Genesis Capital is pleased to announce that Medway Air Ambulance (“Medway”) has completed a majority recapitalization transaction. As part of the transaction, Merit Capital Partners (“Merit”) and American Working Capital (“AWC”) have acquired a majority interest in Medway. Medway is a premium provider of fixed-wing medical air ambulance services to the hospital and insurance industries. In operation since 1987, Medway has coordinated over 12,000 transports worldwide with its fleet of Lear Jets. Medway’s team of over 35 full-time professionals has extensive experience with critical care transport, air medical evacuations, neo-natal transport and is a trusted provider of safe transport for families, hospitals, insurance companies and governments worldwide.
Richard Moore, President & CEO of Medway, said “We are excited to be partnering with such strong capital partners as Merit and AWC. The growth investment will provide Medway with the necessary resources to continue Medway’s strong growth while allowing us to maintain our commitment to being the #1 choice in air ambulance services”. Rick added, “My team and I began our relationship with Genesis Capital over two years ago. They were instrumental in helping us formulate and execute our growth strategy while we prepared the Company for this transaction. Further, their transaction expertise was paramount throughout the entire sale process”.
Genesis Capital, LLC acted as the sole investment banking advisor to Medway while Ballard Spahr LLP provided legal counsel. Terms of the transaction were not disclosed.
About Medway Air Ambulance
Medway Air Ambulance was founded in 1987 and since has transported over 12,000 patients worldwide. The Company utilizes state of the art medical equipment and a team of highly trained, full-time medical personnel. Medway provides fixed wing air transport services throughout the world. The Company is the provider of choice for insurance companies, hospitals and governments worldwide. More information about the Company can be found at www.medwayairambulance.com.
About Merit Capital Partners
Based in Chicago, Merit Capital Partners has managed $1.7 billion of capital over its 20 years through five institutionally-sponsored limited partnerships investing mezzanine and equity capital in middle-market companies principally in manufacturing, distribution and services industries. Merit focuses exclusively on high-quality, established businesses with carefully conceived operating strategies with a goal of working with committed owners and strong managers to help increase a company’s enterprise value. More information about Merit can be found at www.meritcapital.com.
About American Working Capital
American Working Capital (“AWC”) is a merchant banking and financial advisory firm dedicated to partnering with privately-held middle market companies. Headquartered in Chicago, with offices in New York and Boston, AWC is focused exclusively on providing expert advisory services and equity and structured equity capital to address ownership transition and growth capital needs. AWC invests across a range of industries including: business services, government services, distribution, transportation and logistics, healthcare, and specialty manufacturing. More information about AWC can be found at www.awcfund.com.