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Keystone Helicopter Adds Three Institutional Investors

October 23, 2003

WEST CHESTER, PA – Keystone Helicopter, an industry leader in helicopter services for 50 years, announced today that three new Private Equity/Venture Capital groups have made a “substantial investment” in Keystone Helicopter. The new institutional investors are: Brown Brothers Harriman, New York, founded in 1818 and one of the oldest and largest private banking firms in America with offices throughout the world; Spring Capital Partners, L.P., of Baltimore, MD and Radnor, PA, a private equity fund whose focus is on high performance medium-sized companies in the Mid-Atlantic; and Merion Investment Partners, L.P., a venture fund based in King of Prussia, PA, which focuses its investments on strong growth companies with proven management teams and strategic competitive advantage.

The three investor groups have joined with Keystone Helicopter Corporation’s original institutional investors, Meridian Venture Partners L.P. and Argosy Investment Partners II L.P. who have each also increased their investment in the enterprise. Ranger Aerospace LLC, CD Ventures, the Wright Family, and members of the company’s management team round out the shareholder group.

Steve Townes, CEO of Keystone Helicopter and founder of Ranger Aerospace, said, “We welcome these institutions’ investment experience, managerial guidance, and capital resources as we continue to grow Keystone Helicopter internally as well as through follow-on acquisitions. These five very substantial investment companies collectively give us the financing firepower that we need to grow our company significantly. Quality is the key word here. Quality partners invested in a company which has built its 50 year reputation on providing quality service.”

EDITORS NOTE: Exact terms of this large private “mezzanine” investment will not be disclosed. 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, Argosy Investment Partners, and CD Ventures, in addition now to Brown Brothers Harriman, Spring Capital, and Merion Capital, all collectively invested in a holding company called Keystone Ranger Holdings, Inc. Townes is the founder/CEO 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 is one of the largest and oldest helicopter services companies in the United States. Founded in 1953, Keystone operates a large fleet of turbine helicopters in numerous locations across several eastern states, primarily in the air medical mission. 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 and at

For more information on:

Meridian Venture Partners, L.P. see

Argosy Investment Partners, L.P. see

Brown Brothers Harriman see

Merion Investment Partners, L.P. see

Spring Capital Partners, L.P. see

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.