ProTransport-1 LLC, a portfolio company of New Heritage Capital, has acquired PRN Ambulance. Financial terms weren’t announced. North Hills, California-based PRN Ambulance is an interfacility medical transport provider.
BOSTON–(BUSINESS WIRE)–New Heritage Capital (“Heritage”) is pleased to announce that its portfolio company ProTransport-1, LLC has acquired PRN Ambulance. PRN Ambulance is a leading interfacility medical transport provider in Los Angeles, exhibiting impressive growth since it was founded in 2000. Beginning operation with just three ambulances, PRN now features a staff of more than 350 employees delivering care from a fleet of 60 response vehicles throughout the greater LA metro area. Since its inception, PRN has provided prompt, professional, quality service and leading patient care while embracing innovation in the industry.
ProTransport-1, headquartered in Cotati, CA, is a premier provider of comprehensive patient logistics services to leading healthcare systems in its service areas. ProTransport-1 provides the highest levels of patient care while employing leading technologies and highly skilled medical professionals to enable the safe and efficient coordination and transport of large numbers of medically complex patients within a health system and its environment. The company receives the highest satisfaction ratings from its patients and health system partners. Founded in 2000, ProTransport-1 was recapitalized in 2012 by its founders and New Heritage Capital. Since 2012, the company has grown its staff from 600 to over 950 personnel and it now operates more than 170 vehicles.
“Acquiring PRN marks an important step in our deliberate expansion into additional geographies,” said Mike Sechrist, co-founder and CEO of ProTransport-1. “The Los Angeles market is home to many sophisticated health systems looking for the high quality and efficient coordination of patients that the ProTransport-1 model provides. PRN is already a leading partner to health systems in Los Angeles. The addition of many of our technologies and services will further enhance these relationships.”
Avo Avetisyan, the founder of PRN, commented, “I spent the past 15 years building a business that provided the highest quality interfacility medical transport in the Los Angeles area. I wanted to find a partner that could add to what we do for patients and our hospital customers while preserving the caring, local culture exhibited every day by our team of professionals. I am excited that the PRN name and team will have this opportunity to continue to flourish and I will continue to play a significant leadership role in the combined companies.”
Melissa Barry, Principal of Heritage, added, “The addition of PRN to the ProTransport-1 family advances our strategic goal of creating the preeminent patient logistics business in the United States. We at Heritage are enthusiastic to continue to support the ProTransport-1 team as they further their growth in new and existing markets.”
About New Heritage Capital
For nearly twenty-five years, Heritage has focused on partnering with growing family-owned or founder-controlled businesses. In a typical transaction, Heritage makes a significant equity investment in a company while allowing founder-managers to retain operational control and meaningful economics. Our approach provides shareholders with the desired amount of liquidity, resolves transition issues, and allows shareholders to maintain control and accelerate the growth of their company. Such transactions provide a company with capital for growth, as well as a partner deeply experienced in providing strategic guidance to growing founder-owned businesses. For more information, please visit http://www.newheritagecapital.com.