Bridger Aerospace enters JV partnership with Marathon Asset Management

Bridger Aerospace Group Holdings has entered into a joint venture partnership with Marathon Asset Management L.P. and Avenue Capital’s Sustainable Solutions Fund. The Joint Venture expects to formally purchase four Canadair CL-215T Amphibious Aircraft recently awarded in a public tender process from the Government of Spain for EUR 40.3M on December 5, 2023. The agreement stipulates that Bridger will oversee the refurbishment of the aircraft, which are funded and owned by the partnership. Bridger can choose to purchase each plane as it becomes ready for service, with a plan to acquire them sequentially as they are modified and contracted for service. The initial two Scoopers are anticipated to be operational by Summer 2024 in the European Union, with work on the third and fourth Scooper beginning after Bridger acquires the first pair from the partnership.