Business
Element Financial Corporation to Acquire US Helicopter Portfolio
Purchase of US$250 million helicopter lease portfolio positions Element as a N.A. indus...
About this update from Element Fleet Management Corporation
[{"type":"text","content":"\n\n\nPurchase of US$250 million helicopter lease portfolio positions Element\n as a N.A. industry leader\n\n\nTORONTO, Nov. 13, 2013 /CNW/ - Element Financial Corporation (TSX: EFN)\n (\"Element\" or \"the Company\"), one of North America's leading\n independent equipment finance companies, today announced that it has\n entered into an agreement to acquire a $250 million portfolio of\n finance assets secured by individual helicopters operated by a\n diversified base of customers across a variety of industries in the\n U.S.\n\n\n\"This transaction will provide Element with a seasoned portfolio of\n financial assets and direct access to well-established operators and\n manufacturers across the US helicopter market,\" noted Bradley\n Nullmeyer, President of Element Financial Corporation. \"The transaction\n allows us to take advantage of early renewals, end of lease\n replacements and upgrade cycles with these customers and\n manufacturers,\" added Mr. Nullmeyer.\n\n\nThe purchase will strengthen Element's position as one of the largest\n participants in the North America helicopter finance market. \"Combined\n with our existing portfolio of helicopter financings, this transaction\n elevates and secures our position as a North American leader in\n helicopter finance,\" noted Tony Bergeron who leads the Company's\n Aviation Finance business unit. \"We expect to increase our penetration\n of this market by continuing to deliver timely credit decisions,\n tailored financing solutions and highly competitive product structures\n to these customers,\" added Mr. Bergeron.\n\n\nThe portfolio of assets consists of 63 individual helicopters operated\n by a diversified base of customers across a variety of industries. The\n portfolio has no history of losses and has a credit profile that is in\n alignment with Element's exiting book of aviation financings.\n\n\n\"This asset purchase is in line with our business plan and advances our\n growth strategy,\" noted Steven K. Hudson, Element's Chairman and CEO.\n \"In addition to giving Element an industry-leading position in the\n North American helicopter finance market, it adds to our Aviation\n Finance business unit to strengthen growth in 2014 and beyond,\" added\n Mr. Hudson.\n\n\nThe transaction is expected to close on or before December 31, 2013\n subject to customary conditions precedent.\...