New York private equity group KKR Financial Holdings will invest over $100 million in the helicopter unit of Dublin's Lease Corporation International (LCI). The said investment will capitalize on the increasing demand from the oil and gas industry, according to The Irish Times.
Based on a joint statement released by the two companies today, KKR will be given a minority equity interest in the helicopter division of LCI in return for the investment, the report said.
LCI is presently owned by New York's Libra Group, which joined the helicopter business in 2012 when it invested $400 million to buy a fleet of choppers, the report added.
Through growth plans, the helicopter unit could reach the $450-million mark in asset management by the end of 2014, according to LCI chairman Crispin Maunder. He also said the unit could reach $1 billion in around 3 years. In addition, the company may see its fleet number increase through sale-and-leaseback deals with operators, The Irish Times reported.
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