The winners of Helicopter Investor’s inaugural Deal of the Year Awards have been revealed at Helicopter Investor London 2025. Decided by a panel of three expert judges, discover the deals that have caught the eye in the helicopter investment world.

Lessor Financing Deal of the Year 2025: GD Helicopter Finance, Bank of China and Helaba

This transaction was all about firsts. It was GD Helicopter Finance’s first debt deal. It was the first time that both Bank of China London Branch and Helaba have financed helicopters. It was the first time that Bpifrance has financed the Airbus H160.

The transaction crossed many jurisdictions – including Ireland (where GD Helicopter Finance is based), the UK, Ireland, PRC, Brazil and India. This is why it needed eight law firms to close.

It is worth remembering that GD Helicopter only launched in April 2024 – eight months before closing this transaction.

Deal size: $84m (€78m).

Structure: Bpifrance Assurance Export credit facility

Helicopters: Eight Airbus H160 helicopters.

Closed: December 2024.

Financial arranger: Bank of China London Branch.

Lenders: Bank of China London Branch; Landesbank Hessen-Thüringen Girozentrale

Legal advisers: Watson Farley & Williams (borrower), Norton Rose Fulbright (lenders), Han Kun Law Offices (borrower), JunHe (lenders), Matheson (borrower); McCann Fitzgerald LLP (lenders), Basch & Rameh Advogados Associados (transaction counsel); Sarin & Co. (transaction counsel).
Tax advisers: PwC Ireland

M&A Deal of the Year 2025: ITE Management acquisition of Thora Capital

Since the sale of Milestone to GE 10 years ago, a lot of lessor mergers and acquisitions have been driven by distress, most noticeably the restructuring of Waypoint Leasing. The sale of Thora Capital, founded in 2018, is the start of sellers timing their exit during a stable market.

In fact, it was all about stability. ITE Management, which specialises in transportation infrastructure, sees helicopters as “a differentiated, stable cash-flow asset class”.

“Both firms share a culture of disciplined investing and operational excellence,” said Jason Koenig, co-founder and managing partner, ITE Management. “As demand for innovative capital solutions in the helicopter industry grows, this acquisition strengthens our position in a compelling market with strong fundamentals.”

Buyer: ITE Management
Target: Thora Capital
Legal advisers: Sidley Austin (ITE), Katten Muchin Rosenman (Thora Capital).

Sale and Leaseback of the Year 2025: LEVL Leasing and HeliService

LEVL Leasing, the joint venture between Lobo Leasing and EMP Aviation has closed many innovative deals in EMS and firefighting, rapidly growing to over 30 helicopters.

This one in late 2025 financed two new AW169s helicopters from Leonardo that HeliService is using to support windfarms.

The equity funding for was provided by a single German family office of capital – the first time we have seen this investor group in helicopter leasing. They were attracted by the idea of supporting the transition to clean energy sources in Europe.

The deal is in the process of being refinanced by Helaba.

Most Innovative Deal of the Year 2025: Bristow, NatWest and UK Export Finance 

If you are being winched up to a Leonardo AgustaWestland AW189 from Carrauntoohil, Ireland’s highest mountain, the last thing you are going to be thinking about is how the aircraft was financed. This is a shame as this financing of Irish SAR helicopters, operated by Bristow, deserves real credit.

NatWest’s €100m financing of five AW189s was a first helicopter deal for UK Export Finance. It covered 80% of the transaction with the rest split into a covered tranche and a commercial tranche.

The deal benefits from a guarantee by Bristow Group, Bristow Helicopters, Bristow Aviation Holdings and a strong asset finance security package including a priority mortgage over the aircraft, aircraft warranties, intercompany leases and assignments over insurance, compensation and asset sale proceeds.

The facility had a maximum advance rate of 90% with the annual LTV covenant reducing over five years.

Stranded walkers in the MacGillycuddy’s Reeks or fishermen needing help in the Irish Sea do not need to worry about the financing details. They just need to know that Bristow will show up.

Deal size: €100mm

Term: Five years

Structure: Bilateral Export Development Guarantee term loan facility.

Closing date: 12th June 2024

Helicopters: Five Leonardo AgustaWestland AW189 in SAR configuration

Financial arranger: NatWest

Lenders: NatWest and UK Export Finance

Legal advisers: Dentons (Borrower counsel), Watson Farley & Williams (Lender counsel)

Appraiser: Cirium

Deal of the Year 2025: Milestone Aviation Sale and Leaseback of Seven Leonardo AW189 Helicopters with Equinor and Vår Energi

Milestone Aviation has closed hundreds of sale and leasebacks since its launch in 2010. But its transactions financing seven Leonardo AW189 helicopters, including five for Equinor and two for Vår Energi, stand out. They really are landmark (or milestone) deals.

Rather than financing helicopters for an operator, these transactions were direct with two upstream energy companies.

Equinor, the largest producer on the Norwegian continental shelf, announced its order for five AW189 with Leonardo in March 2024.

It then ran a joint competitive bidding process on the sale and leasebacks with Vår Energi. Milestone was announced the winner in February 2025.

Tromsø-based Lufttransport will operate the first two AW189s, which will be delivered to Equinor in 2025 with three more coming in 2026. The AW189s are being used to transport passengers on the Norwegian continental shelf from Sola and Florø.

Vår Energi’s two AW189s are scheduled to be delivered in 2026 and will also be operated by Lufttransport.

“These next-generation AW189s are the ideal choice for NCS operations, offering exceptional versality, reliability and capacity,” said Pat Sheedy, chief executive officer, Milestone. “We look forward to supporting Equinor and Vår Energi’s offshore operations and thank them for their business and the trust they have placed in Milestone.”

Other energy companies are known to be looking at replicating this transaction. Banks are also keen to finance similar transactions as it removes credit risk.

Equinor is also the launch customer for 10 new Bell 525 helicopters due in 2027.

Sellers: Equinor and Vår Energi
Lessor: Milestone Aviation
Helicopters: Equinor five Leonardo AW189s, Vår Energi two AW189s