Helicopters Bristow Group acquires Columbia Helicopters
Bristow Group has announced that it has acquired operator Columbia Helicopters.
The transaction is worth US$560 million. The definitive agreement will see Columbia Helicopter being integrated into the Bristow Group as an unrestricted subsidiary. The operator will remain operating under the Columbia name and air operating certificate (AOC).
Columbia Helicopters operates as heavy-lift carrier and is known as being an expert in maintenance, repair and overhaul services. Columbia is active in the defence, firefighting, onshore oil and gas, forestry and infrastructure market and holds MRO certification capabilities.
The fleet of Columbia includes 21 high return tandem rotor Vertol 107 and Chinook CH-234 / CH-47D helicopters. Additionally, the carrier has non-operational airframes available for deployment.
Jonathan E. Baliff, CEO of Bristow, said: "We share a long-standing, proven commitment to safety and Columbia's specialized heavy-lift capabilities are highly complementary to Bristow's offshore capabilities. We therefore see significant opportunity to leverage the combined company's fleet, MRO capabilities and certificates to expand our addressable market opportunities globally."
Steve Bandy, President and Chief Executive Officer of Columbia, added: "Like Bristow, we have built our business through a commitment to operational excellence that fosters long-term relationships with customers and employees. Together with Bristow, we will have an incredible platform to serve our global customer base. On behalf of everyone at Columbia, we are looking forward to partnering with Bristow to redefine the industrial aviation industry."
With the acquisition, Bristow hopes to strengthen the financial and operational profile of the company by delivering adjusted EBITDA and cash flow accretion. The carrier will furthermore diversify the fleet and customer base. Bristow hopes to expand its addressable market in the U.S. government sector.
Bristow reported a US$140 million net loss in its second quarter 2018 financial report. Over the course of the new agreement, Bristow CEO Baliff will retire from the group.
The Bristow group is a leading global industrial aviation services provider, which offers helicopter transportation, search and rescue and aircraft support services like maintenance. Bristow is working together with both governmental and civil organizations worldwide.
Source © colheli.com