Hawke Aerospace and Boathouse Capital Announce Recapitalization Transaction

MORGANTOWN, Pa., Sept. 5, 2012 /PRNewswire-iReach/ -- Hawke Aerospace announced today the closing of a strategic recapitalization transaction with Boathouse Capital, a middle-market mezzanine debt and equity investment fund based in Wayne, Pennsylvania.

Hawke Aerospace is the parent company of helicopter maintenance provider Uniflight, air medical operator Keystone Med-Flight and Aviation Services Unlimited, which provides tactical airlift services primarily to law enforcement agencies and utility companies. On a combined basis, the Hawke Aerospace operating subsidiaries have grown from a single location with 19 employees in 2008 to approximately 90 employees currently across an expanded set of maintenance and helicopter base operating locations in Pennsylvania, New Jersey, New York, and Texas. Boathouse Capital invested $6 million in Hawke Aerospace to support its continued growth.

Chairman and CEO of Hawke Aerospace, Joe Hawke, said, "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."

Ken Jones, Managing Partner of Boathouse Capital, added: "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."

Hawke Aerospace was represented by Pepper Hamilton LLP in the transaction, and Boathouse Capital was represented by McCarter & English LLP.

ABOUT UNIFLIGHT: Uniflight, LLC is headquartered in Grand Prairie, Texas and is the premier provider of maintenance, repair, overhaul, aircraft program management and completions for both helicopter and fixed wing operators.  Uniflight has additional facilities in Rome, New York; Belle Vernon, Pennsylvania, and Reading, Pennsylvania.  Uniflight holds FAA, DGCA and EASA repair station certificates, and is an American Eurocopter authorized service center and a Platinum-rated Bell Helicopter Customer Service Facility.  (www.uniflight.com)

About Keystone Med Flight: Based in Lancaster County, Pennsylvania, Keystone Med-Flight is an FAA Certified Emergency Medical Service (EMS) Air Carrier. Keystone provides the highest quality air medical operations, management, consulting and maintenance services, with air operation bases in Pottstown, Pennsylvania, and Woodbine and Vineland, New Jersey. (www.keystonemedflight.com)

About aviation services unlimited: Aviation Services Unlimited is an FAA Certified Air Carrier based in Rome, New York. ASU provides tactical airlift support services to the on-shore utility industry (gas pipeline and electric grid) as well as law enforcement agencies. (www.asuhelicopter.com)

ABOUT BOATHOUSE CAPITAL:  Boathouse Capital is $120 million private equity firm that invests mezzanine debt and equity into lower middle market businesses across the U.S.  Based in Wayne, PA, Boathouse Capital invests $3 million to $10 million into companies in a variety of industries generating EBITDA of $2 million or greater. www.boathousecapital.com.

Press contact: 
Rick Hinkle
Hawke Aerospace Holdings, LLC
189A Twin County Road
Morgantown, PA 19543
Phone: 610-372-5191x3

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SOURCE Hawke Aerospace Group



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