Air Methods Acquires CJ Systems
Denver-based Air Methods Corporation has reached a definitive agreement to acquire all of FSS Airholdings’ stock, the parent company of medical helicopter provider CJ Systems. CJ operates 113 medevac helicopters and fixed wing aircraft and employs 800 nationwide. The deal is valued at $25 million and is expected to close by the end of October. 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. Separately, Air Methods’ Products Division announced that it had been selected by American Eurocopter to provide factory-authorized medical interiors, avionics, and airframe accessories for AS 350 and EC 130 model helicopters. Air Methods says it is capable of 10 to 20 conversions per year with each having a market value of approximately $500,000. Air Methods has performed almost 40 Eurocopter EMS modifications over the last four years.