11/09/2015

Air Methods to Acquire Tri-State Care Flight for $222.5 Million

Holland & Hart LLP represented long-standing client Air Methods Corporation in successfully negotiating a definitive agreement to acquire Tri-State Care Flight (“Tri-State”) for $222.5 million, which was announced Nov. 5 in a joint press release. The acquisition is subject to customary closing and regulatory conditions. The transaction is expected to close in 30 to 60 days.

Founded in 2002, Tri-State is a critical care transport provider servicing Arizona, New Mexico, Nevada, and Colorado. Tri-State generated net revenue of $81.5 million for the fiscal year ended Dec. 31, 2014. Dr. Blake Stamper, founder and managing member of Tri-State, said, “As a global leader in air medical transport services, Air Methods shares our commitment to superior customer service and the best clinical outcomes for patients in need. By combining with Air Methods, we will be able to serve even more patients across our footprint. We are confident that this will be a seamless transition for our employees, patients and other stakeholders.”

Aaron Todd, chief executive officer of Air Methods, expressed that this transaction “represents an opportunity to integrate best practices and further extend Air Methods’ commitment to quality, patient outcomes, and safety. We look forward to welcoming Tri-State to the Air Methods team.”

Holland & Hart’s multidisciplinary team was led by corporate transactional lawyers Chris Balch, together with James Crowe and Patty Pogge. Subject matter expertise and support was provided by Matt Smith, Mark Wiletsky, Elizabeth Mitchell, Kevin Selzer, Rebecca Hudson, Peter Perla, and Craig Willis, among others.

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