GOOSE BAY, NL, Sept. 16, 2013 /CNW/ - Universal Helicopters Newfoundland Limited ("UHNL") is pleased to announce that it has entered into an agreement to sell its helicopter operations to Universal Helicopters Newfoundland and Labrador LP, a limited partnership formed by Nunatsiavut Group of Companies ("NGC"), Tasiujatsoak Trust and CAPE Fund.
"Parting with valued and dynamic assets is never easy and it was a difficult decision to sell the helicopter operations when it includes so many people I know personally," said Harry R. Steele, Chairman of UNHL. "The company has been in business for 50 years and has had a long history of providing great service to its customers. With NGC being locally-based in Goose Bay, I believe that the road ahead for the business is paved with opportunity."
NGC President and CEO James Thorbourne comments: "The acquisition of UHNL's helicopter operations is an important part of NGC's overall business portfolio - UHNL brings with it a wealth of experience and knowledge of not only Newfoundland and Labrador but also Canada's arctic regions. UHNL is the ideal fit with our existing Labrador based fixed wing and marine transportation assets."
It will be business as usual for the UNHL helicopter operations, which will continue to operate under the Universal Helicopters name as part of Universal Helicopters Newfoundland and Labrador LP. Completion of this transaction is expected to be within 60 days.
About Universal Helicopters Newfoundland Limited
Universal Helicopters Newfoundland Limited is one of the most experienced helicopter companies in Canada providing specialty helicopter services to a wide range of clients for 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 our aircraft in support of remote field operations. With the completion of our 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 our 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
CAPE Fund 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 Canada's economy.
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, on or off reserve through the creation and growth of successful businesses. For more information, including a complete list of disclosed investors, please visit www.capefund.ca.
SOURCE: Harry R. Steele
For further information:
Universal Helicopters Newfoundland Limited
REF: Harry R. Steele, Tel: (902) 468-7557, Fax: (902) 468-7558
NGC Group of Companies
REF: James Thorbourne, President and CEO, NGC Group of Companies, 2 - 6 Royal Street, Happy Valley, Goose Bay, NL AOP 1E0 Tel: (709) 896-8505, Fax: (709) 896-5834, e-mail: email@example.com