Air Methods Acquiring Omniflight
Air Methods is continuing to expand through aggressive acquisitions. Last month the largest helicopter EMS company in the U.S. announced it is acquiring the parent of competitor Omniflight for $200 million. Omniflight operates 100 aircraft from 75 bases in 18 states and is headquartered in Addison, Texas. Last year it posted revenues of $172 million. Air Methods operates a fleet of 300 aircraft nationwide. Over the last year its stock price has more than doubled and in 2010 the company posted revenues of $562 million, a 9-percent increase over 2009; net income increased by 52 percent, to $44.1 million. Air Methods’ past acquisitions include its 2007 purchase of CJ Systems and its 113-helicopter fleet for $25 million cash plus debt assumption. In 2009, Air Methods acquired Omniflight’s Rescue Air operations in Atlanta and North Georgia.