News

5/15/2008
Press Release

Jamaica, New York – May 15, 2008 — Cargo Airport Services USA, LLC (“CAS”) is pleased to announce that Cathay Pacific has awarded CAS the cargo handling contract at George Bush Intercontinental Airport (IAH). Cathay Pacific will be the sixth freighter carrier customer at IAH where CAS is the largest cargo handler. CAS is celebrating their tenth year anniversary at IAH providing cargo handling services for 16 airline customers.

This is a new destination for Cathay Pacific commencing service between Hong Kong and Houston on September 01, 2008 operating B747/400 freighter aircraft with three weekly flights.

Neal Moran, CEO of CAS, commented that “We are excited about this new business and the future opportunity to partner with Cathay Pacific in other CAS gateway locations. Cathay Pacific is a World Class Pacific Rim operator and we look forward to contributing to their success in the Houston market with our industry proven record as a quality cargo handler”.

In 2007, CAS acquired Genesis Aircraft Support based in Houston, Texas and the Cargo Zone Group of Companies based in Montreal, Canada, with operations in Toronto and Montreal. With the addition of Seattle in 2007, CAS will have operations at 14 cargo facilities throughout the US and Canada, with a leading cargo handling position in most of the markets it serves.

Cargo Airport Services USA is based at JFK International Airport and provides ramp, international cargo handling and facilities management services to over 50 carriers and freight forwarders in eight Gateway Cities. CAS expansion plans include other international gateways throughout North America in 2008. For more information regarding CAS contact Phil Jensen, Director of Sales and Marketing, at (917) 842-3579 or pjensen@casusa.com or visit our website at: www.casusa.com

12/20/2007
CAS Press Release

December 20, 2007 – Jamaica, New York — Cargo Airport Services USA, (“CAS”) announced today that Neal A. Moran has joined the Company, effective immediately, as Chief Executive Officer. Mr. Moran will report to Carl A. Smitelli, founder and C.E.O. Emeritus of Cargo Airport Services USA, LLC.

Mr. Moran joins CAS from DHL Express where he was the Director for DHL’s International Operations at John F. Kennedy International Airport in Jamaica, New York. In this position, Mr. Moran was responsible for all cargo processing and ground handling operations, full brokerage services and US Federal regulatory compliance. New York is one of the most strategic gateways in DHL’s global network, being the central processing facility for all inbound and outbound cargo to Europe, Africa and the Middle East. Previously at DHL, Mr. Moran served as the Regional Director for the Midwest region where he was responsible for 1,200 employees at over 50 locations. Prior to joining DHL in 1993, Mr. Moran spent 15 years in a number of increasingly senior positions with UPS in the metro New York area and Greenwich, Connecticut.

Mr. Smitelli stated that “Neal’s more than thirty years of experience working with DHL and UPS, and the close attention to detail required to meet their strenuous time and quality requirements will be a tremendous asset to our Company. Neal will build upon our operations team, which we believe is the best in the cargo industry, and will work with our organization to expand CAS’ presence throughout the North American cargo market. His in-depth operational experience, leadership skills and commitment to customer service will insure our continued success well into the future. We are pleased he is joining CAS.” Mr. Duffy, President of CAS, added that “Neal’s operational expertise and extensive customer relationships will further distinguish CAS in the cargo industry, and ensure that CAS continues to provide the best service to our customers as well as help facilitate our entry into new markets.”

Cargo Airport Services USA is a full service cargo handling company based at John F. Kennedy International Airport in Jamaica, New York. CAS provides a full range of cargo handling services such as ramp services, warehouse handling of import and export cargo, traffic handling, snow removal, and push back services for international and domestic cargo carriers. CAS is the largest U.S. based cargo handler in North America, with operations at the international airports in New York, Houston, Newark, Washington Dulles, San Antonio, Alliance-Ft. Worth, Seattle, Toronto and Montreal, Canada. CAS services more than 60 international and domestic carriers from 15 facilities with three additional locations scheduled to come on line in 2008.

For additional informational regarding CAS contact Phil Jensen, Director of Sales and Marketing, at 718 656-1533 or pjensen@casusa.com.

Closes on a $5.2 million Equity and Mezzanine financing led by Ticonderoga Capital and Merion Investment Partners, LP

9/28/2007

PHOENIX – September 28, 2007 – AFS Technologies, Inc. (“AFS”), the leading provider of enterprise software solutions to the Food & Beverage industries, announced today that it has completed the acquisition, for cash and stock, of Sales Partner Systems (“SPS”), a Daytona Beach, FL-based provider of sales force automation (SFA) software and database management services.

SPS is the industry approved manager of PROFILE®, a comprehensive database of product information for the food industry. It contains valuable marketing and specification information on a vast array of products. The information in PROFILE® includes serving suggestions, nutritional information, ingredient statements, packaging & storage information, and preparation & cooking instructions. This information is collected directly from manufacturers and placed in the PROFILE® database. SPS’s software applications, sold on a subscription basis, facilitate the exchange of PROFILE® product information among Manufacturers, Distributors, Operators and other software companies.

AFS now serves over 500 customers, employs over 120 professionals, and is headquartered in Phoenix-AZ, with offices in Milford-CT, Weston-FL, Daytona Beach-FL, and Bangalore, India.

AFS also announced today that it had closed a $5.2 million financing comprised of $3.7 million in equity capital led by Ticonderoga Capital, a Wellesley, MA-based private equity firm, and an additional $1.5 million in mezzanine debt provided by Merion Investment Partners, LP who has been providing capital to AFS for its last three acquisitions, over the past 18 months. The Argentum Group (“Argentum”), a New York-based private equity firm and AFS’s largest shareholder, played an integral role in facilitating these transactions.

Kurien Jacob, AFS’s CEO commented, “SPS was the pioneer in sales force automation in the food industry and has been the leader in this segment for some time. We are delighted to have partnered with the management of SPS to continue the growth of AFS. As the exclusive source for the PROFILE® Database, SPS is in a unique strategic position in the foodservice segment, which has substantial potential for growth.” Mr. Jacob added, “With the acquisition of SPS, AFS has now assembled the industry’s most comprehensive family of product offerings, including Distribution, Food Processing, Financial Solutions, Sales Applications, RF & Voice-based Warehouse Management, and Transportation software.”

“We’re very enthusiastic about becoming a part of the AFS organization” said Joseph Bendix, CEO of SPS. AFS has excellent products built on a state-of-the-art SOA technology platform. Their extensive development expertise, utilizing the Microsoft .NET framework, will enable us to continue to provide our customers with innovative products at a much faster pace than we could have done on our own. In addition, our manufacturing customers will benefit from AFS’s customer base of over 400 distribution companies, who will now have access to their PROFILE® product information. These combined distribution customers reach virtually every foodservice operator in the United States, providing greater value to our manufacturing and distribution customers,” Mr. Bendix added.

“We look forward to supporting the continuing growth of AFS,” said Craig Jones, Managing Partner of Ticonderoga Capital. “We believe the company has an excellent management team and the best enterprise software solution for the markets it serves.”

Walter Barandiaran, Chairman of AFS and a Managing Partner of The Argentum Group concluded, “We are very pleased that Tyler Wick of Ticonderoga and Joe Bendix of SPS have joined AFS’s Board of Directors. They both share the vision of continuing to build AFS into the premier software solutions provider to the food and beverage industries. Today’s acquisition of SPS, following the acquisition of Astra in May 2007 and DMS in April 2006, firmly places AFS in such a leadership position.”

Madison Park Group, a New York-based investment banking firm, advised AFS Technologies, Inc. in the acquisition of SPS.

About AFS Technologies Inc. AFS Technologies, Inc. is the leading provider of food and beverage enterprise software solutions. The company serves over 500 customers across North America and the Caribbean with software designed to reduce costs, increase efficiency, streamline internal processes and assist in regulatory compliances. AFS offers the food and beverage industries the only software solution that provides a complete suite of fully-integrated software applications, utilizing a database independent design, and a Service Oriented Architecture (SOA) built on the Microsoft .NET framework. Solutions available include Distribution, Financials, Food Processing, Sales & Marketing, RF & Voice-based Warehouse Management, Transportation, and Database Services featuring the industry’s largest database of product information and recipes, the PROFILE® Database. For additional information Click Here.

About Ticonderoga Capital Ticonderoga invests in later stage business process outsourcing, healthcare business services and software as a service (SaaS) firms. It focuses upon companies with sustained revenue and proven gross margins. Ticonderoga seeks growth businesses, which have achieved a balance between sustainable growth and expense control. Its capital is typically used to accelerate revenue growth, make acquisitions, or provide liquidity to founders and existing shareholders. Ticonderoga is often the lead and first institutional investor, but also participates as a member of larger syndicates with other respected investment groups. Furthermore, Ticonderoga is often a minority investor thus it views its relationship with management crucial to its success. Therefore, its objective is to create long-term partnerships with exceptional management teams who are building growth businesses and require Ticonderoga’s experience, knowledge, contacts and capital to maximize their success. For more information Click Here.

About Merion Investment Partners LP Merion is the largest independent mezzanine fund headquartered in Pennsylvania and is focused on transactions ranging from $3 – $10 million to support organic growth, acquisitions, buyouts and generational transfer of ownership. Merion can function as a one-stop shop to support smaller equity funds to round out their capital raise by providing both equity and debt or as a coupon only provider to larger funds in support of buyouts or acquisitions. Merion also seeks to work directly with entrepreneurs to support their acquisition strategies as well as provide them with liquidity to diversify concentrated wealth in their companies. For more information Click Here.

About The Argentum Group The Argentum Group is a New York-based private equity firm that provides capital to growing businesses in the lower middle market, and supports expansion growth, buyouts, and recapitalizations. Argentum emphasizes the concept of “partnership investing” – backing strong management teams with proven track records and then working closely to create value together. Argentum invests $3 to $10 million in profitable companies with revenues of $5 to $50 million; and targets industries in the areas of environmental services, outsourced/business services, healthcare services, and information technology. Argentum serves as general partner of investment partnerships with over $400 million of capital under management. Since raising its first fund in 1990, Argentum has invested in over 60 companies across a broad range of industries. For more information ,Click Here.

Acquisition Positions AFS as the Leading Software Supplier to the Seafood Industry

5/9/2007
AFS News Release

PHOENIX – May 9, 2007 – AFS Technologies, Inc. (“AFS”), the leading provider of food and beverage enterprise software solutions, announced today that it has completed the acquisition of Astra Information Systems, Inc (“Astra”), a Weston, FL-based provider of software solutions to distributors, processors and importers, primarily in the Seafood industry. With this acquisition, AFS now serves over 300 customers, and will be headquartered in Phoenix-AZ, with offices in Milford-CT, Weston-FL, and Bangalore, India. AFS offers the food and beverage industries the only software solution that provides a complete suite of fully-integrated software applications, utilizing a database independent design, and a Service Oriented Architecture (SOA).

AFS also announced today that it has closed a mezzanine debt financing, provided by Merion Investment Partners, L.P., a King of Prussia, PA-based mezzanine capital firm (“Merion”), to fund the acquisition of Astra.

“I am very pleased with the acquisition of Astra. Both companies complement each other well. AFS has made a substantial capital investment in the development of its .NET framework and Astra’s management – Abe Nezvadovitz and Lee Kadin, who will play an integral role at AFS, bring deep domain expertise in the seafood industry. As a result, Astra’s customers will be offered broader product offerings on a leading edge technology platform, and more process-oriented product development and customer support, thus ensuring high quality software implementations and deployments,” said Kurien Jacob, CEO of AFS. “

“Merion is excited to continue to support the growth of AFS,” said William Means, Managing Partner of Merion Investment Partners, L.P. “We believe the company has an excellent management team and the best enterprise software solution for the food and beverage industries.”

“Our vision is to build AFS into the premier software solutions provider to the food and beverage industries. The acquisition of Astra in May 2007, following the acquisition of DMS in April 2006, adds additional scale to position AFS firmly on that path,” said Walter Barandiaran, Chairman of AFS, and a Managing Partner of The Argentum Group.

About AFS Technologies, Inc. AFS Technologies, Inc. is the leading provider of food and beverage enterprise software solutions. The company serves over 300 customers across North America and the Caribbean with software designed to reduce costs, increase efficiency, streamline internal processes and assist in regulatory compliances. Solutions available include complete distribution and financials, vendor rebate tracking, warehouse management, web order management, supply chain management, eCommerce, business intelligence, processing, and mobile sales & delivery products. For more information Click Here.

About Astra Information Systems, Inc. Headquartered in South Florida, Astra Information Systems has provided software solutions to fish and seafood importers, processors and distributors for over 24 years. Astra serves over 60 customers and is considered the leading software provider to the seafood industry. For more information Click Here.

About Merion Investment Partners, L.P. Merion is the largest independent mezzanine fund headquartered in Pennsylvania and is focused on transactions ranging from $3 – $10 million to support organic growth, acquisitions, buyouts and generational transfer of ownership. Merion can function as a one-stop shop to support smaller equity funds to round out their capital raise by providing both equity and debt or as a coupon only provider to larger funds in support of buyouts or acquisitions. Merion also seeks to work directly with entrepreneurs to support their acquisition strategies as well as provide them with liquidity to diversify concentrated wealth in their companies. To visit us on the web Click Here.

About The Argentum Group The Argentum Group is a New York-based private equity firm that provides capital to growing businesses in the lower middle market, and supports expansion growth, buyouts, and recapitalizations. Argentum emphasizes the concept of “partnership investing” – backing strong management teams with proven track records and then working closely to create value together. Argentum invests $3 to $10 million in profitable companies with revenues of $5 to $50 million; and targets industries in the areas of outsourced services, healthcare, and information technology. Argentum serves as general partner of investment partnerships with over $400 million of capital under management. Since raising its first fund in 1990, Argentum has invested in over 60 companies across a broad range of industries. For more information,Click Here to visit us on the web.

AFS Closes a $5.0 Million Financing with Merion Investment Partners, L.P.

4/3/2006
AFS News Release

PHOENIX, AZ – April 3, 2006 – AFS Technologies, Inc. (“AFS”), a leading provider of software solutions to the food industry, announced today that it had completed the acquisition of Distribution Management Systems, Inc. (“DMS”), a Milford, CT-based provider of software solutions to the food and beverage industries, for cash and stock. With the acquisition, AFS now serves over 230 customers, will employ over 100 professionals, and will be headquartered in Phoenix, with an east coast office in Milford, CT and a development facility in Bangalore, India.

AFS also announced today that it had closed a $5.0 million financing, comprised of mezzanine and equity capital, provided by Merion Investment Partners, L.P., a King of Prussia, PA-based mezzanine capital firm. A portion of the proceeds was used to facilitate the acquisition of DMS, and the remaining will be used for working capital purposes and possible further acquisitions. The Argentum Group (“Argentum”), a New York-based private equity firm, and AFS’s majority shareholder, played an integral role in facilitating these transactions.

“I am very pleased with the acquisition of DMS as both companies complement each other well, in that AFS brings a substantial capital investment in the development of its .NET framework and DMS’s management brings deep domain expertise in market segments that are new to AFS. Thus, DMS’s customers will be offered broader product offerings on a leading edge technology platform, and more process oriented product development and customer support, ensuring high quality deployments,” said Kurien Jacob, AFS’s CEO. “AFS now offers to the food and beverage industries the only solution that provides a complete suite of fully integrated software applications, utilizing a database independent design and a Service Oriented Architecture (SOA),” Jacob added.

“Merion is excited to have the opportunity to support the growth of AFS,” said William Means, Managing Partner, Merion Investment Partners, L.P.. “We believe the company has an excellent management team and the best enterprise software solution for the food and beverage industries.”

“Our vision is to build a company that will become the premier software solutions provider to the food and beverage industries; and the acquisition of DMS clearly provides the scale needed, and will position AFS firmly on that path,” said Walter Barandiaran, Chairman of AFS and a Managing Partner of Argentum.

About AFS Technologies, Inc. AFS Technologies, Inc. is a leading provider of fully-integrated, end-to-end business software solutions engineered exclusively for the food and beverage industries. The company serves over 230 customers across North America and the Caribbean with innovative, comprehensive and user-friendly solutions designed to reduce costs, increase efficiency, streamline internal processes and assist in regulatory compliances. Solutions available include complete distribution and financials, vendor rebate tracking, warehouse management, web order management, supply chain management, eCommerce, business intelligence, processing, and mobile sales & delivery products. For more information, please contact AFS Technologies via email at info@afsi.com, by phone at (602) 522-8282 or visit us on the web at www.afsi.com

About Merion Investment Partners, L.P. Merion is the largest independent mezzanine fund headquartered in Pennsylvania and is focused on transactions ranging from $3 – $10 million to support organic growth, acquisitions, buyouts and generational transfer of ownership. Merion can function as a one-stop shop to support smaller equity funds to round out their capital raise by providing both equity and debt or as a coupon only provider to larger funds in support of buyouts or acquisitions. Merion also seeks to work directly with entrepreneurs to support their acquisition strategies as well as provide them with liquidity to diversify concentrated wealth in their companies. Visit us on the web at www.merionpartners.com.

About The Argentum Group The Argentum Group is a New York-based private equity firm that provides expansion capital to rapidly growing small and mid-sized businesses with market leading potential. Argentum targets those industries experiencing rapid growth or undergoing fundamental change in the areas of outsourced services, healthcare, and technology. Argentum serves as general partner of investment partnerships with over $400 million of capital under management. Since its founding in 1988, Argentum has invested in over 100 companies across a broad range of industries. For more information, please visit: www.argentumgroup.com

Stratford, Conn. (15 December 2005)

12/15/2005
Sikorsky Press Release

Sikorsky Aircraft Corporation today announced that it has completed the acquisition of Keystone Ranger Holdings, Inc., which specializes in full-service engineering, completion and technical support for commercial helicopters, and air medical flight operations. Sikorsky is a subsidiary of United Technologies Corporation. (NYSE:UTX).

Keystone, which had been privately owned, will be renamed Keystone Helicopter Holdings, Inc., and is now a wholly owned subsidiary of Sikorsky. It will continue to operate under the brand names of its subsidiaries, Keystone Helicopter Corporation and Composite Technology U.S.A., Inc. (CTI).

Keystone Helicopter specializes in full-service engineering, completion and technical support for commercial helicopters, and air medical flight operations. The firm operates a large technical services depot and completion center in Coatesville, Penn., and operates a large fleet of turbine helicopters in numerous locations across several eastern states, primarily in the air medical mission.

CTI is headquartered in Grand Prairie, Texas, with substantial rotor blade and composite structures overhaul capabilities there and at branch locations in Canada, Brazil, the U.K., and Singapore.

Keystone has done completion work on Sikorsky S-76 and S-92 helicopters for a broad range of missions including VIP, offshore oil, EMS, and multi-mission utility. In addition to Sikorsky, Keystone is and will continue to be factory-authorized by Bell, Eurocopter, and MD Helicopters, and will continue to service and complete Agusta products. The company is also an authorized dealer for virtually every major avionics manufacturer.

Sikorsky, based in Stratford, Conn., is a world leader in rotorcraft design, manufacturing and service. The company’s 2004 revenues totaled $2.5 billion.

Sikorsky is a subsidiary of United Technologies Corporation of Hartford, Conn., which provides a broad range of high-technology products and support services to the aerospace and building systems industries. Sikorsky helicopters occupy a prominent international position in the intermediate to heavy range of 11,700 lb. (5,300 kg.) to 73,500 lb. (33,000 kg.) gross weight. The company’s helicopters are used by all branches of the United States armed forces, along with military services and commercial operators in more than 40 nations.

For link to Sikorsky Press Release Click Here

Extends Helicopter Completion & Customization Capabilities and Expands Technical Support Services

11/1/2005
Sikorsky Press Release

Sikorsky Aircraft Corp., a subsidiary of United Technologies Corp. (NYSE: UTX), today announced an agreement to acquire Keystone Ranger Holdings, Inc., a privately owned U.S. company. Keystone specializes in full-service engineering, completion and technical support for commercial helicopters, and air medical flight operations. The finalization of the transaction is subject to the approval of the U.S. government and other regulatory authorities, as well as certain other conditions. For full text click here.

New Member joins the team

10/20/2004
FOR IMMEDIATE RELEASE

King of Prussia, PA – October 20, 2004 – Merion Investment Partners, L.P., a $110 million mezzanine investment fund, announced today that Sam Brewer has joined the firm as an Associate. He will focus on all aspects of the investment process including due diligence, sector and company research, review of investment proposals and financial analysis.

Mr. Brewer joins the firm after four years with Merrill Lynch as an Associate in the Telecommunications Group and as an Analyst in the Real Estate Group. He brings to Merion Investment Partners extensive experience in analysis and sector research, as well as a proficiency in macro-economic trends affecting companies’ performance. Mr. Brewer has also worked in the Corporate Finance division of AT&T Corp.

Merion Investment Partners, L.P., a mezzanine capital fund, employs a traditional investing philosophy, concentrating on companies in high growth markets and those in transition. >p> “We are excited to bring someone with Sam’s background to Merion Investment Partners.” commented Bill Means, Managing Partner of Merion Investment Partners, L.P. “As a firm, we look to identify investment opportunities that exhibit real growth, have strong management teams and are part of burgeoning sectors of the economy. Sam’s valuable experience in investment banking, his analysis and identification of quality transactions for Merrill Lynch clients, as well as his history of transactional execution, makes him a valuable addition to the team here at Merion. We all look forward to working with him.”

Mr. Brewer holds his MBA from the Wharton School of the University of Pennsylvania and a Bachelor of Arts degree in Classical Studies from Brown University.

About Merion Investment Partners, L.P.
Founded in 2003, Merion Investment Partners L.P. is a mezzanine capital fund licensed as an SBIC. Merion invests mezzanine debt with equity features in companies to support organic growth, acquisitions, buyouts and generational transfer of ownership. Merion will also co-invest as an equity investor with private equity funds. Preferred industries include Healthcare, Business Services, IT and Specialty Manufacturing.

Collectively, the principals of Merion Investment Partners have decades of experience in venture capital, commercial banking, investment banking, operating management and entrepreneurship. The company is headquartered in The Merion Building in King of Prussia, PA. It can be reached on the Web at www.merionpartners.com.

Top business leaders and investors will get sneak peak TONIGHT

3/4/2004
MEDIA ADVISORY

WHAT:
Join 100 of the area’s top business leaders and investors as members of Merion Investment Partners introduce the firm’s new Mezzanine Debt Fund.

WHY:
The greater Philadelphia area is ripe with growth companies that are ready to make a difference in their respective industries. Bourgeoning with innovative products and services, these firms are in the market for financing to help them take their development to the next level, and many of these firms seek a specializing form of funding called Mezzanine debt. Mezzanine debt is best suited for revenue producing companies with financing needs that exceed their Banks ability or willingness to lend. Grab a front seat at the introduction of this new mezzanine fund.

WHO:
Merion Investment Partners, L.P. is a mezzanine capital fund investing mezzanine debt with equity features in companies that have strong growth potential, proven management teams, a strategic competitive advantage and/or are operating in sectors of the economy that are poised to exhibit growth.

The Fund is designed to invest between $2 million and $5 million of mezzanine capital in growth companies. The Partners have been actively involved in the mezzanine lending market since 1995.

WHEN:
TONIGHT- March 4, 2004, 5:30pm to 7:30pm

WHERE:
The Merion Cricket Club
325 Montgomery Avenue
Haverford, Pennsylvania

New Mezzanine Fund Invests in West Chester-based Keystone Helicopter

11/17/2003
FOR IMMEDIATE RELEASE

King of Prussia, PA – November 17, 2003 – Merion Investment Partners, L.P., a newly established $75 million mezzanine-level investment fund, announced today its first investment in Keystone Helicopter, one of the largest and oldest helicopter services companies in the United States. Keystone operates a large fleet of turbine helicopters primarily running medical aid mission across the US. It currently operates a technical services depot and completion center near Philadelphia, and is building new, even larger facilities near Chester Country Airport, Pennsylvania. The amount and terms of the investment were not disclosed.

Merion Investment Partners’ participation is part of a round of institutional investment, which also included Brown Brothers Harriman of New York and Spring Capital Partners of Baltimore, Md.

“Keystone Helicopter is our first investment and it is a perfect fit for our ‘traditional’ investment philosophy,” said William M. Means, Managing Partner of Merion Investment Partners. “Keystone Helicopter has everything we look for – a strong foothold in a specialty manufacturing niche market with a proven management team and strategic competitive advantage.”

Merion Investment Partners has attracted significant participation from key institutional investors, including Fleet Bank, Wachovia Bank, MBNA, Philadelphia Insurance Company, First Financial Bank, and the City of Philadelphia Pension Fund. The fund was established to provide non-control mezzanine capital with minimal equity dilution to successful middle market companies in the Mid-Atlantic region. Mezzanine financing is the “middle ground” of a company’s capital structure that is between senior debt and common equity. It is especially useful for growing companies that have reached the limits of their bank borrowing capacities. Properly structured mezzanine financing is regarded as equity by senior lenders, but minimizes equity dilution for the shareholders.

“We welcome Merion Investment Partners’ investment experience, managerial guidance, and capital resources as we continue to grow Keystone Helicopter internally as well as through follow-on acquisitions,” said Steve Townes, CEO of Keystone Helicopter and founder of parent organization Ranger Aerospace. “These very substantial investment companies collectively give us the financing firepower that we need to grow our company significantly. Quality is the key word here – these are quality partners invested in a company which has built its 50 year reputation on providing quality service.”

Mezzanine financing is the “middle ground” of a company’s capital structure that is between senior debt and common equity. It is especially useful for growing companies that have reached the limits of their bank borrowing capacities. Properly structured mezzanine financing is regarded as equity by senior lenders, but minimizes equity dilution for the shareholders.

EDITORS NOTE: Exact terms of this large private “mezzanine” investment will not be disclosed. Keystone Helicopter was acquired in January 2002, by a Philadelphia group of aviation investors led by Ranger Aerospace LLC. Institutional investors include Ranger Aerospace, Meridian Venture Partners, Argosy Investment Partners, and CD Ventures, in addition now to Brown Brothers Harriman, Spring Capital, and Merion Capital, all collectively invested in a holding company called Keystone Ranger Holdings, Inc.

About Keystone Helicopters Keystone Helicopter is one of the largest and oldest helicopter services companies in the United States. Founded in 1953, Keystone operates a large fleet of turbine helicopters in multiple locations across several eastern states, primarily in the air medical mission. The firm also operates a large technical services depot and completion center near Philadelphia, and is building new, even larger facilities near Chester Country Airport, Pennsylvania.

Keystone Helicopter is owned by Keystone Ranger Holdings, Inc., a Philadelphia-area private equity investment organization that specializes in aviation-related ventures. The venture consortium is led by Ranger Aerospace LLC, and includes Meridian Venture Partners, Argosy Investment Partners, CD Ventures, and other private investors.

Ranger Aerospace LLC, headquartered in suburban Philadelphia, is a privately held investment and management holding company with private equity institutions, venture capital companies, and management as shareholders. Ranger and its co-investors add value to acquired companies via seasoned veterans experienced in aviation services, aerospace programs, engineering, finance, corporate development, MIS, marketing & strategic planning, Total Quality Management, mergers & acquisitions, post-merger integration, and turnarounds. Ranger’s previous successful aviation ventures include Aircraft Service International Group (www.asig.com), one of the world’s largest airfield services companies.

For more information Click Here for Keystone Helicopter on the Web and Click Here for Ranger Aerospace on the Web.

About Merion Investment Partners, L.P.
Founded in 2003, Merion Investment Partners LP is a mezzanine capital fund licensed by the Small Business Administration (“SBA”) as a Small Business Investment Company (“SBIC”). Merion invests mezzanine debt with equity features in companies that have strong growth potential, proven management teams, a strategic competitive advantage and/or are operating in sectors of the economy that are poised to exhibit growth.

Collectively, the principals of Merion Investment Partners have decades of experience in venture capital, commercial banking, investment banking, operating management and entrepreneurship. The company is headquartered in The Merion Building in King of Prussia, PA. For more information Click Here for Merion in the Web.