Bain Capital affiliate to recapitalise Air Medical Group
Air Medical Group has signed a definitive agreement under which a Bain Capital affiliate will lead a recapitalisation of the company in partnership with management and current investors Brockway Moran & Partners and MVP Capital Partners.
Air Medical Group, the largest independent provider of air medical services in the world, operates through three subsidiaries, Air Evac Lifeteam, Med-Trans and EagleMed, which collaborate with medical centres and EMS agencies to offer improved access to emergency medical care.
Each subsidiary will continue to operate independently, serving their respective segments of the market.
Terms of the agreement were not disclosed.
“My colleagues, Seth Myers, president and chief executive of Air Evac Lifeteam, Larry Bugg, president of EagleMed, and I are excited to enter the next stage of growth alongside Bain Capital, which brings significant resources and healthcare expertise to the AMGH organisation. We look forward to continuing to enhance access to definitive care through bringing our life-saving services to outlying communities in need,” says Fred Buttrell, president and chief executive of Med-Trans. “Nothing will change from a customer standpoint, as we will continue to serve our customers and constituents in the same manner, and with the same level of quality care as we always have. Bain Capital’s resources and involvement position the company and its employees for sustained future success.”
“Air ambulances play a vital role in the rural health care infrastructure since many Americans live more than a one hour drive away from acute medical care," says John Connaughton, a managing director at Bain Capital. "We are greatly impressed by the quality of Air Medical Group’s management team, industry leadership position and track record of delivering high quality, innovative and cost effective healthcare. We look forward to working alongside our new partners to continue AMGH’s growth and expand its reach and service delivery capabilities."
The transaction is expected to close during the third or fourth quarter of 2010.
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