader in fractional jet ownership. Backed by $500 million from private equity firms Jordan Company and Nautic Partners LLC, Milestone set out to revolutionize helicopter financing, a sector that, at the time, lagged behind fixed-wing aircraft leasing in sophistication and market penetration.
The company’s early strategy focused on serving the capital-intensive needs of operators in offshore oil and gas, emergency medical services, and other mission-critical sectors. In 2012, Milestone placed a $682 million order for 22 helicopters, signaling confidence in long-term demand and establishing credibility with manufacturers and operators alike.
Milestone’s corporate structure underwent major changes with its 2015 acquisition by GE Capital Aviation Services (GECAS) for $1.775 billion plus assumed debt. This integration provided access to GE’s global resources and expertise. In 2021, AerCap acquired GECAS, making Milestone part of the world’s largest aircraft leasing company. Despite these transitions, Milestone retained operational independence and a specialized focus on helicopters, benefiting from increased financial stability and market reach.
From its inception, Milestone identified the unique requirements of helicopter operators and tailored its leasing solutions accordingly. The company’s approach leveraged lessons from fractional ownership and fixed-wing leasing, but with an acute awareness of the operational and regulatory complexities of helicopters. This specialization enabled Milestone to build deep relationships with both manufacturers and end-users, supporting customized financing structures and fleet management strategies.
Major Orders and partnerships with Manufacturers such as Airbus, Leonardo, Bell, and Sikorsky have allowed Milestone to maintain a young, technologically advanced fleet. The company’s early focus on the offshore oil and gas sector proved prescient, as global energy exploration drove demand for heavy and super-medium helicopters. Milestone’s agility in responding to sectoral shifts, such as the rise of emergency medical services and firefighting, has further diversified its portfolio and revenue streams. Each ownership change brought new capabilities: GE’s global network and financial resources, and later AerCap’s massive asset base and customer reach. Through these transitions, Milestone preserved its entrepreneurial culture and sectoral expertise, positioning itself as a resilient and innovative market leader.
“Milestone’s ability to preserve its entrepreneurial culture and market focus while scaling operations demonstrates the effectiveness of its original business model and management approach.”
Today, Milestone Aviation Group operates the world’s largest helicopter leasing fleet, with over 300 aircraft serving approximately 50 customers in 35 countries. The company’s portfolio includes the youngest and most fuel-efficient helicopters in the industry, a deliberate strategy to command premium lease rates and support customers’ evolving operational and environmental needs.
Notably, Milestone has achieved full utilization of its 82 Sikorsky S-92 heavy helicopters, a testament to strong demand in offshore oil and gas, search and rescue, and other high-intensity sectors. This 100% utilization rate underscores the company’s effective fleet management and customer engagement strategies, minimizing downtime and optimizing asset returns.
The company’s business model is built on sectoral and geographic diversification. Approximately 60% of Milestone’s business is in the offshore segment, with the remainder in emergency medical services and other applications. Recent deals, such as the 2025 lease agreements with Omni Helicopters International for a mix of Airbus and Sikorsky helicopters (including the first H160 placed in Brazil for Petrobras), demonstrate Milestone’s ability to enter new markets and respond to customer needs.
Milestone’s leadership team brings together decades of experience in aviation finance, helicopter operations, and international markets. CEO Pat Sheedy, appointed in 2019, has a strong background in financial services and risk management, with particular expertise in emerging markets. His leadership has guided the company through industry downturns and positioned it for future growth.
Chief Commercial Officer Sebastien Moulin, appointed in 2025, offers deep experience from previous roles at Airbus Helicopters and Bell Helicopter. Moulin’s insight into aircraft capabilities and market dynamics strengthens Milestone’s ability to identify opportunities and structure effective transactions.
The leadership team’s collective experience, including navigating the challenging 2015–2020 period in helicopter leasing, has contributed to a more stable and mature operating environment. Their expertise in risk assessment, transaction structuring, and global compliance underpins Milestone’s continued success and resilience.
The helicopter leasing sector remains underpenetrated compared to fixed-wing aviation, with lessors managing only 8% of the civil twin turbine fleet versus nearly 50% in commercial aircraft. This gap indicates significant growth potential for specialized lessors like Milestone. Industry analysts project that leasing’s share could reach 15% by the end of the decade, driven by capital efficiency, operational flexibility, and the need for newer technology platforms. Milestone holds approximately 25% market share in offshore operations and 10% in emergency medical services. The global helicopter leasing market was valued at $4.55 billion in 2023 and is projected to grow to $10.13 billion by 2032, with a compound annual growth rate of 9.3%. North America leads with a 36% share, supported by mature operations and diverse applications.
Backed by AerCap’s $71 billion asset portfolio, Milestone enjoys financial stability and access to capital markets, enabling it to compete for large transactions and maintain a disciplined growth strategy. The company’s focus on new technology aircraft and innovative asset management supports long-term value creation for customers and investors alike.
“The helicopter leasing market’s projected growth rate significantly exceeds broader aviation industry expectations, indicating that helicopter leasing represents a dynamic and expanding segment within the aviation financing ecosystem.”
Milestone’s commitment to innovation is evident in its fleet strategy and approach to emerging applications. The company invests in the latest technology platforms, such as the Airbus H160 and H175, to meet evolving customer demands and regulatory requirements. The focus on fuel efficiency and advanced avionics positions Milestone at the forefront of environmental and operational standards.
Beyond traditional markets, Milestone is expanding into new applications such as firefighting, renewable energy support, and urban air mobility. The successful conversion of Sikorsky S-92 helicopters for firefighting, with positive operational results in Canada, demonstrates the company’s ability to adapt assets for new missions and extend their economic life. This diversification reduces dependence on any single sector and aligns with broader societal needs, including climate resilience and emergency response.
Regulations compliance remains a complex challenge, with varying requirements across jurisdictions. Milestone’s experience in international markets, combined with strong manufacturer and operator partnerships, enables it to navigate these complexities and structure transactions that maximize asset utilization and compliance.
Milestone’s success is built on strong relationships with aircraft manufacturers, operators, and service providers. Partnerships with Airbus, Leonardo, Bell, and Sikorsky provide access to new aircraft and technical support, while long-term customer relationships support predictable business flows and mutual growth.
The company’s collaboration with Omni Helicopters International and recent framework agreements with manufacturers illustrate how strategic alliances drive market expansion and operational excellence. Maintenance and support partnerships further enhance Milestone’s ability to deliver comprehensive solutions to customers worldwide.
As the industry looks to the future, Milestone is well-positioned to benefit from trends such as defense modernization, climate emergency response, and the integration of advanced technologies. The company’s brand refresh and new website, launched in conjunction with its 15th anniversary, symbolize its readiness for the next phase of growth and innovation. Milestone Aviation Group’s 15th anniversary is more than a celebration of longevity; it is a testament to the maturation of helicopter leasing as a critical component of global aviation finance. The company’s evolution from a startup to an industry leader reflects the viability of specialized leasing models, the importance of sectoral expertise, and the value of disciplined growth strategies.
Looking ahead, Milestone is poised to capitalize on expanding market opportunities, fleet modernization needs, and emerging applications in defense, climate response, and sustainable aviation. Its leadership, operational excellence, and commitment to innovation position the company for continued success and influence in the evolving aviation landscape.
Q: What is Milestone Aviation Group’s core business? Q: How large is Milestone’s helicopter fleet? Q: What are the main markets for helicopter leasing? Q: Who owns Milestone Aviation Group? Q: What are the growth prospects for helicopter leasing? Sources:
Milestone Aviation Group’s 15th Anniversary: A Comprehensive Analysis of the Global Leader in Helicopter Leasing
Historical Foundation and Corporate Evolution
Strategic Growth and Market Focus
Current Market Position and Business Performance
Leadership and Organizational Excellence
Financial Performance and Market Penetration
Innovation, Applications, and Future Outlook
Strategic Partnerships and Industry Alliances
Conclusion
FAQ
A: Milestone Aviation Group specializes in helicopter leasing, providing financing and fleet management solutions for operators in sectors such as offshore oil and gas, emergency medical services, search and rescue, and firefighting.
A: As of 2025, Milestone manages a fleet of over 300 helicopters, making it the world’s largest helicopter lessor.
A: The primary markets include offshore oil and gas, emergency medical services, search and rescue, firefighting, and increasingly, renewable energy support and defense applications.
A: Milestone is a subsidiary of AerCap, the world’s largest aircraft leasing company, following AerCap’s acquisition of GECAS in 2021.
A: Industry analysts project significant growth, with the global helicopter leasing market expected to double between 2024 and 2032, driven by increased acceptance of leasing models and demand for new technology platforms.
Airbus Newsroom
Photo Credit: Airbus
MRO & Manufacturing
AkzoNobel Invests $58M to Modernize Waukegan Aerospace Plant
AkzoNobel commits $58 million to upgrade its Waukegan aerospace coatings facility, enhancing capacity and efficiency to meet rising air travel demand.
This article summarizes reporting by the Chicago Tribune and official announcements from AkzoNobel. This article summarizes publicly available elements and public remarks.
AkzoNobel has announced a significant capital injection of €50 million (approximately $58 million) into its Waukegan, Illinois, facility, solidifying the site’s status as the company’s largest aerospace coatings production plant in the world. According to reporting by the Chicago Tribune and official company statements released in early January 2026, the project aims to modernize manufacturing capabilities and expand capacity to meet surging global travel demand.
The investment involves a strategic reorganization of AkzoNobel’s North American footprint. While the Waukegan site will focus on intensified manufacturing, warehousing operations are set to relocate to a new facility in Pleasant Prairie, Wisconsin. This shift allows the company to repurpose existing storage space in Illinois for production lines, directly addressing the need for higher output.
The upgrade focuses on what AkzoNobel describes as “Industrial Excellence,” a program designed to streamline operations through advanced automation and improved workflow. The Waukegan facility, located at 1 East Water Street, currently spans 11 acres and employs approximately 200 people.
According to details shared in the company’s announcement, the modernization will be executed in two phases. The primary goal is to enhance supply chain resilience in North America, offering shorter lead times for airline and MRO (Maintenance, Repair, and Operations) customers.
The investment will fund the installation of state-of-the-art machinery intended to increase throughput and consistency. Key technical enhancements include:
The decision to expand comes as the aerospace industry prepares for a projected rise in global air travel. Airlines and manufacturers are increasingly requiring specialized coatings for both new aircraft deliveries and the maintenance of existing fleets. By moving finished goods storage to the new Wisconsin facility, AkzoNobel expects to significantly increase its production capacity for primers, basecoats, clearcoats, and custom colors.
Patrick Bourguignon, Director of AkzoNobel’s Automotive and Specialty Coatings business, emphasized the strategic necessity of the move in a press statement:
“This investment will increase our comprehensive North American supply capability and solidify our position as a frontrunner in the aerospace coatings industry. Demand for air travel is expected to grow significantly over the next few years and we want to make sure our customers are able to meet that demand with aircraft of the highest quality.”
Beyond raw capacity, the upgrades are designed to offer greater flexibility in production batch sizes. Martijn Arkesteijn, Global Operations Director for AkzoNobel Aerospace Coatings, noted that the improvements would directly benefit customer timelines. “We’ll be able to provide current and future customers with even more flexibility through the delivery of large batch sizes, better responsiveness to market needs and shorter lead time for color development.”
While the primary focus of the investment is operational efficiency, AkzoNobel has stated that the project aligns with its broader environmental goals. The company aims to reduce carbon emissions by 50% by 2030 (using a 2018 baseline) and transition toward 100% renewable electricity. The new equipment installed at the Waukegan plant is expected to reduce energy intensity per unit of production, supporting these corporate sustainability targets.
The separation of manufacturing and warehousing is a growing trend among industrial suppliers facing land constraints in established industrial zones. By decoupling storage from production, AkzoNobel effectively unlocks new square footage for value-added manufacturing without the need to acquire adjacent land, which can be difficult in developed areas like Waukegan. This move suggests a prioritization of speed and volume, critical factors as the aerospace supply chain continues to recover and expand post-pandemic.
Sources: Chicago Tribune, AkzoNobel Official Announcements
AkzoNobel Invests $58 Million to Modernize Waukegan Aerospace Hub
Scope of the Expansion
Technological Upgrades
Strategic Context and Market Demand
Operational Flexibility
Sustainability Targets
AirPro News Analysis
Sources
Photo Credit: AkzoNobel
MRO & Manufacturing
Daher Wins 2026 JEC Award for Thermoplastic Wing Rib Innovation
Daher received the 2026 JEC Innovation Award for developing a thermoplastic wing rib that reduces weight, cost, and production time in aerospace manufacturing.
This article is based on an official press release from Daher.
On January 12, 2026, the French industrial conglomerate Daher was announced as the winner of the prestigious 2026 JEC Composites Innovation Award in the “Aerospace – Parts” category. The award recognizes the company’s development of a “Highly Loaded Thermoplastic Wing Rib,” a critical structural component designed to meet the rigorous demands of future single-aisle Commercial-Aircraft programs.
According to the company’s announcement, this innovation represents a significant leap forward in the application of thermoplastic composites. While previous applications were often limited to thinner, secondary parts, this project demonstrates the viability of thermoplastics for thick, primary aerostructures that must withstand heavy mechanical loads.
The award-winning component is a structural breakthrough for the aerospace industry. Traditionally, primary structures like wing ribs, which maintain the aerodynamic shape of the wing and transfer loads between the skin and spars, have been manufactured using aluminum or thermoset composites that require lengthy autoclave curing cycles.
Daher’s new rib is a thick laminate structure consisting of up to 64 plies, reaching a thickness of approximately 12mm. By successfully manufacturing a part of this density and complexity using thermoplastics, Daher has proven that the material can replace metal in the most demanding areas of an airframe.
The project was executed through a strategic consortium involving several key European partners, each contributing specialized expertise to the Manufacturing chain:
The success of the “Highly Loaded Thermoplastic Wing Rib” relies on the integration of two patented processes that streamline production and eliminate traditional manufacturing bottlenecks.
First, the rib utilizes Direct Stamping®, a Daher-patented process. According to the press release, this technique eliminates the intermediate “consolidation” step typically required between layering fibers (layup) and the stamping phase. By removing this step, the production cycle is significantly shortened, and energy consumption is reduced.
Second, the assembly utilizes Infrared (IR) Welding, a patent held by the Luxembourg Institute of Science and Technology (LIST). Instead of using heavy metal rivets or bolts to assemble the rib’s T-shaped profile, the partners used IR welding to create a continuous, integrated composite structure. This approach eliminates the weight of fasteners and improves the overall integrity of the part. “This JEC Award rewards our commitment to advancing composite technologies for aeronautics. We believe in it: by combining innovative materials and advanced processes, we demonstrate that it is possible to combine performance, competitiveness, and reduction of the carbon footprint.”
, Dominique Bailly, R&D Director at Daher
The shift to thermoplastics and the elimination of fasteners has yielded quantifiable performance improvements. Data provided by Daher highlights the following metrics for the new wing rib compared to traditional aluminum or bolted metal assemblies:
The significance of this award extends beyond a single component; it addresses the “holy grail” of next-generation aircraft manufacturing: rate. As Airbus and Boeing look toward successors for the A320 and 737 families, they face the requirement of producing wings at unprecedented rates, potentially 75 to 100 aircraft per month.
Traditional thermoset composites, while light, are chemically slow to cure, creating a bottleneck in the factory. Thermoplastics, which can be stamped, melted, and welded in minutes, are widely viewed as the necessary enabler for these high-rate programs. By demonstrating that thermoplastics can handle the structural loads of a primary wing rib, Daher is positioning itself as a critical supplier for the “Wing of Tomorrow.” Furthermore, the use of induction welding (seen in their 2025 Torsion Box project) and now IR welding suggests Daher is building a diverse toolkit of joining technologies to eliminate rivets entirely from future airframes.
Sources: Daher
Daher Wins 2026 JEC Innovation Award for Thermoplastic Wing Rib
Breaking Boundaries in Composite Manufacturing
Collaborative Development
Technical Innovations and Process Efficiency
Performance Metrics and Environmental Impact
AirPro News Analysis
Frequently Asked Questions
Photo Credit: Daher
MRO & Manufacturing
ASG Helicopter Services Launches Leonardo AW189 in Caspian Region
ASG Helicopter Services integrates the first Leonardo AW189 helicopter in the Caspian Sea region for offshore oil and gas support missions.
This article is based on an official press release from ASG Helicopter Services.
ASG Helicopter Services (ASG), a prominent aviation operator based in Azerbaijan, has officially integrated its first Leonardo AW189 helicopter into its fleet. The delivery, celebrated during a presentation on December 17, 2025, marks a significant operational milestone as the first aircraft of its type to enter service in the Caspian Sea region, covering Central Asia and the Caucasus.
According to the company’s announcement, this delivery is the first of two units ordered to support offshore oil and gas operations. The second unit is scheduled for delivery in early 2026. The acquisition was executed through a partnership involving ASG, the manufacturer Leonardo Helicopters, and Exclases Group, the exclusive distributor for Leonardo in the region.
The newly delivered AW189 has been supplied in a specialized offshore configuration designed to meet the rigorous demands of the energy sector. ASG Helicopter Services states that the aircraft is tailored for long-range transport and overwater safety, bridging the operational gap between the company’s medium-class AW139s and heavy-class Sikorsky S-92As.
The “super-medium” class helicopter features a maximum take-off weight (MTOW) of approximately 8.3 to 8.6 tonnes and is configured to carry 16 passengers plus two pilots. Key safety specifications highlighted in the release include a main gearbox capable of a 50-minute “run-dry” operation, exceeding standard certification requirements, and a Full Ice Protection System (FIPS) to manage the challenging winter conditions of the Caspian region.
ASG Helicopter Services indicated that the introduction of the AW189 is part of a broader strategy to modernize its fleet and enhance service offerings for major clients such as SOCAR, BP, and TOTAL. By adopting the super-medium platform, the operator aims to provide a more cost-efficient solution for missions that require significant range and payload but do not necessitate the full capacity of a heavy helicopter.
Azer Sultanov, Head of ASG Helicopter Services, emphasized the importance of this acquisition for the company’s future operations:
“Next-generation helicopters represent a significant new era for ASG Helicopter Services. The integration of the AW189 helicopter into our offshore operations strengthens our capability to meet the evolving needs of customers in the oil, gas, and energy sectors, while ensuring the highest standards of safety, reliability, and operational efficiency.”
The company confirmed that the aircraft has already received all necessary registration and airworthiness certificates from the Civil Aviation Authority of Azerbaijan. The arrival of the AW189 in the Caspian region reflects a wider global trend in the offshore energy sector: the shift toward “super-medium” rotorcraft. For years, the industry relied heavily on heavy helicopters for deep-water transport. However, volatility in oil prices and advancements in avionics have driven operators toward aircraft that offer near-heavy payload capabilities with the lower operating costs of a medium airframe.
By securing the first AW189 in the region, ASG positions itself as a technological leader in the Central Asian market. This move likely anticipates stricter safety standards from International Oil and Gas Producers (IOGP), which increasingly favor modern airframes equipped with advanced terrain awareness and run-dry capabilities. We expect this acquisition to place pressure on regional competitors to upgrade their legacy fleets to maintain contracts with international oil majors.
The AW189 is powered by two General Electric CT7-2E1 engines, providing the necessary power for long-range missions to remote rigs. According to manufacturer data referenced in the report, the aircraft includes a suite of advanced avionics designed to reduce pilot workload and enhance situational awareness.
ASG Helicopter Services, which already operates as an Authorized Service Center for Leonardo’s AW139 and AW109 models, will extend its maintenance capabilities to support the new AW189 fleet.
What is the primary role of the new AW189? How many passengers can it carry? When will the second unit arrive?
ASG Helicopters Services Introduces First Leonardo AW189 to Caspian Region
Operational Capabilities and Configuration
Strategic Fleet Modernization
AirPro News analysis
Technical Specifications and Safety
Frequently Asked Questions
The helicopter is configured for offshore transport, ferrying personnel and supplies to oil and gas platforms in the Caspian Sea.
In its current offshore configuration, the aircraft seats 16 passengers and 2 pilots.
ASG expects to take delivery of the second AW189 in early 2026.
Sources
Photo Credit: ASG Helicopter Services
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