2015 was a big year for medical transportation companies to combine, as six transactions were throughout the year. Halfway through 2016, three more deals have been announced.
The most recent involves two Texas companies. Allegiance Mobile Health in Georgetown, Texas serves a population of more than 15 million around the state. In July it acquired San Antonio-based Gemini Ambulance Service, which provides local medical transportation services.
In June, Air Medical Group Holdings, a portfolio company of KKR & Co., paid an undisclosed amount for California Shock Trauma Air Rescue (CALSTAR), which operated as a not-for-profit organization at the time. CALSTAR served the entire state of California with 14 rotor and fixed wing aircraft stationed at nine bases. The proceeds of that transaction were earmarked to fund a new not-for-profit foundation to benefit California citizens.
Back in January, ProTransport-1, LLC, a portfolio company of New Heritage Capital, announced its deal with ATS Medical Services. ATS, which is based in Loves Park, Illinois, provides ambulance services in Illinois and Indiana, as well as a Holloman Air Force Base in New Mexico. This marked ProTransport-1’s third acquisition since mid 2015 and expanded its presence beyond California and Florida.