US medevac specialist Air Methods (Denver Centennial) has been acquired by affiliates of American Securities LLC in a deal worth USD2.5 billion, including net debt. The transaction was unanimously approved by Air Methods' Board of Directors, the company announced.
Under the agreement, American Securities will acquire all outstanding shares of Air Methods for USD43 each, followed by a merger. The agreement is conditional on more than 50% of outstanding shares being tendered, with the Air Methods board recommending that all shareholders do so.
The announcement comes just weeks after the board of Air Methods faced strong criticism from one of its major shareholders. Voce Capital Management had accused the board of being "over-tenured, under-skilled and misaligned" and earlier this year recommended four new members to be nominated.
Air Methods Corporation's Air Medical Services Division is the largest provider of air medical transport services in the United States. Its tourism division incorporates Sundance Helicopters (Las Vegas Harry Reid) and Blue Hawaiian Helicopters (Kahului) which provide tours and charter flights. According to its statement, Air Methods' fleet consists of around 500 helicopters and fixed-wing aircraft.
American Securities LLC is a United States private equity firm with a diverse portfolio of interests. Some of its investments include transportation components specialists and medical companies. However, the Air Methods acquisition will represent the only actual transport company in its current portfolio.
