MVP News
Brockway Moran & Partners and MVP Capital Partners Announce Agreement to Acquire EagleMed
7/29/2009
RADNOR, PA - Brockway Moran & Partners, Inc. (Brockway Moran) and MVP Capital Partners (MVP), through their investment in Air Medical Group Holdings, Inc., announced today that they have entered into a definitive purchase agreement to acquire EagleMed, a provider of emergency air medical transportation services. The consummation of the transaction is subject to various consents and usual and customary closing conditions.
EagleMed, headquartered in Wichita, Kansas, is a leading provider of air ambulance programs across the central United States. The company operates in cooperation with medical centers, emergency medical service providers and communities to provide emergency air medical transport services to critically ill or injured patients. Founded in 1977 and accredited by the Commission on Accreditation of Medical Transport Systems (CAMTS), EagleMed currently operates 15 community-based locations across three states, including Kansas, Oklahoma and Missouri, utilizing a fleet of 12 Eurocopter helicopters and 6 Hawker Beechcraft King Air planes.
Jim Ballard, Chief Executive Officer of EagleMed, stated: “We look forward to working with Air Medical Group Holdings and are excited about its involvement with EagleMed and the continuation of the successful business we have developed. Brockway Moran and MVP bring significant resources and expertise in aviation services and healthcare that will help us continue to expand the business and maintain top-quality patient care and safety.” Iva Ballard, Executive Vice President of EagleMed, also stated: “After 32 years leading the company with Jim, we look forward to continuing our involvement with the company in our current capacities and later in a strategic and advisory capacity as members of the EagleMed Board of Directors.”
Michael Moran, a Managing Partner at Brockway Moran, said EagleMed has done an extraordinary job of building hospital relationships and servicing EMS systems and communities. “EagleMed operates a high quality operation with an emphasis on outstanding patient care, aviation excellence, and exceptional customer service,” said Moran. “Our plan is to have EagleMed operate as an independent subsidiary under Air Medical Group Holdings and we are excited to be working with Jim, Iva and the talented team they have assembled to continue to expand EagleMed.”
According to J.R. Davis, a Managing Director with Brockway Moran, “EagleMed is a well-respected company with strong customer relationships and a track record of success in safety and patient care built over 32 years. By partnering with the management of EagleMed, we expect to perpetuate and build on that legacy of success. We look forward to working with the company and providing knowledge from our experiences in aviation and healthcare and supporting the company with additional resources.”
Brockway Moran & Partners and MVP Capital Partners have substantial experience working separately and together in the helicopter, aviation and healthcare industries. Most notably, in July, 2004, Brockway Moran and MVP invested together in Air Evac Lifeteam, a West Plains, Missouri-based provider of air ambulance services focused on serving rural communities, with 86 bases across 14 states. With over 200,000 patients transported since its founding in 1985, Air Evac’s aviation operations are “Gold” rated by the Aviation Research Group (ARG/US) and, as recently, as 2008, Air Evac received the Helicopter Association International (HAI) Operator’s Safety Award for a safety record twice as good as the helicopter industry average (HAI’s membership average). The company is the largest air medical provider operating under one name to be accredited by the Commission on Accreditation of Medical Transport Systems (CAMTS). In addition, in June 2006, Brockway Moran and MVP acquired TJ Holding Company, the parent of Med-Trans Corporation, and formed Air Medical Group Holdings, allowing Air Evac Lifeteam and Med-Trans to operate as affiliates, serving their respective segments of the air ambulance marketplace through distinct organizations. Med-Trans, headquartered in Dallas, Texas, is a leading provider of air medical programs focused on establishing partnerships with hospital systems, medical centers and EMS agencies through 31 programs across 13 states. Med-Trans is able to offer customized air ambulance programs through alternative delivery/shared resource models, community based models or traditional hospital-based models and is an industry leader in safety, with 100% of its fleet night vision goggle operational.
Air Evac Lifeteam, Med-Trans and EagleMed will operate as affiliates under Air Medical Group Holdings, Inc., the largest independent provider air medical transport company in the world, serving their respective segments of the air ambulance marketplace. The company will continue to operate under the EagleMed name and its operations will be coordinated with Air Medical Group Holdings’ Air Evac Lifeteam subsidiary, in particular, which currently operates eight locations in the state of Oklahoma and 10 locations in the state of Missouri.
Allen, Gibbs & Houlik, L.C. served as the business intermediary and financial advisor to EagleMed, and Jim and Iva Ballard. Terms of the deal were not disclosed.
About Brockway Moran & Partners:
Brockway Moran & Partners is a private equity firm with more than $1.3 billion of capital under management. The firm acquires growth-oriented middle market companies in partnership with exceptional management teams. Brockway Moran focuses on businesses with significant growth opportunities either through internal expansion, industry consolidation or innovative business strategies. The principals of the firm have a record of productively working with management teams to build companies into larger and more diverse enterprises. Brockway Moran & Partners invests in a broad spectrum of industries with significant experience in consumer, industrial and service businesses. Since 1998, the firm has completed over 50 acquisitions. For more information, visit www.brockwaymoran.com.
About MVP Capital Partners:
MVP Capital Partners is a private equity firm based outside of Philadelphia, PA, which focuses 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 $200 million in capital. 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. For more information, visit www.mvpcapitalpartners.com.
7/29/2009
RADNOR, PA - Brockway Moran & Partners, Inc. (Brockway Moran) and MVP Capital Partners (MVP), through their investment in Air Medical Group Holdings, Inc., announced today that they have entered into a definitive purchase agreement to acquire EagleMed, a provider of emergency air medical transportation services. The consummation of the transaction is subject to various consents and usual and customary closing conditions.
EagleMed, headquartered in Wichita, Kansas, is a leading provider of air ambulance programs across the central United States. The company operates in cooperation with medical centers, emergency medical service providers and communities to provide emergency air medical transport services to critically ill or injured patients. Founded in 1977 and accredited by the Commission on Accreditation of Medical Transport Systems (CAMTS), EagleMed currently operates 15 community-based locations across three states, including Kansas, Oklahoma and Missouri, utilizing a fleet of 12 Eurocopter helicopters and 6 Hawker Beechcraft King Air planes.
Jim Ballard, Chief Executive Officer of EagleMed, stated: “We look forward to working with Air Medical Group Holdings and are excited about its involvement with EagleMed and the continuation of the successful business we have developed. Brockway Moran and MVP bring significant resources and expertise in aviation services and healthcare that will help us continue to expand the business and maintain top-quality patient care and safety.” Iva Ballard, Executive Vice President of EagleMed, also stated: “After 32 years leading the company with Jim, we look forward to continuing our involvement with the company in our current capacities and later in a strategic and advisory capacity as members of the EagleMed Board of Directors.”
Michael Moran, a Managing Partner at Brockway Moran, said EagleMed has done an extraordinary job of building hospital relationships and servicing EMS systems and communities. “EagleMed operates a high quality operation with an emphasis on outstanding patient care, aviation excellence, and exceptional customer service,” said Moran. “Our plan is to have EagleMed operate as an independent subsidiary under Air Medical Group Holdings and we are excited to be working with Jim, Iva and the talented team they have assembled to continue to expand EagleMed.”
According to J.R. Davis, a Managing Director with Brockway Moran, “EagleMed is a well-respected company with strong customer relationships and a track record of success in safety and patient care built over 32 years. By partnering with the management of EagleMed, we expect to perpetuate and build on that legacy of success. We look forward to working with the company and providing knowledge from our experiences in aviation and healthcare and supporting the company with additional resources.”
Brockway Moran & Partners and MVP Capital Partners have substantial experience working separately and together in the helicopter, aviation and healthcare industries. Most notably, in July, 2004, Brockway Moran and MVP invested together in Air Evac Lifeteam, a West Plains, Missouri-based provider of air ambulance services focused on serving rural communities, with 86 bases across 14 states. With over 200,000 patients transported since its founding in 1985, Air Evac’s aviation operations are “Gold” rated by the Aviation Research Group (ARG/US) and, as recently, as 2008, Air Evac received the Helicopter Association International (HAI) Operator’s Safety Award for a safety record twice as good as the helicopter industry average (HAI’s membership average). The company is the largest air medical provider operating under one name to be accredited by the Commission on Accreditation of Medical Transport Systems (CAMTS). In addition, in June 2006, Brockway Moran and MVP acquired TJ Holding Company, the parent of Med-Trans Corporation, and formed Air Medical Group Holdings, allowing Air Evac Lifeteam and Med-Trans to operate as affiliates, serving their respective segments of the air ambulance marketplace through distinct organizations. Med-Trans, headquartered in Dallas, Texas, is a leading provider of air medical programs focused on establishing partnerships with hospital systems, medical centers and EMS agencies through 31 programs across 13 states. Med-Trans is able to offer customized air ambulance programs through alternative delivery/shared resource models, community based models or traditional hospital-based models and is an industry leader in safety, with 100% of its fleet night vision goggle operational.
Air Evac Lifeteam, Med-Trans and EagleMed will operate as affiliates under Air Medical Group Holdings, Inc., the largest independent provider air medical transport company in the world, serving their respective segments of the air ambulance marketplace. The company will continue to operate under the EagleMed name and its operations will be coordinated with Air Medical Group Holdings’ Air Evac Lifeteam subsidiary, in particular, which currently operates eight locations in the state of Oklahoma and 10 locations in the state of Missouri.
Allen, Gibbs & Houlik, L.C. served as the business intermediary and financial advisor to EagleMed, and Jim and Iva Ballard. Terms of the deal were not disclosed.
About Brockway Moran & Partners:
Brockway Moran & Partners is a private equity firm with more than $1.3 billion of capital under management. The firm acquires growth-oriented middle market companies in partnership with exceptional management teams. Brockway Moran focuses on businesses with significant growth opportunities either through internal expansion, industry consolidation or innovative business strategies. The principals of the firm have a record of productively working with management teams to build companies into larger and more diverse enterprises. Brockway Moran & Partners invests in a broad spectrum of industries with significant experience in consumer, industrial and service businesses. Since 1998, the firm has completed over 50 acquisitions. For more information, visit www.brockwaymoran.com.
About MVP Capital Partners:
MVP Capital Partners is a private equity firm based outside of Philadelphia, PA, which focuses 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 $200 million in capital. 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. For more information, visit www.mvpcapitalpartners.com.