Regional & City Airports (“RCA” or “the Company”), the operator of Norwich, Bournemouth and Exeter Airports and owner and operator of XLR Executive Jet Centres, today announced that it has entered into an agreement to partner with global alternative asset manager, ICG, after more than a decade of successful collaboration with Rigby Group. The transaction is due to close later this month.
The new partnership will see ICG’s European Infrastructure team support RCA’s continued growth, with the Company set to expand its airports, cargo and executive aviation operations. ICG is also focused on working with RCA to further accelerate sustainable aviation practices across its operations. 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.
Following a period of strong performance, operational transformation, and investment, RCA has become a model of successful regional aviation. Under Rigby Group’s stewardship, passenger numbers have risen to over 2 million, up 13% year-on-year, providing clear evidence of RCA’s sustained growth.
Norwich Airport became part of Rigby Group in 2014 and currently serves 19 destinations. The airport directly employs 250 people and in the year ended March 2025 welcomed almost 430,000 passengers, an increase of 23% on the previous year thanks to the start of new Ryanair flights in April 2024. The strategic partnership with ICG includes the neighbouring Imperial Park Norwich, a 115-acre development site with planning permission for more than 1.2m sq ft of new workspace.
Richard Pace, Managing Director of Norwich Airport, said:
“The strategic partnership with ICG marks a significant milestone for Norwich Airport. Over the past decade, we’ve made tremendous progress, expanding our route network and strengthening our role as a regional gateway. With the support of ICG, we now have an exciting opportunity to build on that success and unlock even more potential for our airport, our passengers, our workforce and the wider community.”
Steve Rigby, Co-CEO of Rigby Group, commented:
“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 UK assets in UK stewardship.”
Andrew Bell, Chief Executive of Regional & City Airports, commented:
“Regional & City Airports has flourished into one of the leading UK 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.”
Ludovic Laforge, Managing Director at ICG European Infrastructure, commented: “We’re proud to be partnering with one of the UK’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.”
