JZCP : JZ Capital sells Milestone Aviation
JZ Capital has sold its interest in Milestone Aviation for $40m. They paid a total of $15.1m for this investment – starting in September 2010. The exit price represents an exit multiple of 2.8x and an IRR of 36%.
Milestone Aviation is the world’s largest helicopter leasing company headquartered in Dublin, Ireland. The company is focused on leasing helicopters to the oil and gas, and mining industries, as well as to emergency and search and rescue services. It has a fleet of more than 168 helicopters worth US$2.8 billion, which are leased to 31 operators in 25 countries.
JZ Capital has reinvested some of the money – buying Paragon Water Systems for $9.2m – manufacturers of portable water filtration systems.