Up, Up and Away: Biggest PE Exits in the Air Industry
March 28, 2014
Kohlberg Kravis Roberts and Investindustrial have agreed to sell Avincis to Babcock International Group for an enterprise value of €2 billion ($2.75 billion): $1.5 billion is the actual purchase price, while Babcock will assume $1.2 billion of Avincis' debt. It's a huge exit for KKR and Investindustrial, but how does it stack up to other PE exits from air companies? Very well, according to the PitchBook Platform. In fact, since the beginning of 2010, there have only been three exits that approach the Avincis exit in size:
Air Medical Group Holdings is most similar to Avincis in terms of its offering, as both focus on emergency air medical services. However, the two companies were exited via different strategies. Rather than being purchased by a corporate acquirer, like Jackson Square and AirTran, Air Medical was bought by another investor, Bain Capital. Another difference between the exits: Avincis Group's price tag handily soars above Air Medical's, and indeed, all the others.