PE Firms Pay Big for Medical Transportation
KKR & Co., through its portfolio company, is the second private equity firm to pay more than $2 billion for a medical transportation company in 2017. The medical transportation market, falling under the “Other Services” category, has seen a couple of large deals in 2017, as some big name companies decide to change hands. On August 8, 2017, Envision Healthcare Corporation (NYSE: EVHC) announced it was selling its medical transportation subsidiary, American Medical Response (AMR), to Air Medical Group Holdings, Inc. (AMGH), a portfolio company of KKR & Co. (NYSE: KKR). The deal comes more than two years after KKR bought it from Bain Capital and Brockway Moran for an undisclosed... Read More »Investors Make Many, Many Small Bets in March 2017
They don’t call it March Madness for nothing. After a few months of slowing merger and acquisition activity, deal volume spiked back to 2016 levels. The 139 deals announced in March 2017 were only 4% below the 145 deals announced in March 2016, when healthcare M&A was barrelling along. Deal volume was 46% higher than the previous month’s 95 transactions, but that’s not a fair comparison. February is the shortest month, and March always seems to drag on and on. Besides, the early days of the Trump administration were (and still are) tempestuous, to say the least. March 2017’s increase in activity may be a signal that investors are just going to get on with their plans, or it may be they... Read More »
Air Methods Corp. Flies to American Securities
Air Methods Corporation (NASDAQ: AIRM), a global air medical transportation company, has been on the acquisition trail since the late 1990s, announcing 12 deals targeting smaller air ambulance operators. Now it’s a takeover target itself, thanks to activist shareholder Voce Capital Management LLC. Voce Capital, and its managing director J. Daniel Plants, had been calling for Air Methods management to put the company on the block as far back as 2015. In February 2017, the investment firm launched a fight for four board seats and publicly criticized AIRM’s financial returns and “a multi-year syndrome of operational, strategic and governance failures.” Air Methods... Read More »Another Anesthesia Group Changes Hands
Moelis Capital Partners is selling North American Partners in Anesthesia (NAPA), the largest single specialty anethesia management company in the United States, which it acquired in 2011. The buyers are American Securities LLC, a middle-market private equity firm, along with minority investments from Leonard Green & Partners and NAPA management. Specifically, the buyers completed a recapitalization of NAPA’s practice management company, NAPA Management Services Corporation. Financial terms were not disclosed, but Reuters News reported in February that American Securities was paying nearly $1 billion for NAPA. Read More »Schedule a demo
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