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Erickson Air-Crane (EAC)

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  • Mar. 19, 2013, 4:21 PM
    Erickson Air-Crane (EAC) buys Evergreen Helicopters from Evergreen International Aviation, for $250M, essentially doubling the size of the company. The sale consists of $185M in cash, $17.5M in unsecured promissory notes issued by EAC, and approximately 4M convertible preferred shares valued at $47.5M. In 2012, Evergreen’s revenue was $196M and adjusted EBITDA was $56.2M, representing margins of over 25%. Shares +2.7% AH.
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Company Description
Erickson Inc provides aerial services, including critical supply & logistics to military forces, humanitarian relief & other purposes. It also offers support & maintenance, repair, remanufacture & related overhaul services to Aircrane & other aircrafts.