Hawke Aerospace Announces New Revolving Credit Facility
MORGANTOWN, Pa., Nov. 19, 2012 /PRNewswire-iReach/ -- Hawke Aerospace announced today the closing of a new revolving credit facility provided by Gibraltar Business Capital, based in Northbrook, Illinois.
Hawke Aerospace is the parent company of helicopter maintenance provider Uniflight, air medical operator Keystone Med-Flight and Aviation Services Unlimited, which provides tactical airlift services primarily to law enforcement agencies and utility companies. On a combined basis, the Hawke Aerospace operating subsidiaries have grown from a single location with 19 employees in 2008 to approximately 100 employees currently across an expanded set of maintenance and helicopter base operating locations in Pennsylvania, New Jersey, New York, and Texas.
Chairman and CEO of Hawke Aerospace, Joe Hawke stated: "This new revolving credit facility from Gibraltar Business Capital provides an important source of working capital to our company. It will enable us to continue on a very positive growth trajectory as we respond to increasing levels of demand for service across our diversified set of capabilities. We were very impressed with the professional approach, speed and courtesy that Darren and his team took in underwriting our transaction. We look forward to continuing to work with the Gibraltar team."
Darren Latimer, President and CEO of Gibraltar Business Capital, said "The Hawke Aerospace team has been able to achieve impressive growth over the past few years, despite the difficult economic environment. We have every expectation that the continuing growth initiatives of the business will bear fruit for all of the participants in this transaction."
ABOUT UNIFLIGHT: Uniflight, LLC is headquartered in Grand Prairie, Texas and is the premier provider of maintenance, repair, overhaul, aircraft program management and completions for both helicopter and fixed wing operators. Uniflight has additional facilities in Rome, New York; Belle Vernon, Pennsylvania, and Reading, Pennsylvania. Uniflight holds FAA, DGCA and EASA repair station certificates, and is an American Eurocopter authorized service center and a Platinum-rated Bell Helicopter Customer Service Facility. (www.uniflight.com)
About Keystone Med Flight: Based in Lancaster County, Pennsylvania, Keystone Med-Flight is an FAA Certified Emergency Medical Service (EMS) Air Carrier. Keystone provides the highest quality air medical operations, management, consulting and maintenance services, with air operation bases in Pottstown, Pennsylvania, and Woodbine and Vineland, New Jersey. (www.keystonemedflight.com)
About aviation services unlimited: Aviation Services Unlimited is an FAA Certified Air Carrier based in Rome, New York. ASU provides tactical airlift support services to the on-shore utility industry (gas pipeline and electric grid) as well as law enforcement agencies. (www.asuhelicopter.com)
ABOUT GIBRALTAR BUSINESS CAPITAL: Gibraltar Business Capital, based in Northbrook, Illinois, is a well capitalized asset based lender serving small and middle market companies with annual sales of $2 to $50 million. Typically, Gibraltar's loans are secured by receivables and inventory. Gibraltar offers a unique revolving feature which allows a borrower to efficiently leverage their balance sheet while maintaining their debt. (gibraltarbusinesscapital.com)
SOURCE Hawke Aerospace Group
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