Ranger International Acquires US Logistics, Inc.

Dépèche transmise le 24 août 2009 par Business Wire

GREENVILLE, S.C.--(BUSINESS WIRE)--Ranger Aerospace, a private equity consolidator that specializes in the aerospace/defense industry, has tripled its government services operating investments with the acquisition of US Logistics, Inc., a government outsourcing contractor specialized in aircraft technical services, tactical vehicle overhauls and repairs, technical staffing, and base logistics. Ranger’s newest investment platform is called Ranger International Services Group, Inc., which acquired a majority stake in US Logistics on August 11, 2009. US Logistics is a veteran owned company in Fayetteville NC, with over 600 employees working with the US military and larger prime contractor customers. US Logistics’ six divisions provide a variety of support services including the maintenance and modification of tactical vehicles, aircraft maintenance services, warehouse and logistics solutions, human resources outsourcing, and technical staffing. US Logistics has become a recognized segment leader in outsourced services with its well trained, diverse workforce, responsible for the successful execution of various projects in 8 countries and 38 states in the United States.

Ranger International’s investment in US Logistics (www.us-l.com) comes on the heels of its acquisition of government outsourcing contractor CAV International, Inc. (www.cavint.com), acquired in the first quarter of 2009. CAV International provides specialized airfield services and logistics in the growing military outsourcing arena. Total employment across US Logistics and CAV International by the end of 2009 will be over 1,000 skilled professionals specialized in the servicing of military vehicles and aircraft, airfield services, and base logistics support. Overall size of the merged company is estimated by management to be roughly $100 Million by year-end. The combined operation of US Logistics and CAV International has a broader geographic footprint, a greater array of customers, and offers a wider variety of skilled technical services. Both Ranger subsidiaries are continuing to grow steadily, with robust bidding pipelines and opportunities for expansion.

Steve Townes, CEO of Ranger International Services Group and founder of Ranger Aerospace LLC said: “This acquisition allows us to expand both the breadth and depth of our government services capacity and provide better services to our customers in more locations worldwide. This investment quickly vaults us forward to an outstanding level of critical mass on behalf of our customers and employees. We view this deal as a critical next step in achieving our long term objective of building a highly specialized independent Government Services & Logistics provider that is focused on solving our nation’s airfield, vehicular overhaul, logistics, and base services challenges domestically and abroad. US Logistics works at the heart of that mission, and we look forward to continuing to build its capability under the Ranger umbrella.”

The founder of US Logistics, Mr. Michael Boyce, remains in his role as President and CEO of that Ranger unit, and is a substantial stakeholder in this growth enterprise. “This acquisition provides us with the resources and momentum required to be more competitive in the marketplace and serve larger, more diverse customers,” said Boyce. “It also expands the career opportunities for our highly specialized employees.” Mr. Boyce joins the Board of Directors of Ranger International and is appointed as president of the holding company.

Additional growth investments and acquisitions are planned for this latest Ranger Aerospace build-up. This segment of the government outsourcing sector is expected to exhibit continued growth in the years ahead.

In its previous successfully exited consolidations, Ranger Aerospace made significant value enhancements in the aerospace services companies that it operated, driving business development via investments in people initiatives, capital equipment, quality systems, process improvements and LEAN innovations, and enhanced customer service programs. The plans for US Logistics and CAV International mirror those previous accomplishments and successes. In its two largest previous consolidations, Ranger caused most of the value creation for its shareholders and employees through internal improvements and aggressive sales growth of the initial platform company, combined with complementary acquisitions. In all of its operations, Ranger Aerospace enforces a serious and continuous focus on Quality, Safety, and F.A.R. Compliance.

Investors in Ranger International include First New England Capital, Argosy Investment Partners, Plexus Capital, Ranger Aerospace LLC, Ranger's management, Mr. Boyce, Mr. Vaughan, and Ranger International Partners IV L.P. The lead investor is First New England Capital, a private equity fund that provides direct investment capital for small and middle market businesses.

Ranger Aerospace LLC remains an investor in several rotorcraft services companies in Fort Worth, Texas, but those investments are unrelated to Ranger International Services Group.

Ranger Aerospace, with headquarters in Greenville SC, is a privately held investment and management holding company that partners with private equity institutions to acquire and grow companies in aviation services and aerospace/defense support operations. Ranger and its co-investors add value to acquired companies via seasoned veterans experienced in aviation services, aerospace program management, engineering, finance, corporate development, government contracting, MIS, marketing & strategic planning, executive recruiting, Total Quality Management, LEAN initiatives, mergers & acquisitions, post-merger integration, and turnarounds. When previously headquartered in Greenville, Ranger Aerospace with 4,250 employees during that era was recognized by the State Chamber of Commerce as one of the Top 25 largest private employers headquartered within South Carolina. Greenville was recently ranked as one of the best small cities in North America for business in a nationwide “Cities of the Future” study.

Additional Information can be found on the web at www.rangeraerospace.com, www.us-l.com, and www.cavint.com. Previous “realized” Ranger Aerospace investments can be viewed at www.keystonehelicopter.com and www.asig.com.

Forward Looking Statements: The Company from time to time may discuss forward-looking information. Except for factual historical information, all forward looking statements are estimates by the Company’s management and are subject to various risks and uncertainties that are beyond the Company’s control and may cause actual results to differ materially from management’s expectations. This release includes “forward looking statements” as defined under securities laws, including statements about the future operations of the business. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ from the statements. These include risks and uncertainties inherent in merger & acquisition transactions, in realizing the anticipated benefits of combining businesses, and in obtaining additional business to increase revenues in a highly competitive environment, among numerous other risks and uncertainties.

Business Wire

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