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
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
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.
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.
Kristi Huller, 212-230-9722
Alex Stanton, 212-780-0701
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