Cardiff-based helicopter charter business Veritair Aviation has been acquired in a multi-million pound deal.
The business, founded in 1982 by Captain Julian Verity, has been acquired by Patriot Aerospace.
The deal, the exact value of which is not being disclosed, sees Sir Peter Rigby's aviation group acquire a significant majority share in the Cardiff Heliport operator. which as well as its police and commercial contracts has been expanding into the lucrative air ambulance market.
Finance director of Patriot Finance Paul Southall said: “We are delighted to announce the completion of a deal which not only incorporates another profitable and successful company, but means that Patriot Aerospace takes responsibility for Cardiff City Heliport, one of the best purpose-built facilities in Europe.
“To move forward sustainably, our helicopter operations must move away from solely private charter, private pilot training and light helicopter engineering to more stable and lucrative work in the commercial field, and this announcement marks a significant step in that direction.”
Veritair’s managing director Mr Verity, who will remain with the business, said the acquisition provided opportunities to expand commercial and utility services under the Patriot Aerospace banner.”
He added: “Becoming the specialist commercial helicopter division of Patriot Aerospace gives Veritair considerably more muscle to flex when competing for the expanding business opportunities coming our way.
“Whilst our Welsh roots are exceedingly important, we need the economies of scale that only came with being part of a bigger UK operation.
“This move gives Veritair that chance to expand and I am very pleased to be part of a ‘good news’ story from a Welsh company punching above its weight.”
Mark Souster, managing director at Patriot Aerospace said: “Veritair brings a solid and respected track record in commercial operations, which gives us a great start in creating a credible British competitor for oil and gas contracts and also established operations with the police and air ambulance services.
“We look forward to working with the latest additions to the Patriot team as we consolidate and expand the group's commercial operations across the UK.”
Patriot Aerospace was advised on the deal by Shoosmiths and Veritair by Cardiff-based Gambit Corporate Finance and Capital Law.