REACH Air Medical, a unit of Lewisville, Texas-based Air Medical Group Holdings, which provides air medical services, has agreed to acquire Summit Air Ambulance from Texas Next Capital. No financial terms were disclosed. AMGH is backed by Kohlberg Kravis Roberts & Co.
SAN ANTONIO–(BUSINESS WIRE)–Texas Next Capital announces the agreement to sell Summit Air Ambulance to REACH Air Medical, a division of Lewisville, TX-based Air Medical Group Holdings (“AMGH”).
AMGH is the largest independent provider of air medical services in the U.S. and is backed by KKR, a leading global investment firm with offices in 21 cities across 5 continents and approximately $99 billion in assets under management.
A Texas Next investment fund acquired Summit in 2009 with one rotor wing base and fewer than 200 patient transports. Texas Next provided capital to purchase eight aircraft, attracted top industry leaders and brought clinical experience from its network of investor partners to expand Summit to seven bases in 2015 with annual patient transports expected to approach 2,000 in 2016.
Summit uses medically configured helicopters and airplanes to transport injured patients from accident scenes and community hospitals to higher levels of care. Flight medics and nurses provide an ICU level of care during patient transports.
Summit and its affiliated companies have been providing critical care air medical services for 16 years and have transported over 7,000 critically ill and injured patients. Summit operates a total of eight Agusta helicopters and Pilatus PC-12 airplanes from six bases in four locations with a new base opening in June.
Texas Next Capital Partner Steve Hassmann said, “We are very proud of Summit’s work with its first responder and hospital partners to expand and enhance the quality, safety and availability of the air medical care in the communities it serves. It has been a pleasure to work with Fred Buttrell and the Reach team of AMGH on a successful transaction for Summit’s customers, employees and investors.”
AMGH Chief Executive Officer Fred Buttrell said, “AMGH has worked well with Texas Next on this transaction, and we are excited to build on the successes and opportunities that the Summit team has built along with the continued focus of service to patients in their critical time of need.”
About Texas Next Capital
Texas Next Capital is a private equity partnership of 45 family offices and business leaders across the state dedicated to building Texas companies with Texas capital. Texas Next invests in companies with $2 to $10 million in EBITDA and uses the local relationships and business experience of its statewide network of partners to identify and drive value through attractive company investments. For more information about Texas Next Capital, visit texasnextcapital.com or call Steve Hassmann at (210) 826-2250.
About Air Medical Group Holdings
AMGH and its affiliates operate 222 helicopters and 25 fixed-wing aircraft from 231 bases in 27 states. It is the largest independent provider of air medical services in the U.S. Last year, AMGH-affiliated aircraft transported more than 75,000 patients and its ground ambulances transported 120,000 patients.