Ranger's copter business taking off in Fort Worth

By Bob Cox

Star-Telegram Staff

Editor's note: This report was originally posted on March 2, 2008.

HOUSTON -- Last June, when Ranger Aerospace purchased Texas Aviation Services, an established and well-regarded Fort Worth company, officials said it was the first step in a plan to build a major helicopter-service business center.

Ranger is now moving fast to implement that plan.

Two small aviation-service companies recently acquired by Ranger are moving from Reno, Nev., into quarters at Meacham Airport.

"The trucks are rolling as we speak," Steve Townes, Ranger founder and chief executive, said last week while attending the Helicopter Association International’s Heli-Expo trade show in Houston.

The relocation of Integrated Flight Systems and Platinum Aviation and their 25 employees will give Ranger three operating companies at Meacham with more than 150 employees.

It’s the core of what Townes says will become a group of businesses focused on providing world-class customization, modification and upgrades of new and used helicopters serving customers in the U.S. and overseas.

Buy, build, sell

At its core, Ranger is an investment company. It buys, it builds, and eventually, it sells.

Backed by the Hunt family of Dallas, Townes and partner Brian Nerney, Ranger’s chief operating officer, are moving swiftly to acquire or join with other companies in a series of ventures that will generate business.

"We’re looking to acquire small, expert companies that are very good at what they do," Townes said. He added that Ranger is involved in negotiations that could soon lead to one or more additional acquisitions.

Ranger is injecting fresh capital and management expertise into its new holdings.

"We intend," said Townes, "to create the largest and best independent rotorcraft technical-services company in the South."

Townes and his partners have done this before. Texas Aviation is their third aviation venture since 1997. The first two followed a pattern of new investment and growth, leading to a very profitable sale.

In 2001, the company began a series of acquisitions centered on Keystone Helicopters, a Coatesville, Pa., company that, like Texas Aviation, repaired and modified helicopters. A large complex was built to house the combined businesses. In December 2005, after tripling Keystone’s revenue to more than $100 million, Ranger sold the company to Sikorsky Aircraft.

Beginning in 1997, Ranger acquired several aircraft-repair and modification businesses under the umbrella of Aircraft Services International Group, which was sold four years later at a significant profit.

Townes says a similar scenario will play out in Fort Worth, and he expects to build up and sell the recently acquired businesses within three to five years.

Customizing new, used

Texas Aviation’s business has grown significantly in recent years along with a resurgent helicopter industry. It doubled revenue in 2007.

With demand for new and rebuilt helicopters surging worldwide, manufacturers and buyers of new aircraft are increasingly looking to outside companies like those Ranger has acquired to provide heavily customized interior and equipment packages.

Looking for comments?