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HNZ Group to be acquired by president and CEO Don Wall and PHI
HNZ Group Inc. and PHI, Inc. announced on 31 October that, together with Don Wall, the corporation’s president and CEO, they have entered into an arrangement agreement under which Don Wall, through a wholly-owned acquisition company, will acquire all of the issued and outstanding common and variable voting shares of the HNZ Group by way of a statutory plan of arrangement under Section 192 of the Canada Business Corporations Act for CA$18.70 per share in cash. As part of the arrangement, PHI will acquire the portion of the corporation’s offshore business conducted in New Zealand, Australia, the Philippines and Papua New Guinea.
The arrangement values HNZ Group at approximately $242.4 million.
“We are pleased with the strategic review process that has led to this important transaction, which we believe to be in the best interests of the corporation and its shareholders,” said Larry Pollock, chairman of the HNZ Group board of directors.
Don Wall commented: “This transaction provides significant value and liquidity for our shareholders, as well as continuity and opportunity for our employees. I look forward to continuing the operations of the Corporation in Canada, the US and Antarctica where we will continue our brand as a well-known and respected industry participant, with an excellent safety record and reputation for providing performance excellence, innovative thinking and efficient customer service.”
Al A. Gonsoulin, chairman and CEO of PHI, said: “This acquisition is an important part of our plan to diversify our services and international footprint. It is rare to be able to acquire a segment of a company with whom you have such a strong working relationship as well as deep professional and personal regard. Together, PHI and HNZ bring a unique approach and skill to the discerning international customer. We look forward to what this will mean for our company and for those we serve.”
HNZ Group Inc. provides helicopter transportation and related support services, including search and rescue and disaster relief, with operations in Canada, Australia, New Zealand, Antarctica, the US and Southeast Asia. Its offshore operations are provided under the HNZ brand, while onshore charter operations are under the Canadian Helicopters brand in Canada, Acasta in Northern Canada and the HNZ brand in Asia-Pacific and Antarctica.
PHI, Inc. offers services to the offshore oil and gas, air medical applications, and technical services applications around the world.
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