Beekman Group has made a majority investment into Aero Medical International, an entity formed to recapitalize and merge Aero Jet International and Air Ambulance Professionals Inc. The merger will create the leading fixed-wing air ambulance services provider in the Southeastern U.S., the firm said Wednesday. Terms were not released.
The Beekman Group (“Beekman”) today announced its majority equity investment in Aero Medical International (“Aero Medical” or the “Company”), an entity formed to recapitalize and merge Aero Jet International (“Aero Jet”) and Air Ambulance Professionals, Inc. (“AAP”). TBG Specialty Lending, an affiliate of Beekman, provided subordinated debt for the transaction. The merger will create the leading fixed-wing air ambulance services provider in the Southeastern U.S. Each of Aero Jet and AAP are headquartered in Southeast Florida and provide responsive, safe and reliable emergency air transportation services utilizing their company-owned fleet of aircraft and experienced medical staff. This investment represents a platform company in a stable, growing industry with opportunities to expand through acquisition and establishing new locations.
The current owners and management teams of Aero Jet and AAP, including Messrs. Stuart Hayman, Brian Weisz and Jacob Bercovici, will maintain a significant ownership interest in the Company and along with other key managers will continue to manage the Company’s operations. Stuart Hayman, President of Aero Medical International commented, “Our partnership with Beekman will enable the Company to accelerate its growth and expand into new markets. We were impressed with Beekman’s knowledge of healthcare services, access to valuable industry resources, and ability to invest both debt and equity in the transaction. We are excited to grow the combined business in partnership with them.”
Beekman’s Managing Partner, John G. Troiano, remarked, “We are excited to partner with Stuart, Brian and Jacob to build the Aero Medical International platform. The fixed-wing air ambulance market is an attractive sector within healthcare services and there is a significant opportunity to build an internationally recognized best-in-class operator. We expect the Company to operate over 10 fixed-wing aircraft within 12-18 months.” This investment represents another example of Beekman sourcing an attractive lower middle market company and execution of its Industry Partner strategy. Aero Medical will be the third portfolio company of Beekman’s second private equity fund.
About The Beekman Group
The Beekman Group (www.thebeekmangroup.com) is a leading private equity firm dedicated to bringing financial and operational resources to lower middle-market companies. Beekman’s team consists of experienced private equity professionals, as well as a select group of Industry Operating Partners who are leading executives in Beekman’s targeted industry segments. This Industry Partner approach to investing is the cornerstone of Beekman’s investment strategy — creating value through accelerating growth in partnership with small and middle-market management teams.
About TBG Specialty Lending
TBG Specialty Lending is an affiliate of Beekman that provides debt capital to support the growth initiatives of lower middle market companies. Our multi-disciplinary investment team has a long and successful track record of partnering with management teams, financial sponsors and business owners in numerous industries. We are a knowledgeable, flexible and reliable partner that understands the importance of long-term relationships. Through our relationship with Beekman, we are able to offer a compelling “one-stop” junior capital solution for lower middle market companies.