On September 10, 2018, the company announced it had finalized the purchase of Lakelse Air,[7] as part of plan to double their revenue. Based in Northwest British Columbia, Lakelse Air had been seen as a strategic purchase to build and strengthen Indigenous relations across Canada for future job prospects. Shortly after acquiring Lakelse Air, Universal Helicopters began shifting its focus to work internationally and overseas. Pushing for Global growth along with their September 6, 2018 investment in South Coast Helicopters[8] proved to be unsustainable, leading to their eventual financial difficulty.
The company announced its sudden closure due to financial insolvency on May 27, 2020.[9]
Bases
Universal Helicopters corporate head office, main stores and accounting services were situated in Goose Bay, Labrador with other bases situated at St. John's, Pasadena and Gander. Each location had permanent base personnel and hangar support facilities for year-round operations and maintenance.[4]