Partnership formed by Nunatsiavut Group, Tasiujatsoak Trust and CAPE
MONTREAL, Dec. 9, 2013 /CNW Telbec/ - GE Capital today announced that it
is providing a $10 million senior credit facility to a group of
investors to purchase and operate Universal Helicopters Newfoundland
and Labrador ("UHNL"), a regional helicopter services company. The new
owners, through a limited partnership formed by Nunatsiavut Group of
Companies, Tasiujatsoak Trust and CAPE Fund LP, are acquiring UNHL from
its majority shareholder, Harry R. Steele, and minority shareholder,
Universal Helicopters operates 20 helicopters, primarily in Labrador and
Newfoundland but also in the Ungava peninsula, the Arctic and
Greenland, providing passenger transport, mineral exploration, search
and rescue, forest fire suppression, film and media applications, cargo
hauling, camp services and helicopter maintenance services.
"We appreciate working with GE Capital, particularly given their
knowledge of the helicopter industry and their ability to lend against
the full value of the company's aircraft," said Peter Forton, managing
director, CAPE Fund. "The team at GE provided us with real expertise as
well as the capital we needed to make this acquisition possible."
"We're pleased to be able to support this transaction," said Alain
Dupont, leader, manufacturing and corporate aviation, GE Capital,
Canada. "We were able to contribute our expertise in corporate
acquisitions and in financing aircraft equipment."
About Universal Helicopters Newfoundland and Labrador LP
Universal Helicopters Newfoundland and Labrador LP is one of the most
experienced helicopter companies in Canada providing specialty
helicopter services to a wide range of clients for the past 50 years.
UHNL's corporate head office, main stores and accounting services are
situated in Goose Bay, Labrador with other bases situated in St.
John's, Pasadena and Gander, Newfoundland. Each location has permanent
base personnel and hangar support facilities for year round operations
and maintenance. UHNL has five decades of experience in maintaining and
overhauling aircraft in support of remote field operations. With the
completion of its new 900 sq. meter facility in Goose Bay, this centre
has now become the prime maintenance facility for UHNL in providing
running maintenance, major airframe and component overhauls and
inspections for in-house requirements and third party clients.
About Nunatsiavut Group of Companies
NGC Nunatsiavut Inc., operating as the Nunatsiavut Group of Companies
(NGC), is the business arm of the Nunatsiavut Government. Reporting to
the Labrador Inuit Capital Strategy Trust, NGC's mission is to create
wealth in trust for Nunatsiavut Beneficiaries by owning profitable,
sustainable businesses. NGC's business lines include marine
transportation, commercial real estate, construction, remote camp
operations, logistics, heavy civil and air transportation. NGC brings
capacity and expertise to projects in Labrador and beyond.
About Tasiujatsoak Trust
The Tasiujatsoak Trust was settled pursuant to a Trust Deed on April 30,
2004 to receive, hold and administer the Trust Fund for the benefit of
Eligible Trust Beneficiaries. The purpose of the Trust is to accumulate
and invest some or all of the Trust Fund from time to time or to
distribute some or all of the Trust Fund to the Eligible Trust
Beneficiaries in accordance with the objects of the Trust Deed. The
objects include the promotion, advancement and development of
financial, business, entrepreneurial and economic skills by loan of the
funds. Eligible Trust Beneficiaries include the Nunatsiavut Government.
About CAPE Fund LP
CAPE Fund LP is a $50 million private-sector investment fund founded by
the family of the Right Honourable Paul Martin and 21 of Canada's
leading companies, individuals and international Foundations, whose
visionary leadership has supported the creation of the Fund and its
novel approach to encourage increased Aboriginal participation in
CAPE Fund is focused on mid-market opportunities with a strong degree of
Aboriginal involvement and connection to Aboriginal communities
throughout Canada. CAPE Fund's mission is to further a culture of
economic independence, ownership, entrepreneurship, and enterprise
management among Aboriginal peoples, through the creation and growth of
successful businesses. For more information, including a complete list
of disclosed investors, please visit www.capefund.ca.
About GE Capital, Canada
With 17 offices throughout Canada, GE Capital (gecapital.ca) offers a wide variety of financial products and services to address
commercial financing needs in many phases of a business' lifecycle.
From equipment finance to working capital and growth financing to large
asset-based and restructuring loans, we apply our wealth of industry
expertise to develop custom solutions for our customers. Some of the
industries in which we specialize include transportation, construction,
manufacturing, aerospace, automotive, food & bev., mining, energy,
retail, wholesale, restaurant and hotel franchise financing.
GE (NYSE: GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in
energy, health and home, transportation and finance. Building,
powering, moving and curing the world. Not just imagining. Doing. GE
works. For more information, visit the company's website at www.ge.com.
SOURCE: GE CAPITAL CANADA
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