KKR Agrees to Acquire Air Medical from Bain, Brockway Moran
March 12, 2015
KKR has entered into a definitive agreement to acquire Air Medical Group Holdings, a provider of air ambulance services, from affiliates of Bain Capital and Brockway Moran & Partners; the transaction is rumored to be valued at approximately $2 billion. Initially backed by Bain in 2010, Air Medical provides emergency transportation services to individuals with critical health issues/injuries who are located too far from a hospital to be transported by ground in a timely manner. The company and its subsidiaries transport more than 75,000 critically injured patients each year through a fleet of helicopters and airplanes that operate every hour and day of the week. The investment will be primarily funded from KKR North America XI, a $9 billion vehicle that closed in December 2013 and has generated an IRR of 15.8% as of September 30, 2014.