Canadian Helicopters acquires Nampa Valley assets
June 8, 2010, Montreal - Canadian Helicopters Income Fund is pleased to announce that it has indirectly acquired, through Heli-Welders Canada Ltd. substantially all of the assets of Nampa Valley Helicopters, Inc. for a purchase price of US$6,700,000, subject to customary post-closing adjustments.
Nampa is a Boise, Idaho-based service center which specializes in the repair and overhaul of Eurocopter dynamic
components and which reported revenues of approximately US$4.9 million in its last full fiscal year. Nampa is also recognized as an American Eurocopter service center and is certified by the U.S. Federal Aviation Administration and the European Aviation Safety Agency.
Prior to the acquisition, the Fund, through its subsidiary Canadian Helicopters Limited. completed an additional investment in Heli-Welders, thereby increasing its interest in Heli-Welders from 49 per cent to approximately 80 per cent. The proceeds of this additional investment were used by Heli-Welders to complete the acquisition of the Nampa assets through a wholly-owned US subsidiary.
Nampa will be managed by the current management of Heli-Welders, with assistance from the current management of Nampa to ensure a smooth transition.
“Nampa, which is known for high quality work, is an excellent fit with Heli-Welders as both focus on Eurocopter
products, including the popular AS350 and niche AS355 aircraft: Heli-Welders on the airframe and Nampa on the
dynamic components. The AS350/355 series has achieved significant market penetration throughout the world with a growing fleet of approximately 4,000 aircraft, 47 of which are currently operated by Canadian Helicopters” said Don Wall, President and Chief Executive Officer of Canadian Helicopters. “This transaction builds on previous efforts towards increased diversification for Canadian Helicopters into a niche that is less seasonal, and less dependent on flight operations.”