Jazz Air parent Chorus Aviation buys Voyageur Airways

Chorus Aviation, the parent company of Jazz Air, is to acquire 519222 Ontario Limited, a holding company that owns Voyageur Airways and its related companies.

Voyageur, a Transport Canada approved air operator, is an integrated provider of aviation services including contract flying operations both internationally and domestically, and also possesses advanced engineering and maintenance capabilities. Founded in 1968, Voyageur is a private company headquartered at its 200,000 square foot facility in North Bay, Ontario.

In its specialised contract flying operations, Voyageur operates medical, logistical and humanitarian flights serving blue chip clients comprised primarily of government entities and international non-governmental organisations. The company has a total of 18 aircraft of which 13 are owned and 5 leased with the majority being Bombardier Dash 8-300 and CRJ200 aircraft. Voyageur currently operates in Canada, Africa and Central Asia.

Voyageur’s engineering and advanced maintenance operations include being a Transport Canada-certified Design Approval Organization. With this capability, the company has developed a number of Supplemental Type Certificates for modifications and improvements for Bombardier regional aircraft. The company is an 'approved organization' under Transport Canada, US FAA and EASA regulations and has full in-house design engineering and aircraft modification capabilities for special mission integration and support requirements along with parts sales and manufacturing. The company also has storage and parking capabilities for up to 65 regional aircraft at its North Bay facility.

Voyageur also operates a small fixed-base operation at the North Bay airport providing services such as aircraft fuelling, ground handling and aircraft hangar and storage facilities.

The purchase price, on a cash free/debt free basis, represents a total enterprise value of approximately $80 million, subject to closing working capital adjustments. Closing of the transaction is expected to occur in the second quarter of 2015 and is subject to certain closing conditions.

"We are very excited about this acquisition as it is a logical extension of our existing contract flying business model," said Joe Randell, president and chief executive officer, Chorus. "This transaction also provides a strong platform to generate incremental revenue through an expanding customer base both internationally and domestically. Voyageur's infrastructure and engineering capabilities will be logical additions to help maximise the value of surplus aircraft as our fleet transitions. Voyageur will continue to be operated by its talented and experienced management team, led by Max Shapiro, focused on profitable growth."

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