... lifted directly from Air Beat Magazine -
Journal of the Airborne Law Enforcement Association -
2005 ALEA Conference & Exposition
Air Beat Today 22/7/05
MD Helicopters Get Significant Financial Boost
MD Helicopters, Inc. completed a significant restructuring transaction as of July 8, 2005.
As part of this transaction, funds affiliated with Patriarch Partners, LLC, a New York and Charlotte based investment firm with approximately $4.5 billion under management, acquired a controlling interest in MDHI.
The restructuring ensures that MDHI will have adequate working capital to continue production of existing product lines, aggressively improve customer support and fulfill existing orders.
Following the recapitalization, MDHI is an independent company, and will continue to be based as its existing facility in Mesa, Arizona.
“We are proud to add MDHI to our portfolio of companies. We believe that the demand for MD Helicopters’ products
is deep and strong. The strength of Patriarch Partners and the depth of our asset base provides the long-term financial and
strategic support that the company needs to excel in the light helicopter market,” said Lynn Tilton, Chief Executive Officer
of Patriarch Partners.
“This recapitalization assures our customers that MD Helicopters will have sufficient working capital to be a strong, viable company fully able to support its products and its customers in their operations and that MD Helicopters is in the helicopter business to stay,” said Henk Schaeken, Chief Executive Officer of MD Helicopters.
Schaeken said MD Helicopters’ immediate goal is to restore customer confidence in the company and in its ability to support its products.
“We will be meeting with our customers and suppliers as soon as possible to restore their confidences in our long-term viability and the solid working relationships we once enjoyed.”
So there you go
