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West Chester, PA,
January 15, 2002
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Keystone Helicopter
Corporation (“Keystone”), one of the largest helicopter
services and air-medical firms of its type in the Eastern USA, has been
acquired by an aviation venture capital group assembled as a holding company
called Keystone Ranger Holdings, Inc. (visit www.keystonehelicopter.com).
The venture group includes Ranger
Aerospace LLC, Meridian
Venture Partners, CD
Ventures, and other private investors. Senior financing for the
private stock acquisition was provided by First
Union Bank/Wachovia. Other institutional investors are expected
to join the group as follow-on acquisitions become available and the holding
company expands its equity base. Exact terms of the private investment will
not be disclosed.
Steve Townes, Chairman/CEO and
founder of Keystone Ranger Holdings, said: “Keystone Helicopter is
a strong and growing company, with an exceptional reputation for high
quality, customer performance, and safety. Our objective is to carefully
grow Keystone Helicopter as a platform company, as we continue to search for
other acquisitions and mergers in the helicopter services industry in North
America, Europe, and elsewhere. Keystone Helicopter will grow its
substantial air-medical flight services operations principally in the
Northeastern quadrant of the USA, and will concurrently expand its already
substantial helicopter maintenance, engine overhaul, avionics, completions,
engineering, and other technical services capabilities.” Townes, a West
Point graduate, is an aerospace industry entrepreneur whose most recent
venture as founder of Ranger Aerospace was the acquisition and growth of
Aircraft Service International Group (“ASIG”), where he was President
& CEO. ASIG, sold in July 2001 to a British conglomerate, is now one of
the largest airfield services companies in the commercial aviation industry,
with over 8000 employees at more than 100 major airports in North America
and Europe. The Chief Financial Officer of Keystone Ranger Holdings is James
McCaughan, formerly the Vice President-Finance of Rollins Leasing Corp.,
a $1.2 Billion transportation and logistics company in Wilmington DE.
Operating leadership of Keystone
Helicopter remains the same, with Peter Wright, Jr., in place as the
company’s long-serving President. The
divisional officers of Keystone Helicopter all remain in their respective
positions. Peter Wright, Jr. said: “The Keystone Helicopter management
team has grown the company steadily to market leadership. Our management and
employees are all very enthusiastic about the opportunities this investment
in Keystone will provide. We
now move forward together into a new phase in Keystone’s 5-decades
history.” Mr. Wright and his
brother Timothy Wright were the principal shareholders of Keystone
Helicopter, and both are also now significant stock and option holders in
the new enterprise. Peter Wright, Sr., the original founder of
Keystone Helicopter, and Chairman of the American Helicopter Museum,
has agreed to become Chairman Emeritus of the company.
Keystone Helicopter, with
principal offices and a large maintenance base in West Chester PA, was
founded in 1953 and has developed a wide reputation in the ensuing 48 years
as a high quality helicopter services and air ambulance company. Its
customers include major hospital systems, state and local governments,
federal agencies, OEM’s, and other helicopter fleet operators. Almost half
of its business is in air-medical flight services, operating a large fleet
of heavy jet turbine helicopters in 19 locations in the Northeastern USA.
The other half of Keystone’s business is in the maintenance, overhaul,
outfitting, and retrofitting of helicopters for customers from around the
helicopter industry, including long relationships with OEM’s. Keystone
operates under FAA certificates for Repair Station (Part 145), Flight
Operation (Part 135), and Designated Alteration Station (“D.A.S.”)
activities.
Meridian
Venture Partners (www.meridian-venture.com),
with offices in Radnor PA, is a private equity investment firm that provides
venture capital to later-stage growth companies, and financing for
acquisitions and recapitalizations. MVP’s portfolio companies represent
diverse industries, including aviation, publishing, media, specialty
retailing, manufacturing, life sciences, and software. Total capitalization
of MVP’s two venture funds is $125 Million. Part of MVP’s stated
investment approach is to invest in companies seeking to consolidate an
industry by acquiring competitors or similar businesses in other geographic
markets.
CD
Ventures (www.cdventures.net),
with offices in Berwyn PA, is a private equity investment advisory company
with a portfolio of businesses in aviation services, health care,
receivables collections, and telephony. CD Ventures specializes in
“incubating” acquisitions and management buyouts with well-qualified
CEO’s in these and other industries where consolidation opportunities are
identified. In addition to Keystone Ranger Holdings, CD Ventures is a
shareholder of Executive Air Support, Inc., the parent company of Atlantic
Aviation and the MillionAir “FBO” chain.
Ranger
Aerospace LLC (www.rangeraerospace.com),
with offices in Berwyn PA, is a privately held investment and management
holding company with private equity institutions, venture capital companies,
and management as shareholders. 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.
For
more information visit www.keystonehelicopter.com
and www.rangeraerospace.com
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