GE Capital to finance Universal deal
December 11, 2013 By Carey Fredericks
Dec. 11, 2013, Fairfield, Ct. - GE Capital announced that it is providing a $10 million senior credit facility to a group of investors to purchase and operate Universal Helicopters Newfoundland and Labrador (UHNL), a regional helicopter services company.
The new owners, through a limited partnership formed by Nunatsiavut Group of Companies, Tasiujatsoak Trust and CAPE Fund LP, are acquiring UNHL from its majority shareholder, Harry R. Steele, and minority shareholder, Norman Noseworthy.
Universal Helicopters operates 20 helicopters, primarily in Labrador and Newfoundland but also in the Ungava peninsula, the Arctic and Greenland, providing passenger transport, mineral exploration, search and rescue, forest fire suppression, film and media applications, cargo hauling, camp services and helicopter maintenance services.
"We appreciate working with GE Capital, particularly given their knowledge of the helicopter industry and their ability to lend against the full value of the company's aircraft," said Peter Forton, managing director, CAPE Fund. "The team at GE provided us with real expertise as well as the capital we needed to make this acquisition possible."
"We're pleased to be able to support this transaction," said Alain Dupont, leader, manufacturing and corporate aviation, GE Capital, Canada. "We were able to contribute our expertise in corporate acquisitions and in financing aircraft equipment."