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West Chester, PA,
July 3, 2002
- Keystone
Helicopter, a leader in the helicopter services industry, has added
Argosy Investment Partners II LP of Wayne, PA, to its outside group of
institutional investors. The exact terms of the private
"mezzanine" investment will not be disclosed. Steve Townes, CEO of
Keystone and Founder/CEO of Keystone's parent company-Keystone Ranger
Holdings, Inc., said: "We welcome Argosy's investment experience and
capital resources as we continue to grow Keystone Helicopter internally as
well as through follow-on acquisitions."
Argosy Partners is an SBIC-licensed
investment firm that specializes in middle market companies in need of
growth capital. Argosy, through its various entities and affiliates, has
more than $200 Million under management. Argosy currently has 30 companies
of various types in its investment portfolios, and has invested in more than
50 companies since its inception in 1989. Kirk Griswold, Managing Partner
for Argosy's investment in Keystone Ranger Holdings, said: "This is a
strong performing, high quality aviation company which fits very well with
our investment criteria. We are strong supporters of their strategy for
additional acquisitions and top-tier leadership of their served market
segment." Keystone Helicopter was acquired in January 2002, by a
Philadelphia group of aviation investors led by Ranger Aerospace LLC.
Institutional investors include Ranger Aerospace, Meridian Venture Partners,
and CD Ventures, in addition now to Argosy Partners. Townes is the Chairman
of Ranger Aerospace, an acquisition vehicle that he has used for other
aviation ventures such as "Aircraft Service International Group"
prior to acquiring Keystone Helicopter. Substantial ownership is also held
by the company's management team, and by the Wright family, original
founders of Keystone Helicopter.
Keystone Helicopter
Corporation, founded in 1953, currently manages air medical transport
programs comprising 130 pilots, 39 mechanics and 28 helicopters, at 24 sites
in the eastern United States. The firm also operates a large technical
services depot and completion center near Philadelphia. Keystone Helicopter
is owned by Keystone Ranger Holdings, Inc., a Philadelphia-area private
equity investment organization that specializes in aviation-related
ventures. Additional information is available on the Web at: http://www.keystonehelicopter.com;
http://www.rangeraerospace.com:
http://www.argosycapital.com.
Forward Looking Statements:
The Company from time to time may discuss forward-looking information.
Except for factual historical information, all forward looking statements
are estimates by the Company’s management and are subject to various risks
and uncertainties that are beyond the Company’s control and may cause
actual results to differ materially from management’s expectations.
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