Air Methods Acquires Hawaii’s Largest Air-tour Operator
Air Methods, the largest helicopter EMS provider in the U.S., continued its foray into the air-tour business last week when it signed an agreement to acquire Blue Hawaiian Helicopters for an undisclosed sum. Blue Hawaiian operates a mixed fleet of 24 Eurocopter EC130s and AS350s and operates tours on five of Hawaii’s six islands. Blue Hawaiian posted revenues of $47 million in 2012.
Late last year, Air Methods acquired another tour operator, Las Vegas, Nev.-based Sundance Helicopters, for $44 million. Sundance operates a mixed fleet of 22 EC130s and AS350s and posted revenues of $52 million in 2012. At the time of the Sundance acquisition, Air Methods CEO Aaron Todd said the purchase was made primarily to expand the pilot pipeline for Air Methods’ EMS operations, rather than as part of any kind of significant diversification strategy.
Air Methods operates a fleet of more than 400 aircraft and currently controls 31 percent of the U.S. helicopter EMS market. For the most recent quarter, Air Methods saw a 14-percent increase in revenue and a 28-percent jump in net income from the same period a year ago.