MVP News
Meridian's focus in the rotorcraft services industry continues with its third rotorcraft-related investment
7/6/2004
Leading private equity firms acquire innovator in the air ambulance industry
Boca Raton, Florida and Radnor, Pennsylvania – July 6, 2004 –Meridian Venture Partners (MVP) and Brockway Moran & Partners, Inc. (Brockway Moran) announced today that they have acquired, in partnership with management, Air Evac Lifeteam (Air Evac), a Missouri-based provider of emergency air medical transportation. The Air Evac transaction represents Brockway Moran’s eleventh acquisition in the past two years and MVP’s third investment in the rotorcraft industry since 2002 and its second this year.
Air Evac Lifeteam, headquartered in West Plains, Missouri, is the leading provider of air medical transportation to rural communities, providing patients with high-caliber on-the-scene medical attention during the critical hour following an accident or medical emergency and rapid transport to leading medical centers. The Company operates the world’s third largest fleet of Bell 206 Long Ranger helicopters and has flown more than 73,000 people who were in critical need of care since its founding in 1985. Air Evac Lifeteam conducts its operations through 38 mutually supporting air medical bases, servicing eleven states, including Missouri, Arkansas, Oklahoma, Tennessee, Mississippi, Illinois, Kentucky, Iowa, Alabama, Indiana and Texas.
According to Ryan Northington of MVP, “We are impressed with Air Evac Lifeteam’s ability to effectively service rural communities. Air Evac Lifeteam is a well-established company with a strong track record of successfully collaborating with rural EMS systems and other healthcare service providers to give better access to emergency medical care in rural markets. Our historic experience in the rotorcraft and healthcare industries made us a natural partner for the company’s management team, and we were very pleased to work with Brockway Moran to bring the transaction to completion.” In May 2004, MVP announced the acquisition of Composite Technologies, Inc., a Dallas-based remanufacturer of rotorcraft blades. Since January 2002, MVP has been a major investor in Keystone Ranger Holdings, Inc., a West Chester, PA-based provider of rotorcraft flight services, repairs, and maintenance.
Michael Moran, a Managing Partner at Brockway Moran & Partners, said Air Evac Lifeteam’s mission of bringing emergency medical care to rural markets meets a growing need for communities throughout the country. “Air Evac Lifeteam was a pioneer in the air ambulance industry in many ways, including being the first company to recognize the need to place helicopters in rural areas,” said Moran. “We are very impressed by many of the innovative strategies Air Evac Lifeteam has initiated to become a leader in the industry. We are extremely excited to be partnering with MVP and look forward to working with Air Evac Lifeteam’s visionary management team, led by Colin Collins.”
Colin Collins, President and Chief Executive Officer of Air Evac Lifeteam, stated: “We look forward to working with Brockway Moran & Partners and Meridian Venture Partners and are very excited about what they will do for Air Evac Lifeteam. Brockway Moran and Meridian bring significant financial resources and expertise in aviation services and healthcare that will help us achieve our goals of bringing essential air ambulance care for emergency, time-critical medical conditions to rural communities.”
Bank One underwrote the senior debt financing for the transaction. Allied Capital provided the subordinated debt and made an equity co-investment. Stephens Inc. acted as financial advisor and placement agent for the transaction.
About Meridian Venture Partners
Meridian Venture Partners (www.meridianventures.com) is a leading Mid-Atlantic private equity firm focused on investing in middle market companies with $10-100 million in revenues through buyouts, recapitalizations and expansion capital financings. Founded in 1987, the firm manages over $180 million in capital from its Radnor, PA offices. MVP leverages its professionals’ expertise and its capital by partnering with accomplished management teams to build successful companies. Deploying a sector-diversified portfolio strategy, MVP invests in industries including business services, healthcare, publishing and media, manufacturing, and consumer-related companies.
About Brockway Moran & Partners
Brockway Moran & Partners (www.brockwaymoran.com) is a private equity firm located in Boca Raton, Florida, that invests in middle market companies valued up to $200 million. The firm seeks to create long-term capital appreciation by acquiring growing companies in partnership with management and working with them to build value through both internal growth strategies and complementary acquisitions. Brockway Moran has more than $600 million in assets under management. Brockway Moran has made 37 acquisitions since October 1998, and currently has ten platform investments in consumer, industrial and service businesses. Investors include Goldman Sachs, Adams Street Partners, Wilshire Associates, Pathway Capital, Virginia Retirement System, Princeton University, Massachusetts Institute of Technology, University of Chicago, Shott Capital Management, PPM America, GE Capital, SunTrust, Credit Suisse First Boston, Bessemer Trust and Travelers.
7/6/2004
Leading private equity firms acquire innovator in the air ambulance industry
Boca Raton, Florida and Radnor, Pennsylvania – July 6, 2004 –Meridian Venture Partners (MVP) and Brockway Moran & Partners, Inc. (Brockway Moran) announced today that they have acquired, in partnership with management, Air Evac Lifeteam (Air Evac), a Missouri-based provider of emergency air medical transportation. The Air Evac transaction represents Brockway Moran’s eleventh acquisition in the past two years and MVP’s third investment in the rotorcraft industry since 2002 and its second this year.
Air Evac Lifeteam, headquartered in West Plains, Missouri, is the leading provider of air medical transportation to rural communities, providing patients with high-caliber on-the-scene medical attention during the critical hour following an accident or medical emergency and rapid transport to leading medical centers. The Company operates the world’s third largest fleet of Bell 206 Long Ranger helicopters and has flown more than 73,000 people who were in critical need of care since its founding in 1985. Air Evac Lifeteam conducts its operations through 38 mutually supporting air medical bases, servicing eleven states, including Missouri, Arkansas, Oklahoma, Tennessee, Mississippi, Illinois, Kentucky, Iowa, Alabama, Indiana and Texas.
According to Ryan Northington of MVP, “We are impressed with Air Evac Lifeteam’s ability to effectively service rural communities. Air Evac Lifeteam is a well-established company with a strong track record of successfully collaborating with rural EMS systems and other healthcare service providers to give better access to emergency medical care in rural markets. Our historic experience in the rotorcraft and healthcare industries made us a natural partner for the company’s management team, and we were very pleased to work with Brockway Moran to bring the transaction to completion.” In May 2004, MVP announced the acquisition of Composite Technologies, Inc., a Dallas-based remanufacturer of rotorcraft blades. Since January 2002, MVP has been a major investor in Keystone Ranger Holdings, Inc., a West Chester, PA-based provider of rotorcraft flight services, repairs, and maintenance.
Michael Moran, a Managing Partner at Brockway Moran & Partners, said Air Evac Lifeteam’s mission of bringing emergency medical care to rural markets meets a growing need for communities throughout the country. “Air Evac Lifeteam was a pioneer in the air ambulance industry in many ways, including being the first company to recognize the need to place helicopters in rural areas,” said Moran. “We are very impressed by many of the innovative strategies Air Evac Lifeteam has initiated to become a leader in the industry. We are extremely excited to be partnering with MVP and look forward to working with Air Evac Lifeteam’s visionary management team, led by Colin Collins.”
Colin Collins, President and Chief Executive Officer of Air Evac Lifeteam, stated: “We look forward to working with Brockway Moran & Partners and Meridian Venture Partners and are very excited about what they will do for Air Evac Lifeteam. Brockway Moran and Meridian bring significant financial resources and expertise in aviation services and healthcare that will help us achieve our goals of bringing essential air ambulance care for emergency, time-critical medical conditions to rural communities.”
Bank One underwrote the senior debt financing for the transaction. Allied Capital provided the subordinated debt and made an equity co-investment. Stephens Inc. acted as financial advisor and placement agent for the transaction.
About Meridian Venture Partners
Meridian Venture Partners (www.meridianventures.com) is a leading Mid-Atlantic private equity firm focused on investing in middle market companies with $10-100 million in revenues through buyouts, recapitalizations and expansion capital financings. Founded in 1987, the firm manages over $180 million in capital from its Radnor, PA offices. MVP leverages its professionals’ expertise and its capital by partnering with accomplished management teams to build successful companies. Deploying a sector-diversified portfolio strategy, MVP invests in industries including business services, healthcare, publishing and media, manufacturing, and consumer-related companies.
About Brockway Moran & Partners
Brockway Moran & Partners (www.brockwaymoran.com) is a private equity firm located in Boca Raton, Florida, that invests in middle market companies valued up to $200 million. The firm seeks to create long-term capital appreciation by acquiring growing companies in partnership with management and working with them to build value through both internal growth strategies and complementary acquisitions. Brockway Moran has more than $600 million in assets under management. Brockway Moran has made 37 acquisitions since October 1998, and currently has ten platform investments in consumer, industrial and service businesses. Investors include Goldman Sachs, Adams Street Partners, Wilshire Associates, Pathway Capital, Virginia Retirement System, Princeton University, Massachusetts Institute of Technology, University of Chicago, Shott Capital Management, PPM America, GE Capital, SunTrust, Credit Suisse First Boston, Bessemer Trust and Travelers.