For the past 27 years, Helijet, a locally based and operated aviation company, has offered regularly scheduled flights between Vancouver and Victoria.
Starting with a single Bell 412 helicopter in 1986, the company has expanded to offer three primary lines of business: air medical services, charter services and scheduled helicopter services. Notably, revenues through these three core business lines have grown by more than 21 per cent since 2011.
“By focusing our energy into our three main lines of business and implementing various cost control measures, we’ve been able to progressively increase our revenue,” said Danny Sitnam, Helijet’s president and CEO. “However, we knew we needed to seek external financing as we look to pursue more ambitious growth targets in the next few years.”
That external financing has been secured through First West Capital, a division of First West Credit Union, a member-owned cooperative. First West Capital manages a $100-million fund established to provide subordinated debt and mezzanine financing to small- and medium-sized businesses.
“Helijet is a highly reputable and industry leading company that’s well-known for its impeccable safety record and service,” said Robert Napoli, vice-president of First West Capital. “The fact that they have been a valued service provider to BC Ambulance for a number of years demonstrates their standing in our province. For First West Capital, it’s a great opportunity to partner with a first-class aviation company that serves our communities so well.”