Envision Healthcare Sells to KKR for $9.9 Billion
It’s been a bumpy road for Envision Healthcare (NYSE: EVHC). The company went public in 2013, with revenues of $3.7 million. In 2018, it is going private with KKR & Co. (NYSE: KKR), with revenues of $8.0 billion. In 2014, Envision operated American Medical Response, Inc., an air ambulance company; EmCare Holdings, provider of physician practice management services for emergency departments, inpatient physician services or hospitals; and practice management services company Evolution Health. Since then, it acquired seven physician practices, beginning with Phoenix Physicians, LLC in Fort Lauderdale, Florida ($170 million, June 2014) to Emergency Physicians Medical Group ($12o... Read More »
Physician Practices Find Many Buyers
The first quarter of 2018 is nearly over (one week left to go), and the Physician Medical Group sector is still in acquisition mode. Last year, the first quarter saw a record 59 deals announced for physician groups. This year’s Q1 total won’t challenge that, but the 30 deals reported so far show interest isn’t waning for buyers or sellers. We’ve written extensively about private equity groups building platforms of specialty practices, particularly dermatology, anesthesia and ophthalmology. But publicly traded entities are still in the hunt. In the first three weeks of March 2018, 13 deals for physician practices were announced, although none disclosed financial... Read More »
REVA Lands at Beekman Investment Partners
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... Read More »
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 »Schedule a demo
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