Transaction Support and Business Planning

Transaction Support

  • Supported Infracapital on its potential interest in London Luton Airport – including traffic forecasting, regulation, aeronautical revenue, non-aeronautical revenue, operating expenditure and capital expenditure.
  • Westchester Airport due diligence on behalf of AviAlliance in support of a potential privatisation process.
  • Supported iCON Infrastructure in its successful acquisition of 30% stake in Hannover Airport – full traffic and business plan due diligence.
  • Birmingham and Bristol Airports due diligence on behalf of consortium of pension providers including LPP – development of independent traffic forecasts, business plans and capital expenditure projections.
  • Preparation of Traffic Forecasts of Dominican Republic Airports for Vinci prior to its acquisition of AERODOM.
  • Undisclosed leading infrastructure fund – bid support, including detailed review of all aspects of Hochtief Airport’s portfolio (Dusseldorf, Hamburg, Athens, Budapest, Sydney, Tirana).
  • Preparation of a detailed report for debt providers with full reliance for a leading consortia bidding for Madinah Airport concession, Saudi Arabia.
  • VDD for 5.88% equity sale of BAA – detailed review of all aspects of Heathrow and five other airports in the BAA Group for Ferrovial Aeropuertos.   Development of detailed VDD report; assessment of traffic forecasts, regulation, aeronautical revenue, non-aeronautical revenue, operating expenditure and capital expenditure for each airport.
  • Supported Morgan Stanley Infrastructure in its successful acquisition of a stake in SAVE spa (the operator of Venice and Treviso airports).
  • Equity Acquisition in Gemina (AdR) – undertook independent market assessment of the Rome airport system for Singapore Changi Airport.  Also conducted a review of the main features of the Italian regulatory system for defined airport tariffs.
  • VDD for sale of BAA London Gatwick – detailed review of all aspects of Gatwick Airport’s business for BAA Ltd.   Development of detailed VDD report, including assessment of traffic forecasting, regulation, aeronautical revenue, non-aeronautical revenue, operating expenditure and capital expenditure.
  • Bid support for Budapest – detailed financial, traffic, masterplanning and regulatory due diligence in support of Macquarie’s bid for Budapest Airport.
  • Bid support for Copenhagen – financial, traffic and capital investment due diligence for Macquarie to support its acquisition of a controlling stake in Copenhagen Airport.
  • Sale support for Birmingham – detailed traffic, financial and capital expenditure forecast advisory for Macquarie and Aer Rianta to assess the potential and prospects of Birmingham International Airport to potential buyers.
  • VDD for Sale of Almaty Airport – appointed by Meridian Capital (a leading CIS focused private equity fund) to support them in the sale of its majority shareholding in Almaty International Airport, Kazakhstan.  Involved in the development of the VDD and presentation to potential bidders as part of the sales process.
  • Supported UBS Infrastructure in its joint venture with the Abu Dhabi Investment Company (ADIC) to invest in Queen Alia International Airport (Amman, Jordan).  Our role was to undertake due diligence of traffic and infrastructure issues.
  • Supported Perigon Advisory of Bahrain in its role as advisor to the co-sponsors of Manara Investments Ltd, in two airline transactions. Manara acquired an effective 21% equity stake in Istanbul-based cargo carrier ACT Airlines and a 10% stake in AirAsia X.
  • London-area airports – review of traffic projections, financial projections and capital expenditure plan in relation to the purchase of a minority investment in a London-area airport.
  • Major European airport – on behalf of an Asian airport operator, review of traffic forecasts and economic regulation in relation to a proposed minority investment.
  • Riviera Maya Airport – on behalf of the University of Nueva Leon, various detailed studies relating to the development of the new Riviera Maya airport, including traffic and financial projections etc.
  • Riviera Maya Airport – on behalf of the Mexican Transport and Communication Ministry, review of a potential tender process for the proposed new airport to serve the Riviera Maya region of Mexico.
  • Chicago Midway Airport – preparation of traffic forecasts, financial projections and infrastructure assessment for a major bidding consortium.
  • St Petersburg Airport – preparation of traffic forecasts for one of the bidders for the privatisation of Pulkovo airports.
  • Babcock and Brown – due diligence of traffic forecasts, capital plan, operational revenues and costs for acquisition of large minority stake in major European airport.
  • EMP (Bahrain)/Islamic Development Bank – due diligence of traffic forecasts, capital plan, operational costs, aeronautical and non-aeronautical revenue streams for acquisition of minority stake in TAV, the Turkish airport group.
  • Support for owners in sales of Norwich Airport and Exeter Airport.

Business Planning

  • BAA – independent review of business plans in relation to the 2008 refinancing of BAA’s non-designated UK airports.
  • UK Department for Transport – Financial evaluation of a number of UK regional airports to inform the location of future runway capacity (as part of the Air Transport White Paper studies).
  • Review of business plan for a proposed start-up cargo airline and a proposed start-up carrier operating between the UK and the Indian sub-continent.
  • Business planning support to bidders for London City Airport and Leeds/Bradford Airport
  • Review of business plan for a number of international airports, including Stockholm Arlanda (with Cap Gemini), London Luton (with Ernst & Young for airport freehold owner), and a major Gulf airport.
  • Development of business plan for Etihad to support the financing of eight new wide body aircraft.
  • Review of fees and charges structure for large European airport group.
  • Business planning and structured financing advice for a large international bank in relation to debt provision to an airport group.
  • Worked with airport management to restructure the Norwich International Airport business plan prior to the sale of the airport (with Ernst & Young).
  • Preparation of business plan for the expansion of London Southend Airport to two million passengers per annum.
  • Support for Macquarie/Ferrovial in reviewing the business plan prior to successful refinancing of Bristol Airport.
  • Analysis of financing issues for UK Department for Transport associated with provision of additional runways at UK regional airports.
  • Development of business plans for various aviation start-up companies, including an airport fuel provider and an aviation centre of excellence.

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