Ranger Aerospace LLC

Quality leadership in aerospace services MILESTONES (listed most recent first; scroll down for archives)
	October 13, 2008 - Ranger Aerospace Launches Ranger AeroDesign IRVING, Texas, Oct. 13 -- Ranger Aerospace & Aeronautics, Inc. announced today the launch of a new aerospace engineering business unit, Ranger AeroDesign, to provide comprehensive technical services and adjunct engineering staffing solutions to OEMs, FBOs, prime contractors, and aircraft modification centers in both the fixed-wing and rotary-wing markets. The new subsidiary will operate as an integrated engineering organization within Ranger Aerospace, functioning as an independent business unit and acting as a catalyst for service growth, products and STC development, and competitive advantage. Internally, Ranger AeroDesign will support engineering requirements for Texas Aviation Services, and Integrated Flight Systems, both based at Meacham Field in Fort Worth TX, and other companies acquired by Ranger Aerospace.
	October 2007 - Ranger Aerospace acquires Integrated Flight Systems and Platinum Aviation, 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 of Texas Aviation Services, also owned by Ranger Aerospace.
	June 2007 - Ranger Aerospace acquires Texas Aviation Services, Inc., through a new holding company called Ranger Aerospace & Aeronautics, Inc. “TAS” is an award winning 36-year old helicopter services company in Fort Worth, TX, with over 140,000 sq. ft. of shop and hangar facilities at Meacham Airfield. TAS performs completions and other complex services and retrofits on numerous civilian and military helicopters each year, producing over 200,000 manhours of highly skilled labor, engineering, and overhauls. Ranger’s plans for TAS point toward another rotorcraft services consolidation, and aggressive growth. Ranger’s board of directors is augmented by the appointment of Mr. John Murphey, the retired Chairman and CEO of Bell Helicopter Textron, whose 45 years of helicopter industry expertise will enhance Ranger’s strategic objectives in the sector.
	December 2006 - Ranger negotiates successfully for a substantial capital partnership with one of the largest private family-controlled financial and industrial organizations in Texas. Through the Private Equity arm of this huge organization, Ranger Aerospace will now have strong capitalization for another round of acquisitions. Efforts commence to acquire companies with a Texas and Mid-South focus, in several aerospace services sectors.
	June 2006 - Ranger Aerospace appoints Brian Nerney as Partner and Managing Director. Nerney had also been a private investor in the Keystone deal. His aerospace and Wharton background is combined with three very successful private equity consolidations. Nerney and Townes began their aerospace careers together nearly 3 decades earlier at LTV Aerospace & Defense, where Nerney rose from Engineering to Finance, then Corporate Development/Mergers & Acquisitions.
	March 2006 - Ranger Aerospace explores the capital markets for fresh approaches to financing another round of acquisitions, including hedge funds, venture capital, private equity, and London’s “AIM” market. Concurrently, acquisition candidates are contacted in numerous aerospace sectors. Through 3rd Qtr 2006, offers and efforts were made on two large targets, but Ranger was out-bid by larger strategic buyers.
	December 2005 - Ranger and United Technologies close the sale of the rotorcraft companies to Sikorsky. Start to finish, this extraordinary success was a classic case study in acquisition management, growth, and shareholder value creation. In a 4-year time period, without harming the culture and tradition of a 50-year old family business, dramatic changes and improvements were made, but without any drastic cuts. Indeed, internal investments in people, benefits, training, incentives, capital assets, marketing, facilities, quality, and business processes all were boosted with positive results. The company was transformed and readied as a true strategic business unit for its large new parent, to the benefit of its employees, customers, suppliers, and of course its investors.
	November 2005 - Keystone Ranger and Sikorsky, a unit of United Technologies Corp (NYSE: UTX), enter into a definitive agreement to sell the rotorcraft holdings of Ranger. This will align Ranger's helicopter services companies, Keystone Helicopter and CTI, with one of the largest helicopter manufacturers in the world, and the strengths of a $37 Billion parent company. (see News Release section for more details)
	July 2005 - Ground breaking ceremonies held for next phase of what will be one of the largest, most sophisticated independent maintenance, repair, modification and technology development centers dedicated exclusively to rotorcraft in the country. This helicopter depot reflects the unprecedented growth Keystone Helicopter has enjoyed over the last several years. Outfitted with state of the art technical capability, new equipment, and spacious design, it allows decades of strategic growth. With ISO-9000, AS-9100, and "Kaizen" initiatives advancing concurrently with the new, modern facilities, the company's long range plan eventually shows the Heliplex exceeding 300,000 sq. ft. on 30 acres, with direct access tie-in's to the ramps and taxiways of the adjacent Chester County Airport. The Heliplex has been planned in close coordination with the FAA 25 year master plan for this suburban Philadelphia airport. The Heliplex was refinanced in 2004 through a sale/leaseback transaction with institutional investors.
	December 2004 - Revenues topped just over $100 million in 2004, another record year of growth. Ranger expects growth in 2005 to reach approximately $120 million, excluding any additional acquisitions that might be made. The milestone marks the second time that Ranger and its institutional partners have led a segment consolidation venture's revenues to over $100 million in less than four years. Over the last several years, this Ranger venture has posted Compound Average Growth Rates for both revenues and profitability of over 20%. Ranger continues to seek acquisition candidates for the rotorcraft consolidation effort--as well as companies in other aviation/aerospace segments that could serve as another "platform vehicle."
	April 2004 - Ranger and Institutional Investors acquire Composite Technology, Inc., with operations in Texas, Canada, Brazil, England, and Singapore. CTI is a large overhauler of rotorblades, composite components, and bonded aerostructures.
	December 2003 - The company completes another successful year with record-high sales and EBITDA profit growth. Compound Average Growth Rates ("CAGR") for both revenues and profitability over a multi-year period are now in the 20% range, a remarkable accomplishment in present market conditions. Corporate development pursuits continue, including full-fleet support contracts with large operators, additional investments in technical capacity, and a deliberate search for more acquisitions in the rotorcraft services sector.
	October 2003 - Ranger successfully rounds out its institutional shareholder group to encompass five substantial investment groups as part of a Second Round capitalization effort for the helicopter services consolidation. Institutionals now include Meridian Venture Partners, Argosy Investment Partners, Brown Brothers Harriman, Spring Capital, and Merion Capital.
	December 2002 - Ranger successfully closes on the initial Heliplex property transactions via Ranger Property Holdings, Inc., a realty subsidiary in which this very large investment (in excess of $10 MM) will be accomplished, separate from the operating subsidiaries. By year-end, the first new year of Ranger ownership finds Keystone Helicopter in "record high" condition. Revenues grew over 25%, and EBITDA profits grew over 35%. Empirical measures suggest that equity value has more than doubled so far. Internal capital investments in 2002 were several times higher than previous years; the helicopter fleet was expanded by 8 turbine aircraft; and employment grew by more than 125 people. Quality and safety improvements resulted in a spotless record, improved efficiencies, FAA Diamond Awards, and the HAI Platinum Award. The company's marketing tempo and industry image have been dramatically enhanced. Another round of equity capital is in-work, and several acquisitions are being pursued. The forecast for 2003 is "another strong year," with deliberate strengthening of internal operating systems, quality programs, and business processes to accommodate further growth.
	October 2002 - Ranger successfully arranges over $3MM of co-investment from State of PA for the Keystone Heliplex, saving the company almost 2 years and over $2MM for the creation of a large new technical operations center. Efforts with the state succeed in 90 days start-to-finish.
	January 4, 2002 - Ranger successfully funds and closes its purchase of Keystone Helicopter via a new holding company called Keystone Ranger Holdings, Inc., with Steve Townes as its Chairman and James McCaughan as its CFO. (see "News" section herein). Because Keystone is a smoothly running, profitable, high quality company with outstanding management in place, Ranger immediately begins efforts to acquire its next company in the Helicopter Services sector. The Keystone Ranger team also commences additional capital-raising actions.
	December 2001 - Despite delays caused by the tragedies of Sept 11th, Ranger arranges capital from its own resources, Meridian Venture Partners, Argosy Capital, private investors, and First Union Bank/Wachovia. A new Chief Financial Officer is recruited from Rollins, a $1.2 Billion transportation and logistics company in Wilmington, DE. On Dec 20th 2001, a Definitive Acquisition Agreement is signed for Keystone Helicopter.
	August 2001 - Ranger Aerospace LLC moves its corporate offices to Philadelphia PA, and partners with local private equity groups, to seek out new acquisitions. Initial studies show that the on-shore (non-marine) Helicopter Services industry remains fragmented, though robust and growing. After careful market research and assessments of numerous target companies, Ranger selects Keystone Helicopter as its next "platform company" for a segment consolidation strategy. An exclusive Letter of Intent is executed, followed by a wide search for additional institutional investment capital to co-invest with the Ranger and other private investors.
	July 2001 - Ranger Aerospace LLC became a new entity for similar ventures. Steve Townes, Ranger's founder, assumes additional role as Chairman upon the merger-related exit of George Schwartz. Dr. George Watts is named President & CEO of Ranger Partners Group (click www.rangerpartners.com)
	July 11, 2001 - Ranger successfully completes the sale of ASIG to BBA Group PLC. Steve Townes, ASIG'S CEO and Founder of Ranger, points out that this powerful merger creates one of the largest and strongest independent aviation services companies in the world, with over 8,000 employees at more than 100 major airports. Start-to-finish, this was a successful management accomplishment and institutional investment. In just over three years, sales rose almost 55%, and EBITDA rose by nearly 50% against increasingly stiff competition and pricing pressure from customers. Revenue growth was substantially faster than underlying industry growth, and profitability is believed to have become "best in class." Over $32 million in capital spending was invested to improve the company's operating assets and to grow the business in that same short space of time. The company increased from 30 locations to 56, and employment almost doubled from about 2,500 to over 4,000. Though the company's complexity doubled, overhead staffing was slowly trimmed by over 25%, new IT initiatives allowed for faster and better operational and financial reporting, and an entire layer of regional management teams were removed without replacement. Workforce turnover, a chronic problem in this entire industry segment, was cut in half (from 125% down to well below 70%) through numerous innovative workforce initiatives, training programs, creative incentive plans, and significant increases in leadership communications. Quality improvements evidenced by industry-leading ISO-9000 certifications, dramatically improved customer oriented operating metrics (such as flight delay ratios), and independent surveys showing the company as "best in its industry" were the centerpiece of Ranger's strategy after acquiring the company. ASIG became the airline industry's strongest independent brand through focused branding and marketing methods. Ranger pursued numerous acquisition targets through the entire period while growing and improving ASIG. Three were accomplished (the largest of which was the 20-city operation of Elsinore Aviation), and their integration into the enterprise was smoothly accomplished by the Ranger Team. For many of the acquisition opportunities, very large strategic buyers paid dramatically higher prices for some large ASIG competitors, a tactic that Ranger and its Board refused to follow. From inception through sale, over $300 Million in bank financings, bond offerings, purchase/re-sale, and equity-raising were involved in creating this very strong grouping of companies. Institutional investors enjoyed a profitable exit and, given starkly deteriorating industry conditions, a satisfactory IRR.
	June 2001 - Ranger and Signature Flight Support modify the terms of the merger and seek Closure in early July.
	March 2001 - The South Carolina Chamber of Commerce recognizes Ranger as one of the "Top 25 Private Employers" headquartered within the state.
	Nov 2000 - Ranger and Signature Flight Support, a wholly-owned subsidiary of BBA Group plc, enter into a definitive agreement under which Signature will acquire Ranger stock for a total consideration of approximately $152 million including the assumption of ASIG bonds and the repayment of debt. This combination brings together two of the largest and most respected names in the aviation services industry. (see News Release section for more details)
	July 2000 - Ranger is viewed by many in the industry to have actually sparked the multi-year consolidation wave among large airfield services companies. Noteworthy, however, is that Ranger's discipline of never over-paying for an acquisition allowed larger strategic buyers to acquire several large competitors. Over a three-year period, in addition to growing and improving ASIG, Ranger also made acquisition efforts on Ogden Aviation (became part of Menzies Group plc), DynAir (became part of SwissPort), AMR Services (became Worldwide Flight, owned by a billion dollar venture capital company), Miami Aircraft Services (became part of Worldwide Flight), Airline Equipment Services (became part of Worldwide Flight), ServisAir plc (became a subsidiary of a very large French holding company, and later became a merger partner with Lufthansa GlobeGround), Hudson General, US Airports Corporation, Airports Group Int'l (became part of TBI, plc), and other smaller targets of opportunity.
	Feb 2000 - Organizationally and financially, Ranger has positioned the company to be ready for integrating more companies, either in-segment direct fits with ASIG, or sister companies in related fields such as FBO's, light manufacturing, avionics, cargo services or parts distribution. Ranger is also seeking relationships with aviation-oriented Internet companies to advance its own web-centric strategies. Ranger expects to successfully pursue additional acquisitions and investments in 2000 and beyond, and to position the company strategically either for going public or seeking larger merger partners at some future possible date.
	Dec 1999 - Ranger stops its long-running efforts to acquire the ground handling, air cargo, and fueling services operations of Ogden Aviation. Earlier in the Fall of 1999, following months of due diligence, Ranger's bid for Ogden Aviation had to be reduced significantly in price because of certain possible discrepancies discovered by Ernst & Young's national due diligence team. Following those discoveries, Ogden's CEO suddenly resigned, and Ogden's stock value dropped roughly $1 Billion in total market value over a 2-month slide. Ranger never resumed its pursuit of Ogden Aviation.
	Sep 1999 - Ranger commissions Avitas survey of 700 top-ranked airlines executives in North America and Europe resulting in ASIG being ranked No.1 in quality and perceived value.
	May 1999 - Ranger acquires Elsinore Aviation LP, which adds 20 new domestic USA cities to the growing ASIG network of airfield operations. This brings total employment up to 3,900, one of the largest independent aviation services enterprises in the world.
	Apr 1999 - Ranger's largest operating unit, ASIG, is named "Best in the World" by a prestigious international survey of major airlines. Ranger was cited as having a significant and positive influence in ASIG's dramatically improved performance. (see News Release section for more details)
	Mar 1999 - The first full year of Ranger's ownership of ASIG results in record high sales, record high profits at the EBITDA level, and a wholly revamped program of quality improvements, workforce initiatives, customer satisfaction, and growth opportunities. Empirical evidence suggests that the company's equity market value has likely more than doubled in just one year. Internal and external quality audits confirm that the company is measurably improving.
	Jan 1999 - Ranger accelerates ASIG's marketing and joint venturing efforts, yielding more joint ventures in multiple cities in Europe, national- level contracting opportunities with large domestic air carriers, and the acquisition of a British airports services firm (GAH Aviation Ltd.). Ranger Aerospace Leasing Corporation is formed to enhance subsidiaries' abilities to negotiate large scale logistics and equipment projects with airlines customers.
	Dec 1998 - Ranger initiates a takeover effort of a large publicly traded competitor (Hudson General Corporation). By February 1999, this effort had triggered a "bidding war" (see Reuters, Bloomberg, and other public domain business reports), with Lufthansa's GlobeGround unit topping the field with a substantial premium. Ranger creates a National Training Center at Ft. Lauderdale International Airport.
	Aug 1998 - Ranger leads ASIG's effort to refinance its acquisition debts, achieving a successful $80MM bond offering at a time when bond offerings and IPO's were failing in the financial markets. Moody's and Standard & Poor's rate the company's financials as "B-Plus" and "B-Three", which are higher ratings than those attained by the former Fortune 500-sized parent company.
	July 1998 - Ranger causes a re-organization in ASIG, streamlining the operation and creating a "Quality First" leadership culture. Upon de-layering, a team-based organization is established. Ranger's CEO shares common stock equity with more than 70 key leaders in the enterprise, through stock options designed to foster a high level of entrepreneurial performance. Numerous workforce initiatives are launched, aimed at improving productivity, quality, and morale while reducing turnover. Marketing efforts are stepped up to new levels. Customer service improvement programs are initiated. Additional acquisitions are sought, with the effort continuing on an ongoing basis for domestic or overseas deals, large or small. Ranger initiates a number of transaction dialogues.
	Mar/Apr 1998 - Ranger Aerospace Corporation acquires ASIG and its 7 subsidiaries and affiliates in an all-cash transaction, using a combination of senior bridge loans, venture capital, and a substantial level of equity. Ranger is ASIG's sole shareholder.
	Jan 1998 - Primary equity holders for ASIG and other acquisitions are recruited and assembled. Firm offer is made for ASIG, which is planned as Ranger's centerpiece company for its industry consolidation strategy. Viad Corp (ASIG's parent) accepts the offer, due diligence commences, with assistance by Ranger's outside advisors: Ernst & Young's national due diligence practice, the law firm of Kirkland & Ellis (one of the largest and best-placed mergers & acquisitions legal firms in the world).
	March 1, 1997 - Ranger negotiates with numerous venture capital equity shareholders and senior and mezzanine financing sources for pursuit of its industry roll-up strategy, securing initial commitments for over $100 million from an array of major banks, investment banks, equity pools, and venture capital funds. More than 50 funding presentations were made at major money-center locations in this quest for capital.
	1997 - Ranger Partners becomes Ranger Partners Group LLC and adds 5 partner companies, acting as a consortium (including Tioga Capital Corporation). Ranger Partners Group's CEO founds Ranger Aerospace Corporation as its sole shareholder and is joined by Ranger's Executive VP; Tioga Capital Corporation's CEO later joins as co-founder.
	1996 - Ranger develops a long range business plan and strategy aimed at achieving top tier leadership in aviation services and aerospace support & supply companies, in order to capture a large position in the industry consolidation wave that is starting. Partner companies and founding officers are identified.
	1993 - Ranger Partners first explores acquisition of ASIG with Dial Corporation (ASIG's parent company). Ranger's CEO maintains the effort periodically thereafter.
	September 1, 1988 - Ranger's predecessor (Ranger Partners) is founded as a proprietorship, then later changed to a limited partnership, operating as a turnarounds, consulting, capital formation, and deal-making business.
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