Hawke Aerospace, a helicopter operator and maintenance provider, has closed on a recapitalization transaction with Boathouse Capital. Boathouse Capital invested $6 million in Hawke Aerospace to support its continued growth.
Hawke Aerospace is the parent company of helicopter maintenance provider Uniflight; air medical operator Keystone Med-Flight; and Aviation Services, which provides airlift services primarily to law enforcement agencies and utility companies. The company has approximately 90 employees at its maintenance and helicopter bases in Pennsylvania, New Jersey, New York, and Texas. Hawke Aerospace is based in Morgantown, PA (www.hawkeaerospace.com) (www.uniflight.com) (www.asuhelicopter.com) (www.keystonemedflight.com).
“We are very pleased to have garnered the support of Boathouse Capital, whose investment provides us with significant working capital and will enable us to increase our operating earnings by extinguishing our lease and loan obligations and consolidating them into a single capital facility,” said Chairman and CEO of Hawke Aerospace, Joe Hawke.
Boathouse Capital invests mezzanine debt and equity in lower middle market companies in partnership with management teams and private equity funds. Boathouse will consider investments from $3 million to $10 million in either mezzanine debt or equity capital in companies with revenue of at least $10 million, EBITDA of $2 million or greater and EBITDA margins of at least 10%. The firm is based in Wayne, PA (www.boathousecapital.com).
“Boathouse Capital underwrote the excellent track record and extensive aviation experience of Joe Hawke and his team, and we are providing the necessary patient capital for the company to get to the next level,” said Ken Jones, Managing Partner of Boathouse Capital.
© 2012 PEPD • Private Equity’s Leading News Magazine • 9-6-12