Watson Farley & Williams (“WFW”) advised independent European investment company RIVE Private Investment (“RIVE”) on the US$50m refinancing of a portfolio of 100+ turboprop engines and auxiliary power units (“APUs”) and on lease globally with various manufacturers, maintenance providers and airlines. The engines and APUs are currently managed by LXA Leasing.
Concurrently, RIVE secured an equity investment from Turning Rock Partners who became joint owners of the asset owning company.
RIVE is an independent European investment firm specialising in transportation assets and energy transition infrastructure. It targets small and mid-market businesses and combines both financial and sector expertise. Founded in 2013 and with offices in Paris, Luxembourg and Geneva, RIVE has financed €2.3+bn assets in over 100 transactions in 15+ countries.
The WFW Aviation team that advised RIVE was led by Paris Partner Alexia Russell, assisted by Paris Senior Associate Hugues Hounkpati and London Associate Parit Patani on the debt financing aspects of the transaction. The equity investment side of the transaction was led by London Partner Christina Howard supported by Senior Associate David Bath and Associate Tabishe Arshad.
Alexia commented: “We are pleased to have assisted long-standing client RIVE on this complex transaction combining dual equity and debt financing. Our Aviation team’s deep sector expertise was vital in ensuring the successful closing of this deal involving unusual market assets”.
Bachir Lahsini, Investment Director at RIVE, added: “This structured financing highlights our ability to attract new investors and lenders to this non-conventional yet deep aviation asset class, paving the way for our portfolio’s future growth”.
Seabury acted as financial advisor to RIVE. Clyde & Co and Holland & Knight acted as legal counsel to the lender and Turning Rock Partners respectively.
