On November 21, 2023, Bridger Aerospace Group Holdings, Inc. made a groundbreaking announcement regarding the imminent closure of a joint venture partnership. This partnership is set to finalize the purchase of four Canadair CL-215T Amphibious Aircraft from the Government of Spain, with a staggering price tag of €40.3 million. Marathon Asset Management LP, Avenue Sustainable Solutions Fund, and Bridger are the esteemed participants in this venture. The acquisition is anticipated to reach its formal conclusion within the next ten business days.
Tim Sheehy, the CEO of Bridger, expressed his enthusiasm about this development, highlighting the enormous potential it holds for the company. With the addition of these aircraft, Bridger is poised to establish itself as the proud owner of the largest privately owned scooper fleet worldwide. This strategic move will not only enable the company to expand its customer base but also generate substantial revenue and cash flow growth for years to come.
Under the partnership’s arrangement, Bridger will be responsible for managing the necessary upgrades to ensure the planes are fit for service. During this period, the partnership will fund these upgrades, providing Bridger with the opportunity to acquire each plane as it becomes ready for contracted operations. It is projected that the first two Scoopers will be fully prepared for contract operations in the Summer of 2024 within the European Union.
This acquisition marks a significant milestone for Bridger Aerospace Group Holdings, Inc., propelling them into a position of industry leadership and paving the way for a prosperous future.
Bridger Aerospace Group Holdings, Inc. Common Stock
Updated on: 30/11/2023
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