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March 11, 2015

KKR to Acquire Air Medical Group Holdings

LEWISVILLE, Texas and NEW YORK--(BUSINESS WIRE)-- Air Medical Group Holdings ("Air Medical"), a leading provider of air ambulance services, today announced that funds managed by KKR, a leading global investment firm, have signed a definitive agreement to acquire Air Medical from affiliates of Bain Capital and Brockway Moran & Partners. Financial terms of the transaction were not disclosed.

Air Medical provides emergency transportation services to individuals with critical health issues or injuries who are located too far from hospitals to be transported by ground in a timely manner. Air Medical's subsidiaries transport more than 75,000 critically injured patients each year through a fleet of helicopters and airplanes that operate 24 hours a day and seven days a week. In addition Air Medical provides over 120,000 ground transports on an annual basis.

"We are fortunate to partner with an investor that shares our vision. We've been blessed to have partnered with Bain Capital who supported our spiritual mission of timely service in people's critical time of need. We believe that our partnership with KKR will propel us to new heights in our positioning in the market. We look forward to working with KKR to continue providing lifesaving services to our patients," said Fred Buttrell, CEO of Air Medical.

"Air Medical provides a vital service in the health care market, enabling patients to get the care they need as quickly as necessary. We are proud to support the company in its life-saving mission. Having followed Air Medical for several years, we believe that the company is poised for service expansion, and we look forward to partnering with management on this next phase of its evolution," said Jim Momtazee, Member of KKR and Head of KKR's Health Care investing team.

"It has been a privilege to partner with Fred and the entire management team at Air Medical in supporting their efforts to provide safe, high quality emergency transportation services to communities that are distant from acute medical care," stated Chris Gordon, a Managing Director at Bain Capital. "This is a story of success and leadership in which the dedicated people of Air Medical play an essential, life-saving role in the healthcare delivery systems of many communities."

In addition to its investments in health care companies such as HCA Corporation, KKR has experience working with other helicopter companies, including a current investment in Weststar Aviation and former investment in Avincis Group.

The transaction, which KKR is funding primarily from its North America XI Fund, is expected to close in the second quarter, and is subject to customary regulatory approvals.

Barclays acted as exclusive financial advisor, and Kirkland & Ellis LLP acted as legal advisor to Air Medical. Simpson Thacher & Bartlett LLP served as legal counsel to KKR. Fully committed debt financing will be provided by Morgan Stanley, Jefferies, and KKR Capital Markets.

About Air Medical Group Holdings

Headquartered in Lewisville, Texas, Air Medical Group Holdings is a leading provider of air medical services, operating through subsidiaries which collaborate with leading hospital systems, medical centers and EMS agencies to offer access to emergency medical care. Air Medical operates at 231 base locations across 34 states and provides global repatriation medical transports worldwide.

About KKR

KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world‐class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners' capital and brings opportunities to others through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE:KKR), please visit KKR's website at www.kkr.com.

About Bain Capital

Bain Capital, LLC (www.baincapital.com) is one of the world's foremost privately-held alternative investment firms, with approximately $80 billion of assets under management in several pools of capital including private equity, venture capital, public equity, credit products and absolute return. Bain Capital's more than 400 professionals are collectively the single largest investor in all of its funds and are dedicated to investing in and building its portfolio companies. Founded in 1984, Bain Capital has made private equity, growth, and venture capital investments in hundreds of companies around the world, and has deep experience in the healthcare sector, with investments in companies including HCA Inc., Quintiles Transnational Corp., CRC Health Group, Warner Chilcott, Lake Region Medical, Physio Control, and Grupo Notre Dame Intermedica. Bain Capital has offices in Boston, New York, Chicago, Palo Alto, London, Munich, Dublin, Tokyo, Shanghai, Hong Kong, Mumbai and Melbourne.

Media:
KKR
Kristi Huller, 212-230-9722
Kristi.Huller@kkr.com

Bain Capital
Alex Stanton, 212-780-0701
Stanton Public Relations & Marketing
astanton@stantonprm.com

Source: KKR

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