This article is based on an official press release from RIVE Private Investment.

RIVE Private Investment Acquires Four-Helicopters Portfolio from Milestone Aviation

RIVE Private Investment, a European investment firm focused on transportation and energy transition assets, has announced the acquisition of a four-helicopter portfolio from Milestone Aviation Group. The transaction, which was finalized in late 2025 and announced in January 2026, underscores the growing intersection between aviation finance and renewable energy infrastructure.

According to the company’s official announcement, the deal involves three Leonardo AW139s and one Leonardo AW169. These assets are currently leased to specialized operators supporting critical offshore industries. The acquisition aligns with RIVE’s broader strategy to invest in assets that contribute to decarbonization and essential services.

Transaction Overview and Financing

The agreement between RIVE Private Investment, acting through its RIVE Transportation Assets Income Fund, and Milestone Aviation Group (an AerCap company) was signed on November 6, 2025. The portfolio consists of four twin-engine helicopters manufactured by Leonardo, a leading aerospace company.

The specific assets acquired include:

• Three Leonardo AW139s: Intermediate twin-engine helicopters widely used in offshore operations.
• One Leonardo AW169: A light intermediate twin-engine helicopter known for its versatility in wind farm support.

RIVE confirmed that the acquisition was supported by senior debt financing provided by Investec, a South African bank described as a repeat partner for the investment firm. The deal structure involves acquiring the aircraft with existing lease contracts already in place, ensuring immediate revenue generation.

“The transaction… involves three Leonardo AW139s and one Leonardo AW169.”

, RIVE Private Investment Press Release

Operational Deployment and Strategic Focus

The portfolio is heavily weighted toward the renewable energy sector, reflecting the operational demands of the North-America Sea region. According to the release, the helicopters are leased to two primary operators: HeliService and Uni Fly.

Supporting the Energy Transition

Three of the four helicopters are dedicated to the offshore wind industry. These aircraft are equipped with hoists to transfer technicians and equipment to wind turbine nacelles off the coasts of the United Kingdom and Germany. This deployment highlights the critical role of vertical lift in maintaining offshore wind farms, which are moving further out to sea where crew transfer vessels are less efficient.

Operator Profiles

The press release highlights the expertise of the lessees:

• HeliService: Based in Germany, this operator is a Leonardo “Excellent Service Center” and specializes in hoist operations and ice navigation for the wind sector.
• Uni Fly: Operating out of Denmark and the UK, Uni Fly is recognized for its pioneering role in helicopter hoist operations for wind farm construction and maintenance.

The fourth helicopter in the portfolio is currently deployed for offshore oil and gas operations, providing a diversified revenue stream while the majority of the assets support the energy transition.

AirPro News Analysis

This transaction illustrates a maturing trend in aviation finance where specialized investment funds are increasingly acquiring assets from major lessors like Milestone to target specific ESG (Environmental, Social, and Governance) niches. By focusing on helicopters that support offshore wind, RIVE is effectively categorizing these aircraft as “energy transition assets” rather than just transportation hardware.

For Milestone Aviation, the sale represents an opportunity to recycle capital while maintaining a relationship with the assets through a financial partner. For the broader market, it signals continued confidence in the Leonardo AW139 and AW169 as the workhorses of the North Sea energy sector.

Frequently Asked Questions

Who are the operators of the acquired helicopters?
The helicopters are leased to HeliService and Uni Fly, both of which specialize in offshore operations in the North Sea.

What is the primary mission of these aircraft?
75% of the portfolio (three helicopters) is dedicated to supporting offshore wind farms in the UK and Germany. The remaining helicopter supports oil and gas operations.

Who provided the financing for this deal?
Senior debt financing was provided by Investec.

Sources

• RIVE Private Investment