Erickson buying Evergreen Helicopters for $250M
Wednesday, March 20, 2013
Erickson Air-Crane Inc. is buying Evergreen Helicopters Inc. from Evergreen International Aviation Inc. for $250 million in cash, stock and promissory notes.
Erickson said after the markets closed Tuesday that the deal will transform its business, making it a leader in heavy-lift helicopter operations.
Evergreen, based in McMinnville, Ore., provides air transport services for cargo and personnel to government and commercial customers. The deal includes a fleet of 64 aircraft, consisting of both helicopters and fixed-wing airplanes. The company’s operations, often used by the military, span the globe. It generated revenue of $196 million in 2012.
Erickson, based in Portland, makes heavy-lift helicopters and provides heavy-lift helicopter services, such as those needed in firefighting and timber harvesting. The company will have a combined fleet of 100 aircraft after the deal and estimated annual revenue of $430 million.