Exeter and Bournemouth airports are being acquired by investment giant ICG under a new partnership deal – and ICG has vowed to take the business into "an ambitious new phase."
Regional & City Airports (RCA) has announced a new “strategic partnership” with global alternative asset manager, ICG, after more than 10 years under the Rigby Group. that the deal, set to complete later this month, is worth some £200m.
As well as Exeter and Bournemouth airports, RCA also operates Norwich Airport. It also owns and operates XLR Executive Jet Centres, which has centres at Birmingham, Bournemouth, Exeter and Liverpool airports. Under the Rigby Group, RCA has seen passenger numbers rise to more than 2m, up 13% year-on-year.
Exeter Airport, which hosts airlines including Ryanair, KLM, Aer Lingus and TUI, was owned by Devon County Council until 2007, when it was sold to Regional and City Airports for £60m. It was then sold on to Rigby Group for an undisclosed sum, The airport directly employs 230 people and, in the year to March 2025, served almost 443,000 passengers.
ICG today said its European infrastructure team would “support RCA’s continued growth, with the company set to expand its airports, cargo and executive aviation operation”. It added: “RCA is poised to enter an ambitious new phase, with its strategic priorities remaining unchanged. ICG will work closely with the Company’s leadership and talented workforce through this new cycle.”
Ludovic Laforge, managing director at ICG European Infrastructure, said: “We’re proud to be partnering with one of the Ƶ’s most dynamic regional airport groups in a transaction that underscores our commitment to supporting high-potential infrastructure assets. Regional & City Airports enjoys very robust fundamentals with high-quality leadership, a successful regional focus, and strong revenue diversification. A key part of our plan will be to work with the team to further accelerate the transition towards sustainable operations while delivering on the attractive growth potential the platform offers.”
Stephen Wiltshire, managing director of Exeter Airport, said: “This is an exciting new chapter for Exeter Airport and with ICG’s backing we are well positioned to drive further growth, connectivity and opportunity for our region and workforce. I look forward to working with our team and our new strategic partners at ICG to deliver the next phase of our journey.”
Steve Rigby, co-CEO of Rigby Group, said: “Rigby Group has been a committed investor in these regional airports since 2013. Regional & City Airports comprises a thriving group of airports, strategically important in their regions and growing at above market rates.
“Following our successful stewardship, now is the right time for the next phase in Regional & City Airports’ growth in collaboration with an infrastructure fund with the investment capability and appetite to ensure these airports and their associated property reach their full potential. We are delighted to see the company partner with ICG, a FTSE100 asset manager, keeping these key Ƶ assets in Ƶ stewardship.”
Andrew Bell, chief executive of Regional & City Airports, said: “Regional & City Airports has flourished into one of the leading Ƶ airport groups and a high-performing enterprise. We are now ready to accelerate further – with the help of our new partner, ICG.
"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 in regional aviation. I’m proud of our team and everything we’ve achieved and look keenly ahead to what’s next.”
Like this story? Why not sign up here for free to get the latest business news straight to your inbox.
