Today, Vancouver Airport Authority announced that it sold its remaining 50 per cent interest in Vantage Airport Group to the other shareholder, Gateway Airports LP. Vancouver Airport Authority will continue to provide support services and operational expertise to Vantage Airport Group through a long-term strategic partnership agreement.
“After a successful partnership of more than 21 years, Vancouver Airport Authority sold its remaining equity interest in Vantage Airport Group, nearly doubling its initial investment,” said Craig Richmond, President and CEO, Vancouver Airport Authority. “YVR will focus its resources on the aggressive targets established in our strategic plan. We are proud and remain committed to our ongoing relationship with Vantage and will continue to share our leading edge innovations, approach to world class operations, ideas and people.”
Since its inception in 1994, YVR invested $52.6 million into Vantage Airport Group. Over the same period, YVR received dividends and sale proceeds of $105 million, and earned close to a 9 per cent return. The Airport Authority closed the deal on November 23, 2015. Details of the sale were released today in YVR’s 2015 Audited Consolidated and Non-Consolidated Financial Statements as part of its 2015 Sustainability Report available on yvr.ca.
“We formed Vantage Airport Group in 1994 as a way to export great Canadian talent and YVR’s unique approach to exceptional airport experiences. Today, Vantage continues to grow in the world of international airport management and is a true YVR innovation success story,” said Craig Richmond.
The Board of Vancouver Airport Authority introduced a new strategic plan in 2014 with an aggressive target of serving 25 million people by 2020, and establishing YVR as a world class sustainable hub connecting Asia to the Americas. The sale of Vantage allows the Airport Authority to focus increased financial and human resources on YVR initiatives aimed at providing economic and social benefits to British Columbians and helping YVR compete effectively in today’s environment.
Vancouver Airport Authority created Vantage Airport Group in 1994 to export the award winning operational know-how of Vancouver International Airport. Since inception, Vantage Airport Group has been involved in 27 airports in 11 countries and taken 19 airports from public to private management. Currently, Vantage operates eight airports in five countries and was selected as preferred proposer for the terminal replacement project at LaGuardia Airport.