This article is based on an official press release from Ardian.

Ardian Agrees to Sell NHV Group Stake to GD Helicopter Finance

Private investment house Ardian has announced a definitive agreement to sell its majority stake in NHV Group to GD Helicopter Finance (GDHF). The transaction, announced in late December 2025, marks a significant transition for NHV, a leading European business-to-business Helicopters operator headquartered in Ostend, Belgium. The deal is expected to close in the first quarter of 2026, subject to customary regulatory approvals.

This acquisition brings together NHV’s established operational footprint in the North Sea and West Africa with GDHF’s substantial capital resources and Orders book. According to the announcement, NHV will maintain its brand identity and continue to operate as a distinct entity under the new ownership structure.

Transaction Overview and Strategic Rationale

Ardian has held a majority share in NHV Group since 2013. Over this 12-year holding period, Ardian supported the operator’s geographic expansion and fleet modernization, notably positioning NHV as the global launch customer for the Airbus H175. The sale to GDHF represents the conclusion of this long-term investment cycle.

GD Helicopter Finance, a Dublin-based lessor launched in 2024, enters the deal with a significant portfolio of new-generation assets. The company is backed by Peter Jiang, Chairman of GDAT, a major general aviation player in China. The acquisition is structured to provide NHV with immediate access to modern aircraft, addressing a critical need in a market currently constrained by manufacturing delays.

“The deal creates a symbiotic relationship where the lessor (GDHF) owns the operator (NHV). This allows GDHF to deploy its capital and aircraft efficiently while NHV gains immediate access to modern fleet upgrades.”

Industry Research Report

Fleet Modernization and Supply Chain Dynamics

A central driver of this transaction is the tightening global Supply-Chain for rotary-wing aircraft. New production slots for “super-medium” helicopters are increasingly scarce. GDHF holds a robust order book that includes 50 Airbus H160s, 20 Airbus H175s, and 10 Leonardo AW189s. By acquiring NHV, GDHF secures a guaranteed placement channel for these assets, while NHV bypasses long wait times for new equipment.

NHV currently operates a fleet of approximately 28 aircraft, primarily consisting of Airbus H175, H145, and Leonardo AW139/AW169 models. The integration with GDHF is expected to accelerate the renewal of this fleet, particularly for offshore wind and energy contracts that demand lower carbon emissions and higher fuel efficiency.

AirPro News Analysis: The “Super-Medium” Shift

We observe that this transaction underscores a broader industry pivot away from heavy helicopters, such as the Sikorsky S-92, toward efficient “super-medium” airframes like the Airbus H175 and Leonardo AW189. The offshore energy sector is prioritizing cost-efficiency and Sustainability, making the availability of these specific aircraft types a competitive differentiator. GDHF’s pre-ordered slots for H175s and H160s provide NHV with a strategic advantage that few competitors can match without enduring multi-year delivery delays.

Leadership and Operational Continuity

Despite the change in ownership, the companies have emphasized stability. NHV Group will continue to be led by CEO Lars-Henrik Thorngreen, who was appointed in November 2024. Thorngreen, who previously served as COO, is tasked with steering the company through this ownership transition while maintaining service levels for critical missions, including Search and Rescue (SAR), Harbor Pilot Services, and offshore transport.

The press release notes that NHV will remain “operationally independent.” This distinction is likely vital for maintaining regulatory compliance and client trust, particularly given the sensitive nature of NHV’s government and energy sector contracts in Europe.

AirPro News Analysis: Global Capital in European Infrastructure

While GDHF is domiciled in Ireland, the backing of GDAT and Chairman Peter Jiang introduces significant Chinese-affiliated capital into the European critical infrastructure space. The explicit emphasis on operational independence in the announcement suggests the parties are cognizant of potential regulatory scrutiny. We anticipate that European regulators will closely monitor the governance structures to ensure that control over sensitive operations, such as search and rescue, remains localized and compliant with EU security standards.

Frequently Asked Questions

When will the transaction close?

The deal is expected to close in Q1 2026, pending regulatory approvals.

Will NHV change its name or brand?

No. NHV Group will retain its brand identity and operational independence.

What aircraft does GDHF have on order?

GDHF’s order book includes 50 Airbus H160s, 20 Airbus H175s, and 10 Leonardo AW189s.

Sources

• Ardian Press Release
• Helicopter Investor