Watson Farley & Williams (“WFW”) advised Spanish emergency air transport services provider Eliance Holding Company, S.L. (“Eliance”) on the refinancing of its existing group debt as well as an additional facility for capex and growth. The refinancing of the debt, which was provided by funds managed by Infranity, forms part of Swiss Life Asset Management’s April 2025 acquisition of a majority stake in Eliance, with RiverRock Brownfield Infrastructure Funds remaining as a minority shareholder. The transaction was a complex one, spanning four jurisdictions and involving multiple stakeholders.
Madrid-headquartered Eliance operates a fleet of 90+ helicopters and fixed-wing aircraft, providing services including firefighting, medical emergency and search and rescue. The aircraft are registered in Spain, Italy and Chile.
The cross-border WFW Aviation & Aerospace team that advised Eliance was led by London Assets & Structured Finance Partner Louise Mor, Madrid Asset Finance Partners Alfredo Cabellos and Laura Cadenas and Rome Finance Partner Michele Autuori. They were supported by Senior Associate Abi Carter, Associates Louis Brunet and Sam Jones and Trainee Aditya Ashok in London; Senior Associate Daniel Refoyo Dominguez and Associates Leonor Mingorance and Joana Roca in Madrid; and Senior Associates Alessandro Di Carlo, Francesco Saverio Seri and Davide Canepa, Associate Beatrice D’Amato and Trainee Flavia Piccioni in Rome and Milan.
Louise commented: “We are delighted to have advised Eliance on this complex deal, which showcases both the depth of WFW’s European offering and our expertise advising on big-ticket aviation financing transactions”.
Laura added: “After more than a decade on the opposite side of the table from Eliance, it was a pleasure to act for them on this important transaction, demonstrating WFW’s ability to advise operators as well as banks and lessors”.
