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.
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.
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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
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