Quest finalizes recapitalization

SANDPOINT — Quest Aircraft Co. has completed a financing transaction for recapitilization and new investment as part of the airplane manufacturer’s long-term corporate strategy.

The financing came from private investors and will provide the company with continued financial stability. The amount of financing was not disclosed.

“The last two years have been extremely challenging for the aviation industry, and Quest is no exception,” Quest CEO Paul Shaller said in a statement. “We have injected equity into Quest which allows us to significantly reduce debt, ramp up production and invest in customer service centers.”

The recapitalization positions Quest to meet the needs of multiple market segments as the general aviation industry continues to recover, Schaller said.

Quest designs and manufactures the Kodiak, a durable utility aircraft suited for short takeoffs and landings with payloads. The planes have a Pratt & Whitney PT6 turbine engine and are capable of landing and taking off from unimproved surface or equipped with floats. The Kodiak can take off in under 1,000 feet at full gross takeoff weight of 7,255 pounds and climb at over 1,300 feet per minute.

The Kodiak earned its Federal Aviation Administration certification in the spring of 2007 and began making customer deliveries later that year, a time span which Schaller called relatively short. The turboprop has since been certified in Canada, Indonesia, Papua New Guinea and South Africa.

Schaller said in a news release that Quest is working to certify the aircraft in Brazil and Australia.

“We have made several enhancements to the aircraft including float certification, an increase in the max gross weight, and most recently certification of the TKS ice protection system,” Schaller said.

The company intends additional investment into customer service and continuing the establishment of a network of Kodiak service partners. Last year, Wipaire Inc. was named the first factory-authorized service center for Kodiaks. Several other service partnerships are pending.

Quest is also increasing its sales and marketing efforts. The company now has six North American sales representatives strategically located throughout the U.S. Quest will have a prominent display at the upcoming Sun ‘n Fun Exposition in Lakeland, Fla.

Quest’s website has also been enhanced and reflects the renewed marketing initiatives (www.questaircraft.com).