ICG to Acquire Bournemouth, Exeter and Norwich Airports

Investment group ICG has reached an agreement to acquire Regional & City Airports (RCA), the operator of Bournemouth, Exeter, and Norwich airports, in a deal reportedly worth £200 million ($266 million). The transaction, following 12 years of ownership by Rigby Group, is expected to close later this month.

The acquisition also includes XLR Executive Jet Centers, which operates at Liverpool, Birmingham, Bournemouth, and Exeter airports. ICG European Infrastructure managing director Ludovic Laforge said the company aims to work with RCA’s leadership to accelerate sustainable operations while leveraging the platform’s growth potential.

RCA’s three airports handled over 2 million passengers in the past year, a 13% increase compared to the previous year. Bournemouth is the largest, with around 646,000 departure seats scheduled for summer 2025, followed by Exeter with 270,000 and Norwich with 181,000, according to OAG Schedules Analyser data.

Bournemouth’s growth has been boosted by TUI’s expansion and the launch of Jet2.com’s 12th UK base in February 2025. Norwich saw Ryanair enter the market in summer 2024 with routes to Alicante, Faro, and Malta. TUI has also grown its presence at Exeter, a former hub for Flybe before its collapse during the COVID-19 pandemic.

The deal comes amid increased investment in UK aviation infrastructure. In 2024, AviAlliance, owned by Canada’s PSP Investments, agreed to buy the parent of Aberdeen, Glasgow, and Southampton airports for £1.55 billion. More recently, Macquarie acquired a major stake in London City Airport, and Ardian increased its holding in Heathrow, which is pursuing a $65 billion expansion.

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