Fundamental launches helicopter investment strategy, acquires Heloair Inc.

Fundamental Advisors, an established alternative asset manager focused on municipal, public purpose and community assets, announced the launch of its helicopter investment strategy and the acquisition of HeloAir, Inc. (HeloAir or the Company), a regional operator of utility and fire suppression helicopters, based in Richmond, Virginia. Terms of the transaction were not disclosed.

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The acquisition marks Fundamental’s first investment out of its helicopter investment strategy focused on providing essential services across the U.S., an extension of the firm’s focus on investing in municipal and public purpose assets.

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With this new platform, Fundamental will seek to invest behind businesses supporting public safety missions that protect critical national infrastructure, with a focus on cutting-edge companies leveraging helicopters and aerial firefighting services to monitor the electrical grid and gas pipelines for utility customers.

HeloAir is a premier private helicopter service in the Mid-Atlantic region, founded in 1993 with a commitment to aviation safety and excellent customer service.

HeloAir patrols over 50,000 miles of pipeline and 10,000 miles of powerlines annually and has overseen 750,000 acres of controlled fire burn.

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With the highest safety rating in the rotary aviation industry, HeloAir maintains its designation through ongoing advanced training, a rigorous management program and market-leading aircraft maintenance. HeloAir will continue to be led by founder and president Whit Baldwin, who will retain a stake in the business, as well as the existing management team.

“We are pleased to launch our helicopter investment strategy with this investment in HeloAir,” said Ryan Keane, senior managing director at Fundamental. “Whit and his team have built a best-in-class business providing necessary infrastructure monitoring services for communities across the Mid-Atlantic, and this partnership underscores our strategy of supporting businesses with experienced management teams in markets where we see opportunity to provide public purpose-driven solutions. We look forward to working closely with the HeloAir team to expand the capabilities of its existing fleet, while also pursuing complementary acquisitions of other best-in-class regional operators to establish an enterprise-grade platform in an otherwise fragmented market.”

Baldwin added: “We are thrilled to be joining forces with Fundamental, whose focus on investing behind public purpose assets is closely aligned with HeloAir’s mission to promote public safety through aviation. With this partnership, we will have the resources to support critical growth initiatives and business development in our target markets, while better serving our existing clients with a broader range of capabilities. We’re confident this partnership will continue to position HeloAir as the helicopter operator of choice across the Mid-Atlantic region and beyond.”

This press release was prepared and distributed by Fundamental Advisors LP.