LEXPERT MAGAZINE
|
MAY 2018 11
from the US, have been on the upswing.
LEXPERT: What's next for the company?
Wall: HNZ has rebranded as Canadian
Helicopters Ltd. and will continue to focus
on its onshore helicopter services, main-
tenance and flight training operations, and
servicing its Canadian offshore customers.
LEXPERT: What was the most memorable
part of working on this deal?
Dewart: Aviation transactions always seem
to have an exciting aura to them. e fact
that this deal also involved the going pri-
vate structure, a related-party bidder, the
emergence of an unsolicited proposal,
multiple financing sources, and a complex
plan of arrangement made for a unique and
memorable transaction.
Mayr: Having had the privilege of working
with Don and his management team for
many years, it was odd, to say the least, to
take instructions solely from the commit-
tee of independent directors, as manage-
ment had to be walled off from the process
in the circumstances.
Gray: I have worked in the Canadian and
international aviation sectors for more
than 30 years, and I am quite well known
to be an "aviation junkie." For me, the most
memorable part of the deal will be taking
great satisfaction in playing a part in the
historic combination of the world's great-
est helicopter operation with a very suc-
cessful Canadian offshore operator. I am
also an experienced pilot — although just
now working on my transition to helicop-
ters — and will always recall how many ap-
proaches it took before I could successfully
land the HNZ Sikorsky S92 simulator on
an offshore platform without bouncing it
into the Gulf.
Turner: It's always great when everyone can
work together and thread the needle to
come up with an unconventional structure
that gets the deal done. at said, the most
memorable moment working on this deal
for me was getting to take a tour of PHI's
facilities and see a number of their helicop-
ters and high-tech control room up close —
my kids are still jealous!
Auriol Marasco (Blake, Cassels & Graydon
LLP, for PHI): e cooperation and collegi-
ality from both sides was unprecedented.
With such a solid foundation, I have no
doubt that the future of this venture will
be successful. Given the comradery, it was a
pleasure working on this transaction. Also,
as a pilot, being able to "geek out" at PHI's
facilities and test out HNZ's simulators was
pretty fantastic.
(For a summary and full list of legal
advisors, see "Big Deals," p. 21)
Seventy years and counting From humble beginnings as an agricultural sprayer in the orchards
of the Okanagan Valley, a helicopter services company founded in 1947 evolved into the largest provider of onshore
services in Canada. Here are some key moments in the life of HNZ Group Inc. and Canadian Helicopters Ltd.
1947
1952 1958
1987 2005 2000
2009
2010
2011 2012 2016
2017 2018
Okanagan Air
Services Ltd.
established
in Penticton,
BC; operates
the first
commercially
licensed
helicopter in
Canada
Changes
name to
Okanagan
Helicopters
Ltd.
"Takes off"
into new
markets
such as
mining and
logging
Starts
operating
internationally;
eventually
forms
partnerships
on every
continent
except Africa
Acquired by
Canadian
Helicopters,
changes
its name
to CHC
Helicopter
Corp.
Canadian
Helicopters
Income Fund
completes
initial public
offering on
the TSX
Management
led buy-
out forms
domestic
onshore
helicopter
service
provider,
retaining
the brand
of Canadian
Helicopters
Acquires
a 49-per-
cent
interest
in Heli-
Welders
Canada
Ltd., an
airframe
repair
business
Acquires
(indirectly)
Nampa Valley
Helicopters,
Inc., a
helicopter
component
repair business;
increases
ownership of
Heli-Welders to
approximately
80 per cent
Converts from
an income
trust structure
to a public
corporation
named
Canadian
Helicopters
Group Inc.
Acquires
Helicopters
(N.Z.), with
operations
located
in New
Zealand,
Australia,
and
Cambodia
Announces
rebranding
and change
of corporate
name to HNZ
Group, Inc.
Announces
the creation
of Acasta
HeliFlight Inc.,
operating
in Northern
Canada
Acquired by
President
and CEO
Don Wall
and PHI,
Inc.
Delists from
the TSX on
January 3
HNZ re-
brands as
Canadian
Helicopters
Ltd., begins
phasing out
the HNZ
brand name
ON THE DEAL
