M&A Deal Summary

Merit Capital Partners and American Working Capital Acquire Medway Air Ambulance

On April 3, 2015, mezzanine finance firm Merit Capital Partners and merchant bank American Working Capital acquired healthcare services company Medway Air Ambulance

Acquisition Highlights
  • This is Merit Capital Partners’ 1st and American Working Capital’s 1st transaction in the Healthcare Services sector.
  • This is Merit Capital Partners’ 73rd and American Working Capital’s 3rd transaction in the United States.
  • This is Merit Capital Partners’ 3rd and American Working Capital’s 1st transaction in Georgia.

M&A Deal Summary
Date 2015-04-03
Target Medway Air Ambulance
Sector Healthcare Services
Buyer(s) Merit Capital Partners
American Working Capital
Deal Type Recapitalization
Advisor(s) Genesis Capital LLC (Financial)
Ballard Spahr (Legal)

Target

Medway Air Ambulance

Lawrenceville, Georgia, United States
Medway Air Ambulance is a provider of fixed-wing medical air ambulance services. The Company is the provider of choice for insurance companies, hospitals and governments worldwide. Medway Air Ambulance was founded in 1987 and is based in Lawrenceville, Georgia.

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Buyer(S) 2

Buyer

Merit Capital Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1993
PE ASSETS 2.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Merit Capital Partners is a private investment firm that targets investments in middle market manufacturing, distribution, and service based businesses. Merit looks for companies generating at least $25 million in sales and at least $4 million in EBITDA. Merit can provide both equity and junior capital financing and looks to commit at least $15 million per transaction. Prospective transaction situations include management buyouts, recapitalizations, growth financings, divestitures, unsponsored transactions, and ESOPs. Merit Capital will not invest in start-ups, turnarounds, real estate, specialty retail, or oil/gas opportunities. Merit Capital was originally known as William Blair Mezzanine Capital and became independent in 2004. Merit was formed in 1993 and is based in Chicago, Illinois.

DEAL STATS #
Overall 74 of 98
Sector (Healthcare Services) 1 of 2
Type (Recapitalization) 17 of 19
State (Georgia) 3 of 4
Country (United States) 73 of 97
Year (2015) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-24 Knights Apparel

Spartanburg, South Carolina, United States

Knights Apparel, Inc. is a designer and supplier of licensed sports apparel. Knights is a licensee for colleges and universities, professional leagues, and professional teams, often under arrangements providing some level of exclusivity. Knights’ products include apparel across a number of categories, including t-shirts, fleeces and sweatshirts, and shorts for men, women, and infant/toddler consumers. Its products are sold to big box retailers, specialty sporting goods stores and bookstores.

Sell $200M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-01 Rose Paving

Bridgeview, Illinois, United States

Rose Paving is a provider of professional preventative and restorative parking lot maintenance services to businesses throughout the U.S., Canada and Puerto Rico. Rose performs its services nationally through its six satellite offices and a network of 1,200 alliance members. Rose delivers its services to retail, hospitality, health care and apartment companies with multiple locations. Rose Paving was founded in 1969 and is based in Bridgeview, Illinois.

Buy -
Buyer

American Working Capital

Investor Investor Investor Investor Investor

Category Merchant Bank
Founded 2007
Size Small
Type Sector Agnostic
DESCRIPTION

American Working Capital is a financial advisory and investment firm focused on partnering with and advising companies valued between $25 and $250 million. Within its investing activity, American Working Capital will consider equity and junior capital investments of $5 to $50 million to support management buyouts, acquisitions, growth needs, and recapitalizations. Sectors of interest include business services, consumer products, defense, distribution, government services, healthcare, transportation, and manufacturing. American Working Capital was established in 2007 and is based in Chicago, Illinois.

DEAL STATS #
Overall 3 of 6
Sector (Healthcare Services) 1 of 1
Type (Recapitalization) 2 of 2
State (Georgia) 1 of 1
Country (United States) 3 of 6
Year (2015) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-16 NRE

Mount Vernon, Illinois, United States

NRE is a provider of remanufactured locomotives for sale or lease, third-party locomotive and marine engine overhaul and maintenance services, and locomotive parts and components. NRE was founded in 1984 and is based in Mount Vernon, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-18 Concord Maritime

Stamford, Connecticut, United States

Concord Maritime provides commercial management of third party crude tankers. In addition to providing commercial management services, the Company has been well capitalized to engage in significant time charter activity, projects and alternative working capital arrangements for tanker owners in conjunction with its commercial platform. Concord Maritime was founded in 2018 and is based in Stamford, Connecticut.

Buy -
Mergr

Product

Company

Legal