Amavco acquires Field Aviation from Hunting
May 30, 2012, 12:42 pm
Amavco, a privately held U.S. company, successfully completed its first major acquisition with the purchase of the Field Aviation Company from Hunting. Amavco purchased Field Aviation for a consideration of CA$12 million through its subsidiary, a group of companies owned by a combination of North American investors.
Both Hunting and Amavco agreed to an environmental escrow account that will pay for any environmental matters that come up in the future relating to the Field Aviations hangar facilities. The escrow will remain in place until the lease expires in 2027. Once all sales are final, Hunting will deposit CA $4 million into the environmental escrow account.
Field Aviation is an international aircraft modification and parts manufacturing company with products and services geared toward various specialities, including, avionics service and installation, interior design, and aircraft leasing and sales.
Field Aviation started in Calgary, Alberta, but moved its headquarters to Cincinnati, Ohio. With other locations across the United States and Canada, Field Aviation employs approximately 300 workers for all its operations.
“I see this change in ownership as a great opportunity for us all at Field Aviation. With a clear focus from the Amavco board on growing our aviation business, I am very much looking forward to continuing to work with all our dedicated staff, customers and suppliers and continuing to build on the great name of Field Aviation in the coming years," said John Mactaggart, president and CEO of Field aviation.
With the purchase of Field Aviation, Amavco hopes to encourage growth in the aviation services sector. Amavco plans to retain the current senior management of Field Aviation and is in discussions with several other targets it plans to acquire.
Further aviation expansion will encourage term life insurance for pilots. Amavco is now in the early stages of finding a site for its first U.S. modification center.
“While we fully intend to pursue aggressive growth for our Canadian operations, we are also excited about the prospects of growth in the U.S. We are looking at suitable sites that will accommodate our needs and provide us appropriate incentives to help us fast-track plans. We expect to add 80 to 125 new jobs within the first several years of operations in the U.S,” said Dan Magarian, the chairman of Amavco.
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