Imprimis discusses details of Piper sale
Imprimis officials in Singapore have confirmed in an e-mail interview their commitment to long-term growth for Piper Aircraft and to the continued development of the PiperJet. They also confirm that the source of the funding for the deal between Imprimis and former owner American Capital was the Brunei Darussalam Ministry of Finance.
Imprimis spokesman Keith Morrison was asked if the sale is basically from one holding and investment company to another.
“In essence, yes, but we feel this deal goes beyond the transactional level because Imprimis is focused on fostering a stable and long-term future for Piper Aircraft,” Morrison said. “Beyond the deal, Imprimis is making a significant capital commitment to enable the company to grow and secure its future, build on its iconic reputation, fully support its R&D programs and exciting innovations such as the PiperJet, and enhance its existing product line. It will also increase Piper’s competitiveness by expanding its sales and marketing initiatives and dealer-development efforts.”
Morrison was asked if the purchase was made under an Imprimis investment fund the company operates for the Brunei government. “The capital for the investment is sourced from the Ministry of Finance of Brunei Darussalam, but the government is not actively managing the investment. The investment is solely managed by Imprimis, a private and independent investment firm with offices in Singapore, Bangkok, and Brunei.
“We want to ensure the public [understands] that Piper, despite the change in shareholder, remains a U.S. company, incorporated in Delaware with headquarters and operations in Vero Beach, Fla. As we have communicated, Imprimis is dedicated to ensuring the long-term success of Piper and is committed to keeping Piper’s headquarters, production, and product development facilities in Vero Beach.”
The company was asked to confirm its support for the PiperJet. “We are fully supportive of the continued development of the PiperJet, and we are delighted to see that PiperJet continues reaching new milestones with regularity. We are excited about this development as well as other innovations that continue to come through from the company such as the recently launched Garmin G1000 avionics suite in the Meridian.”
Imprimis has no pilots or officials with an aviation background on staff and will rely on the expertise of Piper officials, Morrison said. “We have confidence in the current management team knowledge and expertise in the general aviation industry. In fact, we view the management team’s depth of talent and business direction as integral to our decision to acquire Piper.” Morrison added there are no immediate plans for management changes: “Imprimis believes that the current management team has the depth of talent to propel Piper’s growth both in the U.S. and Asia.”
May 4, 2009