MVP News
MVP Capital Partners announced the closing of its sale of Keystone Ranger Holdings to Sikorsky Aircraft Corporation, a wholly owned subsidiary of United Technologies Corporation
3/2/2007
MVP Capital Partners announced the closing of its sale of Keystone Ranger Holdings to Sikorsky Aircraft Corporation, a wholly owned subsidiary of United Technologies Corporation.
Keystone, a leading rotorcraft services company headquartered in West Chester, Pennsylvania, became a portfolio company of MVP II in January 2002. After the initial acquisition of Keystone, MVP II Added value to the investment in partnership with KRH Management by:
As a consequence of this series of post-acquisition transactions, culminating in the sale of the company to Sikorsky, MVP has realized a 47% internal rate of return on its investment and facilitated the growth of Keystone from $55 million of trailing twelve months revenue at the time of closing its initial investment to approximately $120 million of revenue in 2005.
Robert E. Brown, Managing General Partner of MVP, stated, "We want to congratulate the Keystone and CTI management teams on closing this transaction. We are very pleased to have Sikorsky succeed us as the steward of these fine rotorcraft assets, believing for some time now that it would be a very natural acquirer of Keystone due to the strong customer relationships that exist between and among these entities. There is no doubt that Sikorsky will realize substantial benefits in its business as a consequence of this transaction."
Mr. Brown also noted, "This transaction is great for MVP and good for the community as well, as it importantly expands the presence of United Technologies Corporation into the Commonwealth of Pennsylvania. It is very gratifying to see Keystone, itself a wonderful and solid 52-year old business, becoming a core addition to the commercial side of Sikorsky's business. We fully expect that this will result in the creation of a substantial number of very high quality jobs in the Coatesville area."
3/2/2007
MVP Capital Partners announced the closing of its sale of Keystone Ranger Holdings to Sikorsky Aircraft Corporation, a wholly owned subsidiary of United Technologies Corporation.
Keystone, a leading rotorcraft services company headquartered in West Chester, Pennsylvania, became a portfolio company of MVP II in January 2002. After the initial acquisition of Keystone, MVP II Added value to the investment in partnership with KRH Management by:
- Providing follow-on investment capital for the development of a significant facilities expansion in Coatesville, Pennsylvania, adjacent to the Chester County Airport
- Advising the company on a series of financing transactions, including:
- Refinancing the company’s senior credit facilities
- Raising subordinated debt and equity co-investments
- Enabling sale-leaseback financing of certain real estate assets
- Structuring-and providing the capital to consummate-the acquisition of a sister subsidiary, Composite Technology, Inc., based in Grand Prairie, Texas, which provides complementary rotor blade repair services.
As a consequence of this series of post-acquisition transactions, culminating in the sale of the company to Sikorsky, MVP has realized a 47% internal rate of return on its investment and facilitated the growth of Keystone from $55 million of trailing twelve months revenue at the time of closing its initial investment to approximately $120 million of revenue in 2005.
Robert E. Brown, Managing General Partner of MVP, stated, "We want to congratulate the Keystone and CTI management teams on closing this transaction. We are very pleased to have Sikorsky succeed us as the steward of these fine rotorcraft assets, believing for some time now that it would be a very natural acquirer of Keystone due to the strong customer relationships that exist between and among these entities. There is no doubt that Sikorsky will realize substantial benefits in its business as a consequence of this transaction."
Mr. Brown also noted, "This transaction is great for MVP and good for the community as well, as it importantly expands the presence of United Technologies Corporation into the Commonwealth of Pennsylvania. It is very gratifying to see Keystone, itself a wonderful and solid 52-year old business, becoming a core addition to the commercial side of Sikorsky's business. We fully expect that this will result in the creation of a substantial number of very high quality jobs in the Coatesville area."