Air Methods Acquires CJ Systems
Denver-based Air Methods has reached a definitive agreement to acquire all the stock of FSS Airholdings, the parent company of medical helicopter provider CJ Systems. CJ operates 113 medevac helicopters and fixed-wing aircraft and employs 800 people nationwide. The deal is valued at $25 million and is expected to close by the end of next month. Last year FSS posted a net income of $1.2 million on revenue of $128.8 million. Air Methods’ hospital-based services division is the nation’s largest provider of air medical transport services for hospitals, with a fleet of more than 200 aircraft.