GRAND PRAIRIE, TX, Feb. 27, 2006 - Anything can happen when flying in a helicopter. Reinvented MD Helicopters continues to build partnerships that can overcome any challenge. Patriarch Partners, LLC, an investment firm based in New York and Charlotte, N.C., acquired and began restructuring MD Helicopters in the third quarter of 2005. Patriarch Partners announced today that it has purchased a controlling interest in Heritage Aviation, Ltd.
Heritage Aviation, Ltd., an industry leader in the modification and completion of helicopters, is well-known for its innovative approach to the integration of complex, sophisticated avionics, autopilot systems, and delivery of VIP interiors.
"Patriarch looks at industry dynamics and how we can build value by synergizing expertise," said Lynn Tilton, CEO of Patriarch Partners, LLC. "This transaction galvanizes the intent of our purchase of MD Helicopters. We are creating an aerospace platform that not only produces aircraft, but one that also controls its own destiny by bringing much of its supply chain under its own umbrella - an umbrella that now includes state-of-the-art completion and refurbishment services."
"The acquisition provides Heritage the working capital to continue the substantial growth we've experienced over the past four years. We're convinced this is a great move for all of our stakeholders, including our customers, suppliers, employees and current partners," said Heritage president Edward Bolden.
Financial terms of the transaction are not being disclosed.
About Patriarch Partners, LLC
Patriarch Partners, LLC is an investment firm headquartered in New York and Charlotte, North Carolina. Patriarch and its affiliates provide portfolio management services and serve as investment advisor to multiple leveraged funds and a private equity fund. Founded in 2000 by Lynn Tilton, Patriarch provides innovative financial solutions, strategic direction and operational expertise to companies undergoing periods of comprehensive change. Patriarch currently monitors and manages credit facilities in respect to approximately $5 billion of assets (including majority and minority equity positions) in 67 companies. Tilton serves as MDHI'S Chairman of the Board. Funds managed by Patriarch Partners own a majority and controlling interest in MDHI.
About Heritage Aviation, Ltd.
Heritage Aviation, Ltd. provides modification and completion of helicopters as well as integration of complex, sophisticated avionics and autopilot systems and delivery of VIP interiors.