Air Medical Group Holdings has been recapitalized by a Bain Capital affiliate in partnership with the company’s management and investors Brockway Moran & Partners and MVP Capital Partners.
Terms of the deal were not disclosed and calls seeking comment were not acknowledged by press time.
Air Medical is the largest provider of air medical services globally and operates through subsidiaries Air Evac Lifeteam, Med-Trans Corp. and EagleMed.
In 2004, Brockway Moran recapped Air Evac Lifeteam. In 2006, Brockway Moran and MVP Capital bought TJ Holding Co., the parent of Med-Trans Corp., and formed Air Medical. Air Evac Lifeteam and Med-Trans began at that point operating under Air Medical as affiliated entities and in 2009, the company added EagleMed as a third subsidiary. Also in 2009, Med-Trans, the Air Medical subsidiary, assumed the ownership and management of AeroCare, a New Mexico-based emergency care firm. Air Evac is located in Missouri; Med-Trans is based in Texas and EagleMed is in Kansas.
John Connaughton, a managing director with Bain Capital, worked on the deal. The PE firm has a history of investing in healthcare assets, including HCA Inc., Quintiles Transnational Corp., CRC Health Group, Warner Chilcott and Accellent Inc. Mike Moran worked on the deal for Brockway Moran.
Barclays Capital and Moelis & Co. are financial advisors to Air Medical and Greenberg Traurig is the company's legal advisor. For Bain Capital, Morgan Stanley is lead financial advisor and BofA Merrill Lynch and Citi provided services; Kirkland & Ellis was legal advisor to Bain. Debt financing will be provided by BofA Merrill, Citi, Barclays and Morgan Stanley.
Another potential investment in the space for prospective buyers would be Wind Point’s Omniflight. The Chicago-based private equity firm acquired the company in 2005.
Established in 1984, Bain Capital has more than $67 billion under management through a number of funds. In 2006, Brockway Moran announced the closing of its most recent fund with more than $700 million.
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