Heritage is pleased to announce that its portfolio company, REACH Air Medical Services, LLC, has acquired CAL-ORE Life Flight, LLC.
THE COMPANY:
REACH Air Medical Services, LLC (“REACH”) is a leading provider of emergency air medical transport services. REACH provides the highest quality patient care at 14 air bases in California, Oregon and Texas via a fleet of 19 rotor- and fixed-wing aircraft.
THE OPPORTUNITY:
Heritage identified an opportunity to acquire Cal-Ore Life Flight LLC (“Cal-Ore”), a highly strategic air and ground ambulance provider located on the coastal California / Oregon border. Headquartered in Brookings, Oregon, Cal-Ore provides fixed wing ambulance services to coastal communities on the California / Oregon border through two air bases, and operates a fleet of seven fixed wing aircraft. Cal-Ore also holds the exclusive 911 ground ambulance contract in Curry County, Oregon.
THE RATIONALE:
The REACH / Cal-Ore combination creates a stronger, more vibrant air medical service offering in California and Oregon, and establishes the Company as the entrenched market leader in the Pacific Northwest. The Company’s increased scale in California and Oregon will better serve patients, hospital customers, and communities within the Company’s footprint.
THE OUTCOME:
REACH successfully completed the acquisition of Cal-Ore on November 30, 2011.
ABOUT HERITAGE:
For nearly twenty-five years, Heritage has focused on partnering with growing family-owned or founder-controlled businesses through a unique structure called The Private IPO®. In a typical Private IPO®transaction, Heritage takes a minority equity position in the company via a substantial investment in common and preferred stock. 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.
