Rotorcraft Leasing Company Completes Acquisition of Industrial Helicopters
LAFAYETTE – January 30, 2006 – Rotorcraft Leasing Company, L.L.C. announced today that it has acquired Industrial Helicopters, an operator of a fleet of FAR 135-certified helicopters providing comprehensive logistics and transportation services to oil & gas operators in the Gulf of Mexico.
Lloyd L. Marks, Rotorcraft’s President, announced today that the integration of Industrial’s customers, helicopter fleet and employees into the Rotorcraft organization has already begun. “The acquisition of Industrial advances Rotorcraft’s position as the largest privately-held helicopter transportation company in the Gulf of Mexico. With our combined fleet of more than 80 helicopters, we will continue to offer our valued customers a competitive service offering from our first-class flight operations center in Broussard, Louisiana. Only a company of our size is able to offer the tailored customer support and safety that Rotorcraft provides. A close working relationship with our customers is and continues to be our number one priority.”
For more than 35 years, Industrial Helicopters has provided transportation services of personnel and equipment to offshore oil & gas production platforms and drilling rigs in the Gulf. “I believe Industrial will be a great fit for Rotorcraft,” said J. Oran Richard, founder and President of Industrial. “Our employees and customers will have, in Rotorcraft, the opportunity to work with a dynamic, growing company. We’ve competed alongside Rotorcraft for more than 15 years, and look forward to growing our combined businesses. Industrial, in turn, brings a wealth of knowledge and experience to the table. I am excited about joining the RLC management team, and have great confidence in what is sure to be a successful integration.”
Rodger D. Bagwell, Rotorcraft’s CEO, expanded on the growth trajectory of his company. “The successful recapitalization of Rotorcraft last year was an exciting development for the customers and employees of Rotorcraft. The investment from H.I.G., our Miami-based partners, has brought a wealth of experience, as well as a strong financial base for sensible, strategic acquisitions. In addition to the Industrial acquisition, we also last year acquired the aviation business of Omni Industrials (NasdaqNM:OMNI), and have recently completed the purchase of six new Bell Helicopters. Rotorcraft is always on the look-out for additional operating assets, in order to grow our fleet of helicopters in line with our long-term customer base in the Gulf. We believe our partnership with HIG will allow us to more than double the earnings potential of our expanded Rotorcraft fleet in the next 3 to 5 years.”
ABOUT ROTORCRAFT LEASING COMPANY
Founded in 1990, Rotorcraft is the largest privately-held operator in the Gulf of Mexico certified by the FAA to operate helicopter charters and execute long-term leasing agreements under an FAR 135 certification. The Company services the transportation needs of mid-major, “independent” oil & gas customers through nine air bases located throughout Southern Louisiana and Texas. Flight planning and tracking for its continually expanding helicopter fleet are managed from central Flight Operations Support in Broussard. Rotorcraft also provides full service helicopter maintenance via, its FAA-certified helicopter repair and services facility, including parts, engine and component overhauls, and avionics. For more information, please visit www.rotorcraftleasing.net.
ABOUT H.I.G. CAPITAL LLC
H.I.G. Capital, L.L.C. is a leading private equity and venture capital investment firm with more than $2 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, and San Francisco, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well-managed manufacturing or service businesses, and in promising early-stage technology companies. The firm currently has a controlling interest in more than 40 companies with combined revenues in excess of $5 billion. For more information, please refer to the H.I.G. website at www.hig.com.