Key Takeaways
- • Antin Infrastructure Partners acquired High Performance Helicopters (HP Helicopters) of Redlands, California, in a deal announced in early October, according to Vertical Mag.
- • HP Helicopters, founded in 2005 by Brad and Tracey Bauder, serves aerial firefighting, critical utility infrastructure, remote area construction, specialized helicopter maintenance, and aerospace R&D, with long-term contracts with customers in 10 U.S. states.
- • Antin's thesis centers on fleet expansion, FBO and MRO development, new certifications, and a transition to long-term exclusive-use contracts under its NextGen strategy.
- • Red Mountain Capital Advisors ran the sale process for the Bauders, who sought growth capital, preserved a minority stake for Brad Bauder, and let Tracey Bauder step aside as CFO.
- • Brad Bauder remains CEO with a minority stake; Santiago Crespo, with 25 years of industry experience, succeeds Tracey Bauder as CFO.
Summary
Private equity firm Antin Infrastructure Partners has acquired High Performance Helicopters (HP Helicopters) of Redlands, California, in a transaction announced in early October. Vertical Mag reports that the deal was driven by the company's long-term contracts, vertical integration supported by in-house maintenance and design capabilities, and a strong industry reputation.
HP Helicopters was established in 2005 by Brad and Tracey Bauder and built into a business known for aerial firefighting, critical utility infrastructure work, remote area construction, specialized helicopter maintenance, and aerospace research and development. The company currently holds long-term contracts with several prominent customers across 10 U.S. states.
The Bauders engaged Red Mountain Capital Advisors, a Los Angeles-based M&A firm focused on founder- and privately owned businesses, to find growth capital. Their goals were to preserve a minority ownership stake for Brad Bauder and to enable Tracey Bauder to step aside as Chief Financial Officer. Chris Teets, co-founder and partner of Red Mountain Capital Partners LLC, said the process generated significant buyer interest. He attributed this to infrastructure demand and rising wildfire seasons, noting that demand for helicopter assets exceeds supply.
Antin's press release cited two separate growth drivers: increased need for wildfire emergency response and rising demand for infrastructure heavy-lift services. The firm described the company as a fit for its NextGen strategy and said it sees potential to expand the fleet, improve efficiencies, and shift further toward long-term exclusive-use contracts. Brad Bauder will remain CEO, and Santiago Crespo succeeds Tracey Bauder as CFO.
The company's certifications and maintenance approvals are also cited as valuable. In 2017, HP Helicopters received certification to build civilian versions of Sikorsky's UH-60A Black Hawk under its own type certificate, allowing it to offer the modified HP60 at a lower cost than a new Black Hawk. Teets also pointed to the company's in-house MRO facility and said he has seen increased inbound inquiries across helicopter and broader aviation segments, including drones and FBOs, suggesting infrastructure funds are seeking service-oriented exposure to the sector.
HP Helicopters was established in 2005 by Brad and Tracey Bauder and built into a business known for aerial firefighting, critical utility infrastructure work, remote area construction, specialized helicopter maintenance, and aerospace research and development. The company currently holds long-term contracts with several prominent customers across 10 U.S. states.
The Bauders engaged Red Mountain Capital Advisors, a Los Angeles-based M&A firm focused on founder- and privately owned businesses, to find growth capital. Their goals were to preserve a minority ownership stake for Brad Bauder and to enable Tracey Bauder to step aside as Chief Financial Officer. Chris Teets, co-founder and partner of Red Mountain Capital Partners LLC, said the process generated significant buyer interest. He attributed this to infrastructure demand and rising wildfire seasons, noting that demand for helicopter assets exceeds supply.
Antin's press release cited two separate growth drivers: increased need for wildfire emergency response and rising demand for infrastructure heavy-lift services. The firm described the company as a fit for its NextGen strategy and said it sees potential to expand the fleet, improve efficiencies, and shift further toward long-term exclusive-use contracts. Brad Bauder will remain CEO, and Santiago Crespo succeeds Tracey Bauder as CFO.
The company's certifications and maintenance approvals are also cited as valuable. In 2017, HP Helicopters received certification to build civilian versions of Sikorsky's UH-60A Black Hawk under its own type certificate, allowing it to offer the modified HP60 at a lower cost than a new Black Hawk. Teets also pointed to the company's in-house MRO facility and said he has seen increased inbound inquiries across helicopter and broader aviation segments, including drones and FBOs, suggesting infrastructure funds are seeking service-oriented exposure to the sector.
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