Asset management company Fundamental Advisors made its first investment in the helicopter business with the acquisition of HeloAir. The Richmond, Virginia-based helicopter operator specializes in pipeline and powerline patrol, charter, aerial filming, fire suppression, and external load operations. HeloAir was founded in 1993 and patrols more than 50,000 miles of pipelines and 10,000 miles of powerlines every year and has overseen 750,000 acres of controlled fire burn.

The purchase supports Fundamental’s plans “to invest behind businesses supporting public safety missions that protect critical national infrastructure, with a focus on cutting-edge companies leveraging helicopters and aerial firefighting services to monitor the electrical grid and gas pipelines for utility customers,” according to the company. Founder and president Whit Baldwin retained a stake in HeloAir, and he and the management team will continue in their leadership roles.

“Whit and his team have built a best-in-class business providing necessary infrastructure monitoring services for communities across the Mid-Atlantic, and this partnership underscores our strategy of supporting businesses with experienced management teams in markets where we see opportunity to provide public purpose-driven solutions,” said Ryan Keane, senior managing director at Fundamental.

“We look forward to working closely with the HeloAir team to expand the capabilities of its existing fleet, while also pursuing complementary acquisitions of other best-in-class regional operators to establish an enterprise-grade platform in an otherwise fragmented market.”