Chorus Aviation has agreed to buy SkyCare Air Ambulance, the largest private fixed-wing medevac operator in Northern Ontario, for approximately C$40m, with C$32m payable at closing and the balance tied to performance targets by March 2029.
Chorus Aviation has entered into an agreement to acquire SkyCare Air Ambulance, the largest private fixed-wing air ambulance operator in Northern Ontario. The acquisition is expected to close in the fourth quarter of 2026.
Founded in 2006 by president and chief executive officer Frank Behrendt, SkyCare is a privately held aviation and medical services company headquartered in Sioux Lookout, Ontario. In 2025, SkyCare generated approximately $48 million in revenue. The company employs approximately 220 people across bases in Sioux Lookout; Thunder Bay and Kitchener, Ontario; and St. Andrews, Manitoba; including aviation operations personnel and acute and primary care medical professionals. SkyCare operates a fleet of 22 aircraft, including turboprops and business jets configured to support air ambulance and other specialised missions.
SkyCare provides 24/7 medevac, repatriation, organ transport and charter services across Canada and the United States. Through its longstanding relationship with not-for-profit aeromedical provider Ornge, SkyCare plays an important role in supporting regional medical transportation across Ontario. Its diverse fleet and specialised capabilities enable the company to support a range of complex medical missions.
SkyCare holds a Standing Offer Agreement with Ornge, the Ontario government's not-for-profit air ambulance authority, which co-ordinates more than 20,000 medical transports a year across the province and subcontracts non-urgent patient flights in Northern Ontario to a panel of private carriers.
SkyCare operations will remain unchanged. The company will continue to operate under its existing leadership team, supported by employees across all departments who ‘bring its mission and vision to life every day’.
“The acquisition of SkyCare is a strong strategic fit for Chorus, adding a complementary operation with long-standing customer relationships and specialised aviation capabilities as we continue to build out our aviation, aerospace and defence platform,” says Colin Copp, president and chief executive officer of Chorus. “SkyCare has built a strong reputation based on its specialised capabilities, professionalism and commitment to its customers. We see meaningful opportunities to support the company's continued growth as part of Chorus, and I am pleased to welcome Frank and the entire SkyCare team.”
“Joining Chorus marks an exciting next chapter for SkyCare,” adds Frank Behrendt, president and chief executive officer of SkyCare. “Over the past 20 years, our aviation and medical professionals have built SkyCare into the company it is today. Becoming part of Chorus provides a strong platform for our continued growth while allowing us to build on the relationships, expertise and culture that have been central to our success.”
The agreement to acquire SkyCare is for total consideration of approximately $40 million, subject to customary adjustments inclusive of contingent consideration. The purchase price will be funded by $32 million in cash with the remainder of the purchase price payable on or before 31 March 2029, subject to meeting certain performance targets. This acquisition is subject to customary closing conditions and is expected to close during the fourth quarter of 2026.
Chorus is a holding company which owns the following principal operating subsidiaries: Jazz Aviation, primary provider of regional air services under the Air Canada Express brand; Voyageur Aviation, a provider of specialty charter, aircraft modifications, parts provisioning and in-service support services; Kadex Aero Supply, an OEM aircraft parts distributor and provider of repair and overhaul services; Cygnet Aviation Academy, an accredited training academy preparing pilots for direct entry into airlines; and Elisen & Associates, a provider of aerospace engineering and certification services. Together, Chorus' subsidiaries provide services that encompass every stage of an aircraft's lifecycle, including: aircraft refurbishment, engineering, modification, repurposing and transition; contract flying; aircraft and component maintenance, disassembly, and parts provisioning; aircraft acquisition and leasing; and pilot training. Chorus Aviation has been executing a sequence of bolt-on acquisitions since mid-2025 as it diversifies away from its Jazz Aviation contract-flying core.
This acquisition aligns with Chorus' disciplined approach to capital allocation, focusing on mid-teens return opportunities while reinforcing stable cash flows and delivering sustainable shareholder value. The acquisition is expected to be immediately accretive to Chorus' earnings and Free Cash Flow from the date of closing.
From 2026–2029, Chorus expects to generate approximately CAD 500 million to $550 million of Free Cash Flow and aircraft sale net proceeds, supporting investment in growth opportunities targeting mid-teens unlevered returns, as well as dividends and share repurchases.
Behrendt concludes: “We are very fortunate to be joining a powerful and well-connected team that is intent on supporting SkyCare's vision and mission. The changes will be seamless, with the company continuing to operate with the same team and mandate, but with a very significant organisation backing it and helping it to grow even further than we can on our own. We look forward to working with Chorus, a team that shares our passion for aviation and is aligned with our commitment to the ideals that have so contributed to our success.”
