Northfield Capital Expands Portfolio with Pilatus PC-12 Acquisition

Northfield Capital Corporation has acquired its second Pilatus PC-12 aircraft. The company is a Canada-based value-based investment and merchant banking firm focused on the resources and transportation sectors. It provides investment services, aviation services, and operates a winery and distillery.

Northfield Capital Corporation (TSX-V: NFD.A) has completed its strategic aviation fleet expansion with the acquisition of a second Pilatus PC-12 NG aircraft. The transaction, finalized through the company's wholly-owned subsidiary, Spruce Goose Aviation Inc. (Spruce Goose), complements earlier purchases of two high-performance helicopters and enhances True North Airways Inc. (TNA) capabilities to meet surging charter demand [1].

The acquisition was funded through an amendment to the Aircraft Loan Agreement, increasing the total available proceeds to US$5.795 million. The new aircraft marks TNA's second PC-12 in its active fleet, following the addition of two helicopters earlier this year. The PC-12 NG is a modern, low-time, high-utility platform that enhances TNA's operational scale and geographic reach [1].

Robert D. Cudney, CEO of Northfield Capital, stated, "This completes the staged rollout of our aviation growth strategy. With three helicopters, two Pilatus PC-12s, a light jet (Cessna Citation), and mid-size jet (Gulfstream G100) now under management, we have assembled a fleet optimized for charter demand, infrastructure logistics, government contracts, and exploration support across North and Central America" [1].

Iain Hayden, CEO of True North Airways, added, "Adding a second PC-12 gives us meaningful lift to meet charter demand, with operational flexibility and reliability. This second PC-12 brings our fixed-wing charter capabilities to another level. Its short-field performance, payload capacity, and operating economics make it the perfect aircraft to serve our growing client base across remote and urban markets" [1].

The strategic fleet expansion was designed to scale TNA's commercial capacity in response to growing demand for executive and private charters, aerial firefighting and medical support, resource exploration and infrastructure logistics, and government and community contracts [1].

References:
[1] https://finance.yahoo.com/news/northfield-capital-completes-strategic-aviation-152400290.html