FORT WORTH, Texas, October 15 /PRNewswire/
— Ranger Aerospace, an industry consolidator that specializes in the aviation industry, has acquired Integrated Flight Systems, Inc., and Platinum Aviation Group, Inc., in a combination of asset purchases and stock investments. Integrated Flight Systems (“IFS”) manufactures air conditioning and video systems for helicopters. Platinum specializes in helicopter maintenance, modifications, and customizing. IFS and Platinum are based in Nevada, and both will become integrated with the Fort Worth, Texas depot-sized rotorcraft operations owned by Ranger Aerospace.
Integrated Flight Systems, whose trademarked slogan is “We Cool The World,” makes various lightweight, highly reliable air conditioning systems for a wide variety of helicopter types and models. IFS holds Parts Manufacturing Approval (“PMA”) from the FAA for these sophisticated airborne air-conditioning systems. IFS helicopter air conditioners have been installed in numerous countries in North and South America, Europe, and Asia as factory installations, dealer sales, and independent completion center sales. Platinum is an FAA repair station that has performed highly specialized helicopter modifications, including for some government agencies.
Steve Townes, CEO and founder of Ranger Aerospace, said: "We intend to build the largest and best independent rotorcraft technical-services company in the South, and both IFS and Platinum add significantly to what we can do for our valued customers." He added: “We will work in partnership with the IFS leadership team to take the company to its next level of competitiveness, while exploring other technical acquisitions. This combination fits excellently with our strategy of building deeper technical capabilities for our civilian and military rotorcraft customers."
LeRoy Aday, President of IFS and Platinum, who will remain in that leadership role, said: “This partnership with Ranger Aerospace will allow IFS to capitalize on its substantial world-wide market share for helicopter air conditioning systems, and utilize Ranger’s resources to penetrate other helicopter models with our superior product lines. Our customers will be better served as we go forward with a stronger organization.”
In its previous consolidations, Ranger Aerospace has made significant value enhancements in the companies that it operates, driving business development via investments in people initiatives, capital equipment, quality systems, process improvements, and customer service. In each previous case, most of the value creation occurred through internal improvements and aggressive growth of the initial platform company, combined with complementary acquisitions.
Ranger's most recently completed venture was the acquisition and growth of Keystone Helicopter Corporation, where Townes was Chairman & CEO. Keystone was tripled in size and profits under Ranger Aerospace, and later sold in late 2005 for a strategic premium to the Sikorsky division of United Technologies. Townes, a West Point graduate, is an aerospace industry entrepreneur who founded Ranger Aerospace in 1997.
John Murphey, the retired Chairman & CEO of Bell Helicopter Textron, is a member of the Board of Directors of Ranger Aerospace & Aeronautics, Inc., and brings more than 4 decades of helicopter industry experience to the governance of this rotorcraft consolidation. Murphey said: “The markets for helicopter services are rising steadily, and this latest acquisition shows our resolve for continuing to build this enterprise.”
Investors in Ranger Aerospace & Aeronautics, Inc. include Trinity Hunt Partners, Ranger Aerospace LLC, Ranger's management, and other private investors. Trinity Hunt Partners is a Dallas-based, regionally focused private equity firm specializing in leveraged acquisitions, recapitalizations and late-stage growth financings of established middle-market companies with enterprise values between $15 million and $150 million in the niche manufacturing, aerospace services, business services, health care, media and consumer products industries. For more information on Trinity Hunt Partners, visit www.trinityhunt.com.
Dan Dross, managing partner at Trinity Hunt Partners, said, "Trinity Hunt is pleased to support this follow-on acquisition by Ranger Aerospace. With strong market indicators for the aerospace industry and rotorcraft services, we look forward to the continued growth of these high quality operations. The helicopter services industry remains ripe for additional acquisitions.”
Ranger Aerospace, with offices in Grapevine TX, is a privately held investment and management holding company that partners with private equity institutions to acquire and grow companies in aviation services and aerospace support operations. Ranger and its co-investors add value to acquired companies via seasoned veterans experienced in aviation services, aerospace programs, engineering, finance, corporate development, MIS, marketing & strategic planning, Total Quality Management, mergers & acquisitions, post-merger integration, and turnarounds.
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.
Additional Information can be found on the web at www.rangeraerospace.com, www.integratedflightsys.com, and www.texasaviationservices.com. Previous Ranger Aerospace investments can be viewed at www.keystonehelicopter.com and www.asig.com.
SOURCE: Ranger Aerospace & Aeronautics, Inc.
|
