Canadian Helicopters Group Inc. [CHL.A], the largest helicopter transportation services company operating in Canada, said its wholly-owned subsidiary Canadian Helicopters Limited (CHL) has entered into a sale and purchase agreement to acquire the assets of Helicopters (N.Z.) Limited, including the shares of Helicopters (Australia) Pty Ltd and other active subsidiary companies, as well as the assets of Helicopter Nominees Limited (collectively HNZ) for approximately $124.5 million on a debt free and cash free basis, subject to customary adjustments.
HNZ is New Zealand’s largest and most diverse helicopter owner and operator with 55 years of operating history throughout New Zealand, Australia and Asia. Through the years, HNZ has built a set of client relationships and experience through a focus on impeccable safety standards and service quality.
HNZ’s head office is in Nelson, New Zealand, and the company has 11 bases to support operations across New Zealand, Australia, Laos and Cambodia. HNZ also has a corporate office in Perth to support its significant Australian operations.
HNZ has 181 employees, a modern fleet of 33 helicopters, revenue of approximately $64 million and Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of approximately $21.7 million for the 12 months ended Dec. 31.
“We are very pleased with the acquisition of HNZ,” said Don Wall, president and CEO of Canadian Helicopters. “The acquisition of HNZ represents a transformational investment for CHL and in a part of the world that complements CHL’s activities in the northern hemisphere. Acquiring HNZ will assist in providing greater stability as it extends the arm of CHL’s existing operations in Canada, the United States and Afghanistan.
HNZ CEO Brian McDonald said: “HNZ has grown from a local New Zealand based company to an internationally respected operator involved in all aspects of helicopter operations. We welcome the opportunity to continue to maintain our high level of quality services and continue to grow and enhance the business for all stakeholders, including our clients and staff, in the future through Canadian Helicopters’ ownership.”