KKR To Buy $2.4B Ambulance Company, Add Ambulatory Surgery Center

Air Medical Group, a provider of ambulance services KKR bought for some $2 billion in 2015, has agreed to acquire fellow ambulance company American Medical Response from Envision Healthcare in a deal valued at $2.4 billion. The combined company will transport more than 5 million patients per year in the US. Envision executive Randel Owen will become president and CEO of the company, which will operate under a yet-to-be-announced name.

Get The Full Ray Dalio Series in PDF

Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues

In a separate deal, KKR has agreed to purchase Covenant Surgical Partners from DFW Capital Partners, Iroquois Capital Group and PineBridge Investments. Based in Nashville, the company owns and operates 37 ambulatory surgery centers and physician practices in 17 states.

PE investments in the US outpatient services sector have increased each of the past three years, peaking with 231 deals in 2016, per the PitchBook Platform. The uptick hasn't continued this year, but dealmaking remains strong, with 133 PE-backed transactions already completed.

Hedge Funds: Small Firms Profit As Big Names Close In 2020

At the beginning of July, Lansdowne Partners, one of Europe's oldest and best-known hedge fund managers, announced that it was closing its flagship hedge fund after a run of poor performance. The closure is the latest in a string of high-profile hedge funds that have decided to shut up shop in recent years. Billionaire investor Read More

PitchBook Platform users can view the full dataset. Not a subscriber? Contact us today to get access.

Article by PitchBook