Canadian Helicopters acquires interest in Heli-Welders
May 1, 2009 ByCorrie
May 1, 2009, Montreal - Canadian Helicopters Income Fund has completed acquisition of a 49% interest in Heli-Welders Canada Ltd.
May 1, 2009, Montreal – Canadian Helicopters Income Fund, the largest helicopter transportation services company operating in Canada, is pleased to announce it has completed the previously announced acquisition of a 49% interest in Heli-Welders Canada Ltd. through its wholly-owned subsidiary Canadian Helicopters Limited.
Founded in 2004, Heli-Welders is a Langley, British Columbia-based airframe repair business primarily specializing in Eurocopter AS350/355 aircraft. Heli-Welders is fully certified by Transport Canada and the European Aviation Safety Agency and its focus on aircraft type ensures dedicated service and support of the highest quality. Heli-Welders reported revenues of approximately $3 million in its last full fiscal year and has acted as a trusted service supplier to Canadian Helicopters for several years.
“We have been consistently impressed with Heli-Welders’ very strong management team led by Hugh Whitfield and Patrick Siew, and believe its operations offer an excellent fit with Canadian Helicopters,” said Don Wall, Senior Executive Vice-President of Canadian Helicopters Income Fund. “With an excellent track record, Heli-Welders is positioned for strong growth. The 350/355 series has achieved significant market penetration throughout the world with a growing fleet of approximately 5,000 aircraft, 50 of which are currently operated by Canadian Helicopters. This transaction represents increased diversification for us into a niche that is less seasonal, and less dependent on flight operations.”
The terms of the acquisition contemplate the potential acquisition by Canadian Helicopters Limited of the balance of the shares in Heli-Welders but the investment is intended to remain passive for the time being.
Heli-Welders focuses on airframe repair for the Eurocopter AS350/355. Providing customers firm pricing, guaranteed delivery and OEM like quality, Heli-Welders has full build capability for the AS350/355 fuselage, tailboom and stabilizers. Heli-Welders’ field support division deploys globally for AOG requirements, and its AS350/355 capabilities include: complete fuselage and tailboom rebuild; 12-year corrosion inspection; tailboom battery relocation modification; vertical fin overhaul; and stabilizer overhaul.
ABOUT CANADIAN HELICOPTERS INCOME FUND
Through Canadian Helicopters Limited, Canadian Helicopters Income Fund is the largest helicopter transportation services company operating in Canada and one of the largest in the world based on the size of its fleet. From over 40 base locations across Canada, Canadian Helicopters provides helicopter services to a broad range of sectors, including emergency medical services, infrastructure maintenance, utilities, oil and gas, forestry, mining and construction. In addition to helicopter transportation services, Canadian Helicopters operates three flight schools and provides third party repair and maintenance services. With over 60 years of experience, Canadian Helicopters is an industry leader in establishing safety standards and operating procedures.