(Reuters) – Private equity firm Bain Capital LLC is exploring a sale of Air Medical Group Holdings Inc in a deal that could value the U.S. helicopter ambulance company at around $2 billion, including debt, according to people familiar with the matter.
Bain is working with investment bank Barclays Plc (BARC.L: Quote, Profile, Research, Stock Buzz) on an auction for Air Medical, the people said on Monday. Air Medical has annual earnings before interest, tax, depreciation and amortization of more than $200 million, the people added.
The people asked not to be identified because the sale process is confidential. A Bain spokeswoman had no immediate comment while Barclays declined to comment. An Air Medical representative did not respond to a request for comment.
Based in Lewisville, Texas, Air Medical operates a fleet of 222 helicopters and 25 airplanes from locations in 27 states. It provides emergency transportation services to more than 75,000 critically ill patients annually.
Bain acquired Air Medical in 2010 from private equity firms Brockway Moran & Partners Inc and MVP Capital Partners in a $1 billion deal.
Air Methods Corp (AIRM.O: Quote, Profile, Research, Stock Buzz), a publicly listed peer of Air Medical, trades at 8.2 times its projected 12-month earnings, according to Thomson Reuters data.