Beekman Investment Partners III, LP (“Beekman”), a leading private equity firm based in New York, has announced that an affiliate has completed a recapitalization of REVA, Inc. (“REVA” or the “Company”), the largest dedicated global fixed wing air medical platform, alongside strategic partner Directional Aviation, LLC (“Directional”) and Goldman Sachs Specialty Lending Group (“GSSLG”) as lender. REVA’s existing management team will continue to lead the company and will retain a significant ownership stake in the business.
REVA was formed in 2012 through the merger of AeroJet International and Air Ambulance Professionals. Over the past 6 years, REVA has grown to be the global market leader in international long-range air medical transports and has set the standard for safety, reliability and patient service excellence. The Company has bases of operations in Ft. Lauderdale, FL, San Juan, Puerto Rico, Phoenix, AZ and Schenectady, NY, and a fleet of over 20 aircraft.
“We are extremely proud of the transformation that the REVA team has accomplished, becoming the largest dedicated global fixed wing air ambulance business, more than doubling revenue and more than tripling EBITDA organically, while also investing in its operations, aircraft capacity, maintenance, and technology to become a world class organization,” said John G. Troiano, Managing Partner and CEO of Beekman. “We are excited to continue our partnership with the management team and bring new resources through our strategic partner, Directional Aviation, to further accelerate growth.”
Headquartered in Cleveland, OH, and founded as an aviation holding company in 1981 by Kenn Ricci, Directional operates nine brands that provide a host of aviation services aggregating over $2.5 billion in revenues. Specifically, the Company operates Flexjet, Sentient Jet, Flight Options and subsidiaries in the fields of fuel management, aircraft maintenance and has access to a vast fleet of aircraft that REVA could utilize to expand capacity. The addition of Kenn Ricci to the REVA Board of Directors adds an aviation expert with over 35 years of operating experience. In 2000, Kenn was honored as the Ernst & Young Entrepreneur of the Year and has been named as one of the most influential people in aviation by Aviation International News. In January 2018, the Living Legends of Aviation renamed its annual award for lifetime accomplishments in aviation entrepreneurship the “Kenn Ricci Lifetime Aviation Entrepreneur Award.” “We look forward to having Kenn and the Directional team play an integral role in REVA’s next phase of growth,” Troiano commented.
“As a proven leader of Air Ambulance service, we are excited to have REVA join our portfolio of Aviation companies,” said Kenn Ricci, Principal at Directional Aviation Capital. “We are happy to be able to help further support the Air Ambulance mission, which uses aircraft to help those in need of the most urgent care. I have the utmost respect for the mission, the people and the service provided by the REVA management team and welcome them as an asset to our group,” added Kenn Ricci.
“We appreciate the continued support of Beekman and are eager to work hand in hand with an aviation focused partner in Directional. There are many areas of our business in which we can leverage Directional's expertise and capabilities,” said Stuart Hayman, CEO at REVA.
REVA’s commitment to delivering a best practice care delivery platform and streamlined patient experience resonates with all stakeholders, including the patient, their family, hospital referral clients and insurance companies. The Company is NAAMTA and EURAMI accredited and has had zero safety incidents in its 20+ year history.