Universal Helicopters Newfoundland Ltd. (UHNL) has announced that it has entered into an agreement to sell its helicopter operations to Universal Helicopters Newfoundland and Labrador LP, a limited partnership formed by Nunatsiavut Group of Cos. (NGC), Tasiujatsoak Trust and CAPE Fund.
“Parting with valued and dynamic assets is never easy and it was a difficult decision to sell the helicopter operations when it includes so many people I know personally,” said Harry R. Steele, chairman of UNH. “The company has been in business for 50 years and has had a long history of providing great service to its customers. With NGC being locally-based in Goose Bay, I believe that the road ahead for the business is paved with opportunity.”
NGC president and CEO James Thorbourne said the acquisition of UHNL’s helicopter operations is an important part of its overall business portfolio.
“UHNL brings with it a wealth of experience and knowledge of not only Newfoundland and Labrador but also Canada’s Arctic regions. UHNL is the ideal fit with our existing Labrador based fixed-wing and marine-transportation assets,” Thorbourne said.
UNHL’s helicopter operations will continue to operate under the Universal Helicopters name as part of Universal Helicopters Newfoundland and Labrador LP. Completion of this transaction is expected to be within 60 days.
Original article: http://www.thetelegram.com