Beekman Investment Partners, a New York-based private equity firm, recently recapped REVA, Inc., the largest global fixed-wing air medical platform in the United States. The deal was closed along with strategic partner Directional Aviation LLC and Goldman Sachs Specialty Lending Group.

REVA was formed in 2012 through the merger of AeroJet International and Air Ambulance Professionals. In the past six years, REVA has grown to be the global market leader in international long-range air medical transports and has set the standard for safety, reliability and patient service excellence. The company has bases of operations in Ft. Lauderdale, Florida, San Juan, Puerto Rico, Phoenix, Arizona and Schenectady, New York, and a fleet of more than 20 aircraft.

Directional Aviation, based in Cleveland, Ohio, operates nine brands that provide a host of aviation services aggregating over $2.5 billion in revenues. Its brands include Flexjet, Sentient Jet, Flight Options and subsidiaries in the fields of fuel management, aircraft maintenance and has access to a vast fleet of aircraft that REVA could utilize to expand capacity. Directional Aviation found Kenn Ricci will join the REVA Board of Directors.

This is the first transaction involving an air medical transport company in 2018. Last year, four transactions targeted these companies, including two major deals. In March 2017, American Securities LLC paid approximately $2.4 billion to acquire Air Methods Corporation, for 2.1x revenue and 8.6x EBITDA.

In August, Air Medical Group Holdings, Inc., a portfolio company of KKR & Co. (NYSE: KKR) acquired American Medical Response, Inc., a subsidiary of Envision Healthcare Corporation (NYSE: EVHC), for $2.4 billion, with multiples of 1.0x revenue and 8.8x EBITDA.