Bristow Group has acquired 42.5% of Lider Aviacao Holding S.A., Brazil’s largest provider of helicopter and executive aviation services. Founded in 1958, Lider operates the largest helicopter fleet in Brazil, with 46 helicopters serving the oil and gas industry, representing approximately 50% of the oil and gas market in Brazil. Its helicopter operation is the most profitable business segment and has been growing revenues at a compounded annual rate of over 22% in the past three years. Lider’s fleet has 46 helicopters and 29 charter aircraft. At December 31, 2008, there were approximately 1,480 employees. Lider generated approximately $305 million in revenue and $33 million in Adjusted EBITDA in 2008 and $12.5 million in Adjusted EBITDA in the March 31, 2009 quarter on $60 million in revenue.
Concurrent with the acquisition of the 42.5% interest in Lider at a purchase at a price of $174 million, Lider purchased one large and four medium aircraft from the company valued at approximately $55 million, resulting in a net cash outlay by Bristow of $119 million.
