Cognia Takes Ownership Position in Dragonfly

Norwegian multi-family-owned investment group Cognia has acquired an ownership position in Dragonfly, a specialist helicopter leasing and trading company. The investment marks a strategic move to strengthen Norwegian ownership of aviation capacity serving critical infrastructure, healthcare and emergency preparedness. Together with the Østnes family, Cognia aims to build a helicopter fleet valued at NOK 2.5 billion by 2028.

Strategic Industrial Partner for Long-Term Aviation Growth
For Cognia, ownership is about more than providing capital. The group is an industrial growth partner that works closely with the companies it owns. With a long-term focus, clear direction and the continuous contribution of expertise, Cognia actively supports growth. The group operates companies within mobility, emergency preparedness and technology. The investment in Dragonfly will be phased in over the next two years.

Helicopters are an essential part of the operational value chain for power transmission, telecommunications and energy infrastructure, and play an important role in air ambulance services, police operations, firefighting and rescue readiness. A substantial share of offshore helicopter capacity connected to the Norwegian continental shelf is currently controlled by international operators. With a stronger ownership platform, Dragonfly aims to help expand Norwegian-controlled capacity in this market.

“Critical infrastructure and national preparedness increasingly depend on reliable access to specialized aviation capacity. In this context, Norwegian competence, ownership and decision-making power are strategically important. Dragonfly has established a strong position in a specialized segment, and Cognia is entering as a long-term industrial owner with capital, expertise and growth ambitions,” says Grant Larsen, CEO of Cognia.

Combining Family Ownership with Sector Expertise
Dragonfly was established by the Østnes family, which has extensive experience from the helicopter and aviation industry. The company has developed from a smaller specialist operation into a platform with expertise in helicopter acquisition, sales, leasing and asset management. The search for the right partner took several years and included dialogue with both Norwegian and international investors before the Østnes family selected Cognia.

“We have spent considerable time finding the right partner. It was only when we met Cognia that we recognized the industrial understanding and long-term values we had been looking for. This is an active, operational owner that works closely with its companies—not a financial investor managing from a distance. That makes it easier to invite someone into a company we have built from the ground up,” says Frode Østnes, CEO of Kjell A. Østnes AS.

Targeting a NOK 2.5 Billion Helicopter Fleet by 2028
The parties are targeting a helicopter fleet with a total value of NOK 2.5 billion by 2028. Growth will focus on air ambulance services, emergency preparedness and critical infrastructure, including power and telecommunications. Offshore operations have also been identified as a future growth area, with the aim of strengthening access to Norwegian-controlled helicopter capacity on the Norwegian continental shelf.

Dragonfly CEO Thomas Wellén welcomes Cognia as a new co-owner:
“With Cognia as a shareholder, we gain an industrial partner with the financial strength and operational expertise required to accelerate our growth plans. We see strong demand for specialized helicopter assets supporting critical societal functions, and this partnership gives us a stronger platform to scale,” says Thomas Wellén, CEO of Dragonfly.

The Østnes family will continue as a significant shareholder and development partner, contributing sector expertise and operational experience to the continued growth initiative. Cognia will contribute capital and relevant aviation expertise, including through its ownership of Vipe21.

For further information, please contact:
Grant Larsen, CEO of Cognia, phone +47 951 13 800
Thomas Wellén, CEO of Dragonfly, phone +47 402 02 014

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