Erickson Air-Crane announced Friday that it had completed its acquisition of Evergreen Helicopters.
Evergreen, based in McMinnville, operates a fleet of 65 aircraft, both helicopter and fixed-wing planes, for passenger transport and cargo carrying. Evergreen's operations include programs with the U.S. military in support of overseas operations and it has operations in North America, the Middle East, Africa and Asia-Pacific.
Cost of the acquisition was $185 million in cash, $17.5 million in unsecured promissory notes issued by Erickson and approximately 4 million newly issued preferred shares.
Evergreen reported 2012 revenues of $201.2 million in revenues and $51.2 million in earnings. Using a comparable reporting basis, Erickson's 2012 results were earnings of $57.2 million on revenues of $180.8 million.
Erickson, which houses its primary manufacturing and maintenance facility in Central Point, also is in the midst of the acquisition of Air Amazonia from HRT Petroleum, which operates in South America.
In a press release, Udo Rieder, chief executive officer of Erickson, called the acquisition "the beginning of a new chapter in the history of our company."
"We will see an immediate increase in scale, have a wider range of mission capabilities, do business with an expanded suite of customers, and reduce risk through a greatly enhanced level of diversification, including a truly global footprint," Rieder said in the release.
Erickson Air-Crane currently operates 87 helicopters and fixed wing aircraft, including a fleet of 20 heavy-lift S-64 Aircranes.
Its projects include supply for military forces, humanitarian relief, firefighting, timber harvesting and infrastructure construction.
Founded in 1971 in Central Point, Erickson Air-Crane now is headquartered in Portland.