M&A Deal Summary

Sikorsky Aircraft Acquires Keystone Helicopter Holdings

On December 15, 2005, Sikorsky Aircraft acquired business services company Keystone Helicopter Holdings from Spring Capital Partners, Merion Investment Partners, CD Ventures, MVP Capital Partners and Argosy Private Equity

Acquisition Highlights
  • This is Sikorsky Aircraft’s 1st transaction in the Business Services sector.
  • This is Sikorsky Aircraft’s 2nd transaction in the United States.
  • This is Sikorsky Aircraft’s 1st transaction in Pennsylvania.

M&A Deal Summary

Date 2005-12-15
Target Keystone Helicopter Holdings
Sector Business Services
Buyer(s) Sikorsky Aircraft
Sellers(s) Spring Capital Partners
Merion Investment Partners
CD Ventures
MVP Capital Partners
Argosy Private Equity
Deal Type Add-on Acquisition

Target

Keystone Helicopter Holdings

Coatesville, Pennsylvania, United States
Keystone is one of the oldest commercial helicopter service providers in the eastern US. The Company's offerings include flight, technical and engineering services.

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Buyer(S) 1

Buyer

Sikorsky Aircraft

Stratford, Connecticut, United States

Category Company
Founded 1925
Sector Aerospace
DESCRIPTION
Sikorsky facility in Bridgeport, Connecticut.
Sikorsky facility in Bridgeport, Connecticut.

Sikorsky Aircraft Corp. is a designer, manufacturer, and servicer of military and commercial helicopters. Sikorsky was formed in 1925 and is based in Stratford, Connecticut.


DEAL STATS #
Overall 2 of 2
Sector: Business Services M&A 1 of 1
Type: Add-on Acquisition M&A Deals 2 of 2
State: Pennsylvania M&A 1 of 1
Country: United States M&A 2 of 2
Year: 2005 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-08-26 Schweizer Aircraft

Horseheads, New York, United States

Schweizer Aircraft Corp., an American manufacturer of sailplanes, agricultural aircraft, light helicopter, reconnaissance aircraft, and unmanned aerial vehicle (UAV) markets.

Buy -

Seller(S) 5

SELLER

Spring Capital Partners

Lutherville, Maryland, United States

Investor Investor


Category Mezzanine Finance Firm
Founded 1999
PE ASSETS 600M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Spring Capital Partners is a mezzanine finance provider for small to medium-sized businesses. Spring invests $2 to $20 million, primarily in the form of subordinated debt with equity features in each transaction. The Firm does not have an industry focus. Spring Capital looks for businesses located in the Mid-Atlantic US with revenues between $10 and $150 million. Spring Capital Partners was formed in 1999 and has offices in Baltimore, Maryland and Radnor, Pennsylvania.


DEAL STATS #
Overall 3 of 25
Sector: Business Services M&A 1 of 4
Type: Add-on Acquisition M&A Deals 2 of 18
State: Pennsylvania M&A 1 of 4
Country: United States M&A 3 of 25
Year: 2005 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-01-01 Composite Technology

Dallas, Texas, United States

Composite Technology, Inc., is an independent rotor blade repair company operating worldwide, with licensing agreements with all of the world's major helicopter manufacturers.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-11 Cybera

Franklin, Tennessee, United States

Cybera is a provider of security as a service virtual application networks to enterprises. Cybera solves the networking and security needs of highly distributed enterprises. Cybera was founded in 2001 and is based in Franklin, Tennessee.

Buy -
SELLER
DESCRIPTION

Merion Investment Partners is a mezzanine finance firm that provides subordinated debt to middle-market growth Companies generating at least $10 million in sales and at least $2 million in EBITDA. Merion focuses on opportunities in business services, specialty manufacturing, and healthcare services and products. Merion's invests in the range of $4 and $20 million per transaction. Merion Investment Partners was formed in 2003 and is based in King of Prussia, Pennsylvania.


DEAL STATS #
Overall 1 of 26
Sector: Business Services M&A 1 of 4
Type: Add-on Acquisition M&A Deals 1 of 9
State: Pennsylvania M&A 1 of 6
Country: United States M&A 1 of 26
Year: 2005 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-03-01 Consolidated Aviation Services

Jamaica, New York, United States

Consolidated Aviation Services is a provider of an import and export cargo handling services. Cargo Airport Services coordinates the process of transferring and releasing cargo between air carriers and ground transportation providers at major airports.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-04-03 AFS Technologies

Phoenix, Arizona, United States

AFS Technologies is a provider of fully integrated business software solutions, specifically engineered for the Food and Beverage industries. AFS new Service Oriented Architecture (SOA), based on Web Services and built on Microsoft. NET Framework 2.0, provides its customers with greater IT flexibility, increased scalability of their existing systems, and more powerful functionality, all at an affordable price. AFS Technologies was founded in 1985 and is based in Phoenix, Arizona.

Buy -
SELLER

CD Ventures

Berwyn, Pennsylvania, United States

Category Private Equity Firm
Founded 1996
Size Small
Type Sector Agnostic
DESCRIPTION

CD Ventures is a private equity firm that finances management and leveraged buyouts as well as provides expansion capital to US based companies. CD Ventures looks for transactions requiring $15 to $50 million of equity capital in a variety of industries. CD Ventures was formed in 1996 and is based in Berwyn, Pennsylvania.


DEAL STATS #
Overall 2 of 3
Sector: Business Services M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 2
State: Pennsylvania M&A 1 of 2
Country: United States M&A 2 of 3
Year: 2005 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-07-29 Executive Air Support

Aspen, Colorado, United States

Executive Air Support, Inc., is a full service provider of support services to the general aviation industry throughout North America. The Company operates through a network of fixed base operators ('FBO's) that provide fuel, hangar services, flight line support services, aircraft maintenance and aircraft brokerage services to business aircraft operators. Executive Air Support, Inc., through its wholly-owned subsidiary, Atlantic Aviation, plans to be one of the worlds largest providers of general aviation services.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-05-18 NOVA Records Management

Berwyn, Pennsylvania, United States

Nova provides storage services for all major media, as well as on-site records management programs, to companies located throughout the Northeastern United States. NOVA also provides data management, certified destruction services, imaging, offsite data protection, digital archiving, and compliance solutions for its customers.

Sell -
SELLER

MVP Capital Partners

Radnor, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1985
PE ASSETS 200M USD
Size Small
Type Sector Agnostic
DESCRIPTION

MVP Capital Partners is a private equity firm focuses on investing in middle market companies with $10-100 million in revenues through buyouts, recapitalizations and expansion capital financing and providing growth capital investments in later stage businesses as well as equity financing to support acquisitions and recapitalization. MVP generally looks at US-based companies valued up to $100 million. Target sectors include aviation, business/financial services, healthcare, niche manufacturing, publishing/media, and specialty retail/consumer. MVP Capital Partners was formed in 1987 and is located in Radnor, Pennsylvania.


DEAL STATS #
Overall 6 of 13
Sector: Business Services M&A 1 of 3
Type: Add-on Acquisition M&A Deals 2 of 4
State: Pennsylvania M&A 3 of 4
Country: United States M&A 6 of 13
Year: 2005 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-08-31 Cadence Capital Management

Boston, Massachusetts, United States

Cadence Capital Management LLC provides investment management services to institutional investors as well as wealthy individuals through managed account programs, variable annuities, and mutual funds. Cadence Capital Management was established in 1988 and is based in Boston, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-03-01 Andrews International

Valencia, California, United States

Andrews International is a provider of private security and risk mitigation services to the entertainment, high-end retail, financial services, commercial property management, and education verticals.

Buy -
SELLER

Argosy Private Equity

Wayne, Pennsylvania, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1990
PE ASSETS 575M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Argosy Private Equity is the private equity arm of Argosy Capital, an asset management firm. Argosy Private Equity provides both debt and equity capital to lower middle-market companies located throughout the US. Argosy focuses on growth companies with experienced management teams and revenues between $15 and $100 million and EBITDA of $3 to $9 million. Argosy looks to invest $5 - $20 million per transaction. Specific areas of interest include manufacturing, business services, franchising and Value added distributions. The Firm will consider a variety of transaction types, including MBO’s, recapitalizations, growth equity and acquisitions. Argosy was formed in 1990 and is based in Wayne, Pennsylvania.


DEAL STATS #
Overall 3 of 55
Sector: Business Services M&A 1 of 7
Type: Add-on Acquisition M&A Deals 3 of 39
State: Pennsylvania M&A 1 of 17
Country: United States M&A 3 of 55
Year: 2005 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-30 Climax Portable Machine Tools

Newberg, Oregon, United States

Climax Portable Machine Tools is a supplier of portable machine tools and related products serving the shipbuilding, power generation, service and engineering sectors. Climax Portable Machine Tools was founded in 1966 and is based in Newberg, Oregon.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 Dayton Parts

Harrisburg, Pennsylvania, United States

Dayton Parts is a manufacturer and distributor of heavy-duty truck and trailer replacement parts. The Company manufactures aftermarket leaf springs and is a full-line distributor of heavy-duty undercarriage replacement parts, such as springs, brake and wheel-end suspensions, and steering components. Dayton Parts was founded in 1922 and is headquartered in Harrisburg, Pennsylvania.

Sell -