PDG Helicopters has been sold to its management by owners the Laing family in a deal worth over £20million.
The company, headquartered in Inverness and employing 85, provides specialist aerial support services across the UK and Ireland with a focus on infrastructure and construction projects. Formed in 1994 after the merger between helicopter groups PLM and Dollar, it has bases in Glasgow, Wolverhampton and Dublin, and its recent projects include the upgrade of the Beauly to Denny power line.
The deal sees Lloyds private equity arm LDC take a majority equity stake in the business with management led by chief executive Jerry Francis investing alongside to take a substantial minority stake.
John Forrest, former senior vice president at Talisman Energy UK, joins the board as chairman along with non-executive Jim Wilson, former managing director of SSE Ventures, both with immediate effect.
Mark Kerr, head of LDC Scotland who joined the board at completion and led the deal, said: "Jerry and the rest of the PDG management team have done a great job over the last few years transforming PDG into the clear market leader in its field."
Mr Francis said: "LDC's investment provides the financial and strategic support to help us capitalise on the increased demand for our services in the infrastructure and construction sector. This investment will enable us to increase our fleet and have the capacity to service the growing market demand more effectively."
Lloyds Bank provided a £15m funding package to facilitate the deal.
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