Sunday, July 1, 2007
Rotorcraft Report: Texas Aviation Services Sold
Nearly 27 years after he founded Texas Aviation Services, Carl "Woody" Woodard and his son Tim, the company’s president, are cashing in, the Fort Worth Star-Telegram reports. The Woodards completed the sale of their fast-growing helicopter completion and overhaul company last week to Ranger Aerospace & Aeronautics, a locally based private-equity investment company. The Texas newspaper quoted Steve Townes, Ranger president, as saying the all-cash acquisition is the first step in a plan to build a much larger company, through both growth and other acquisitions. "Starting with Texas Aviation Services, we’re going to build the largest and best rotorcraft technical-services company in the mid-south," said Townes, adding that he’s already investigating other businesses. All of the principals declined to reveal financial details. The paper said Texas Aviation has doubled in size over the past three years, to about a $20-million enterprise with about 100 people working for it at Fort Worth’s Meacham Field. Both of the Woodards will retain a stake in Texas Aviation, the paper said. Tim, who joined his father in 1991 after retiring from the air force, will continue as president. A Townes-led company previously owned Keystone Helicopter for several years before selling it to Sikorsky Aircraft in late 2004. That company also sold Composite Technology, Inc. to Sikorsky.