HI Uplift: SMFL Helicopters promises ‘more choice, better service’
By: Mike Stones, HI Uplift Newsletter | Helicopter Investor
Broader choice of new generation helicopters, wider range of lease structures and a global support network accessed through one relationship team. Those are the benefits clients will notice from the new rotorcraft leasing business – SMFL Helicopters – according to its CEO designate John Petkovic. SMFL Helicopters was launched this week by Sumitomo Mitsui Finance and Leasing Company Limited after its acquisition, through the new business, of LCI and Macquarie Rotorcraft Limited.
Petkovic puts those claimed benefits into the context of a resurgent helicopter industry – albeit one grappling with difficult-to-shake supply chain challenges. “The launch of SMFL Helicopters creates a single, global platform with the scale, strength and efficiency to be a long‑term partner to operators and end users worldwide,” he tells us. “By bringing together the highly complementary fleets, customer bases and technical expertise of LCI and MRL, we can deploy around 290 aircraft across multiple mission‑critical sectors and respond faster and more effectively to the evolving requirements of our customers.”
Demand for flexible, cost‑efficient and innovative helicopter leasing solutions is growing, adds Petkovic. That’s particularly true of the sectors served by the new lessor – emergency medical services (EMS), search and rescue, offshore energy and utility operations. “By completing this integration now, we can combine two experienced teams, expand our global footprint and invest in the next generation of rotorcraft our customers are asking for,” he says.
‘Accelerate investment’
Merging LCI and Macquarie Rotorcraft Limited will make the new business stronger than the sum of its parts, claims the lessor. “Individually, LCI and MRL were strong and proven lessors,” explains Petkovic. “Together as SMFL Helicopters, we can offer a significantly larger, more diversified fleet, backed by SMFL’s financial strength, under a single, integrated platform. This allows us to support larger, multi‑jurisdictional leasing programmes, accelerate investment in new generation aircraft technology, and structure more bespoke and flexible leases.”
The new lessor’s management structure certainly provides strong continuity with the past across both the merged businesses. The CEO designate was previously CEO of Macquarie Rotorcraft. (Petkovic is expected to assume the position of CEO later this year pending completion of protocols between SMFLH and SMFL and requirements related to his re-location to Dublin).
SMFLH’s chairman is industry veteran Crispin Maunder and Jaspal Jandu, formerly CEO, LCI has been appointed a senior advisor. Other industry insiders taking on prominent roles include Terri Foley, formerly chief operating officer (COO) of LCI, taking on an expanded role as deputy CEO and COO of the new lessor. She will have “a key immediate role of providing senior management continuity and leadership during the CEO appointment period”, says the lessor.
Con Barber, previously chief investment officer at Macquarie Rotorcraft has been appointed chief commercial officer. Padraig Conneely has become chief technical officer having held the same role at LCI, Ken Dowling will be chief financial officer (CFO) and Eric Kataoka has been appointed chief investment officer (the role he held at LCI). Alan O’Rourke will be SMFLH’s new head of Capital Markets and Trey Wade has been appointed head of Trading and Portfolio Strategy having served as CCO at Macquarie Rotorcraft.
‘Disciplined fleet growth’
So how will Petkovic measure the success of the new venture? “Achieving long‑term partnerships will be the principal measure of our success,” he says. “Other measures will include disciplined fleet growth, high fleet utilisation, safe and reliable operations and, ultimately, attractive returns for our shareholders.”
Commenting on the launch earlier in the week, Shinichiro Watanabe, senior managing executive officer at Sumitomo Mitsui Finance and Leasing Company Limited (SMFL) said: “SMFL Helicopters consolidates the deep sector knowledge and operational excellence of two respected lessors within our aviation eco-system to create a single, powerful platform.” SMFL is proud to now be present at scale in the dynamic helicopter leasing sector and is aiming to become market leader, he added.
The launch of SMFLH follows regulatory approval from the UK Competition and Markets Authority in November 2025 for the acquisition of Macquarie Rotorcraft by SMFL LCI Helicopters Limited. The integration of LCI and Macquarie Rotorcraft has already begun, according to the lessor.
But don’t expect any radical departure from the strategic focus of either LCI or Macquarie Rotorcraft. “The SMFL Helicopters leadership team has been appointed to accelerate, not change, our strategic focus on scale, efficiency and innovation in helicopter leasing,” says the CEO designate. “Their mandate is to build on the successful track records of LCI and MRL by disciplined fleet growth, increased operational excellence and expanded partnerships.”
SMFL Helicopters launch ‘broadly positive’
Independent helicopter industry insiders see the launch of SMFL Helicopters as broadly positive for the industry. It’s another sign the industry is evolving and maturing – after much consolidation through mergers and acquisitions over the past six months or so (at least one per month), says David Crick, MD, DavAir Group. “In real terms, with such a vast shortage of professionals, pilots, engineers and knowledgeable and experienced financial services people in the market, this makes sense and will take some pressure off,” he tells us.
“While it does leave less choice in the room for shoppers of solutions, it does ensure that there are better quality choices for entities to choose from, with better skills concentrations with hopefully better economies of scale and better outcomes,” adds Crick.
“As we’ve seen with the recent rise of GDHF, there will always be competition within the industry and if not, people will find a way to create competition. Monopolies are not popular in the human psyche.”
Brad Shaen, director and founder, International Aviation Marketing thinks the merger is healthy for the industry and shows the improved value proposition that the sector provides to investors and stakeholders. “For helicopter operators, this merger obviously reduces the number of sources that are available for helicopter operating lease solutions,” he tells us.
“For the operators in the energy sector, the situation is more troubling as the preference of the lessors would be transactions into the government services, EMS, SAR or fire-fighting sectors. I do see this as an excellent time for many companies to rebuild their balance sheets and own assets rather than lease.”
The merger also creates space for additional leasing companies to enter the helicopter space, he adds. Plus, the expansion of existing groups as RIVE, GDHL and Lobo Leasing.
Unsurprised by the launch is Alastair Fallon, director, senior appraiser with the consultancy F4 – Fly Fast Further First. “Joint initiatives between SMFL and LCI have become recognised and with the acquisition last year of Macquarie Rotorcraft, there is now a significant provision of air assets to serve blue light emergency response agencies plus offshore utility transport,” he says. Helicopter models on order will expand to satisfy market need plus free up assets for customers on the pre-owned market, he added.