March 20, 2013

Erickson Air-Crane announces acquisition of Evergreen Helicopters

Erickson Air-Crane Incorporated, a leading operator and the manufacturer of the powerful Erickson S-64 Aircran heavy-lift helicopter, has executed a stock purchase agreement for the purchase of Evergreen Helicopters (EHI), from Evergreen International Aviation. EHI, based in McMinnville, Oregon, is a diversified global provider of air transport services for cargo and personnel to government and commercial customers. At closing, this transaction would provide Erickson Air-Crane with an incremental fleet of 64 aircraft, consisting of both helicopters and fixed-wing airplanes. This diverse fleet serves a wide range of customers, including significant passenger transport and airlift services for the US military. EHI’s operations span the globe, including a presence in North America, the Middle East, Africa, and Asia Pacific. Under the terms of the purchase agreement, EHI is being acquired from EIA for $250.0 m, consisting of $185.0m in cash, $17.5m in unsecured promissory notes issued by Erickson Air-Crane, and approximately four million mandatorily convertible preferred shares of Erickson Air-Crane valued at $47.5m (based on an agreed value of $11.85 per share).



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