Exeter Airport is being sold as part of a multi-million-pound deal.
It is one of three regional airports to be snapped up by investment firm ICG, a London-based asset management company with offices in 17 countries and revenue of more than £970million.
It has reportedly agreed a deal with Rigby Group to buy Exeter along with airports at Bournemouth and Norwich for around £200million. The deal will be finalised later this month.
Exeter Airport, which hosts airlines including Tui, Ryanair, KLM and Aer Lingus, was owned by Devon County Council until 2007, when it was sold to Regional and City Airports for £60million.
It was then sold on in 2013 to Rigby Group for an undisclosed sum.
Ludovic Laforge, managing director at ICG European Infrastructure, said: “We’re proud to be partnering with one of the UK’s most dynamic regional airport groups in a transaction that underscores our commitment to supporting high-potential infrastructure assets.”
The three airports are operated by Regional and City Airports (RCA), which is now a division of the Rigby Group.
The new owners say RCA will expand its airports, cargo and executive aviation operations, as well as accelerating its sustainable aviation practices.
“RCA has become a model of successful regional aviation,” according to ICG. “Under Rigby Group’s stewardship, passenger numbers have risen to over 2million, up 13 per cent year-on-year, providing clear evidence of RCA’s sustained growth.”
RCA chief executive Andrew Bell added: “RCA has flourished into one of the leading UK airport groups and a high-performing enterprise. We are now ready to accelerate further.
“Across our networks it will be business as usual, with the same outstanding team and vision, boosted by renewed momentum to drive our continued growth, innovation and sustainability.”
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