Wednesday, May 1, 2013
Erickson to Expand Fleet, Services with Purchase of Evergreen Helicopters
Portland, Ore.-based Erickson Air-Crane has reached a stock purchase agreement to acquire Evergreen Helicopters, an operator of 64 aircraft—including helicopters and fixed-wing—with headquarters in McMinnville, Ore. The acquisition is set to almost double the size of Erickson as a company. Erickson owns and operates a fleet of 18 S-64 heavy-lift Aircranes.
Established in 1960 by Delford Smith, Evergreen Helicopters offers a number of cargo and personnel transport services for commercial operators and government agencies, as well as the U.S. military. Operations span North America, Africa, Asia Pacific and the Middle East. Erickson President & CEO Udo Rieder noted that the company is “on the cusp of transforming our business.” The agreement is worth $250 million, comprised of $185 million in cash, $17.5 million in promissory notes and four million preferred shares of Erickson valued at $47.5 million (at a cost of $11.85 per share). Erickson anticipates the transaction to close in second quarter 2013 following regulatory approvals. Along with an acquisition of Air Amazonia, Erickson will operate a fleet of 100 aircraft following the Evergreen purchase.
Rieder said that Erickson is at the start of “a new chapter. Never has our vision been broader, our opportunities greater, or our missions more important.”