MD Helicopters (MDHI) is bidding its MD Explorer for the U.S. Army’s $1.3-billion Light Utility Helicopter Program. “From the beginning, it has been clear that the MD Explorer is the single helicopter that meets the specifications of the LUH program on both variables of performance and price,” said Lynn Tilton, Chief Executive Officer and founder of Patriarch Partners, LLC, an investment advisor who manages the funds that own a controlling interest in MDHI. “And, there has never been any doubt that we were going to go all-out to win this program in order to deliver to the US Army a helicopter widely known for its safety features and price/performance benefit,” Tilton confirmed.
MDHI had been paired with Lockheed Martin, but since parting ways has made the commitment to move forward. “This is all about finding a way to deliver the Army the aircraft for which they specifically asked, and to do it at the stated price and operating cost,” said Robert Ren, MDHI’s CEO. “For that reason, experts from all corners of the military and rotorcraft industry urged us to go forward and we think they’re right,” added Ren. “Whether we continue alone, or in later rounds complete the effort with another CLS partner, the key is to make sure the Army gets the helicopter they are asking for. In making this commitment, we’re fulfilling that promise.”
The MD Explorer is a twin-turbine helicopter that entered service in April 1995 and is the first light-twin helicopter in the world with FAA and JAA certification for single-pilot Category A IFR operations. The aircraft provides excellent performance on hot days and at high altitudes. In emergency, it can operate with only one engine. The MD Explorer is proven worldwide as an air ambulance, for personal and executive transport, electronic newsgathering, law enforcement, and for general utility use. Only MD Helicopters, including the MD Explorer, feature the patented NOTAR system for anti-torque and directional control. The NOTAR system provides significant benefits, including increased safety and reduced external noise.
About MD Helicopters
MD Helicopters is a leading manufacturer of commercial and military helicopters. The MDHI family of rotorcraft is world renowned for their value, versatility and performance. The MD Helicopters family includes the twin-engine MD Explorer, and single engine versions of the MD 600N, MD 520N, MD 500E and MD 530F. The NOTAR system for anti-torque control is the exclusive property of MD Helicopters. The Company is based at Mesa, Arizona.
About Patriarch Partners, LLC
Patriarch Partners, LLC is an investment firm with offices in New York and Charlotte, North Carolina which, together with its affiliates, provides portfolio management services and serves as investment advisor to six leveraged funds and a private equity fund. Founded in 2000 by Lynn Tilton, Patriarch provides innovative financial solutions, strategic direction and operational expertise to companies undergoing periods of pervasive change. Patriarch currently monitors credit facilities in respect to in excess $4.5 billion dollars of assets under its management, including equity positions (majority and minority) in more than 65 companies.
