Investment group ICG has agreed to acquire Regional & City Airports (RCA), the UK-based operator of Bournemouth, Exeter and Norwich airports, in a deal reportedly valued at £200 million ($266 million).
The transaction, which follows 12 years of ownership by Rigby Group, is expected to close later this month. Alongside the three airports, RCA also owns XLR Executive Jet Centers, which operates at Liverpool, Birmingham, Bournemouth and Exeter.
“Regional & City Airports enjoys very robust fundamentals with high-quality leadership, a successful regional focus and strong revenue diversification,” said Ludovic Laforge, managing director at ICG European Infrastructure. “A key part of our plan will be to work with the team to further accelerate the transition toward sustainable operations while delivering on the attractive growth potential the platform offers.”
RCA’s airports handled more than 2 million passengers over the past year, a 13% year-on-year increase, according to the company. Bournemouth is the largest in the group, with approximately 646,000 departure seats scheduled for the summer 2025 season, followed by Exeter with 270,000 seats and Norwich with 181,000, based on OAG Schedules Analyser data.
Bournemouth’s growth has been driven by the expansion of TUI and the opening of Jet2.com’s 12th UK base in February 2025. At Norwich, Ryanair launched its first-ever routes in summer 2024, with flights to Alicante, Faro and Malta. TUI has also expanded its presence at Exeter, a former hub for Flybe before the regional carrier’s collapse in the wake of the COVID-19 pandemic.
The acquisition comes amid renewed investment interest in UK aviation infrastructure. Last year, AviAlliance, owned by Canada’s PSP Investments, agreed to acquire the parent company of Aberdeen, Glasgow and Southampton airports in a £1.55 billion deal.
More recently, Macquarie took a major stake in London City Airport, while French investor Ardian increased its holding in London Heathrow, which is pursuing a $65 billion expansion plan.
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