NEW YORK–(BUSINESS WIRE)–Beekman Investment Partners III, LP (“Beekman”), a leading private
equity firm based in New York, announced today 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
“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.
About The Beekman Group
The Beekman Group is a leading private equity firm, based in New York,
dedicated to bringing financial and operational resources to lower
middle-market companies. Beekman’s team consists of experienced private
equity professionals, as well as a select group of Industry Advisors,
who are leading executives in Beekman’s targeted industry segments. This
Industry Advisor focused approach to investing is the cornerstone of
Beekman’s investment strategy — creating value through accelerating
growth and transformational change in partnership with small and
middle-market management teams. For more information, please visit www.thebeekmangroup.com.
REVA is the largest dedicated global fixed wing air medical platform in
the U.S. The Company has completed over 25,000 missions to over 65
countries since inception. The Company utilizes a fleet of over twenty
aircraft for both travel and health insurance clients around the world.
The Company prides itself on delivering a high-quality patient
experience and is known for its strong clinical outcomes. For more
information, please visit www.flyreva.com.
Directional Aviation, based in Cleveland, OH, was founded in 1981 by
Kenn Ricci, and is a provider of investment capital focused solely on
the private business aviation sector, including fractional jet
ownership, jet cards and charter, open and closed fleets, and jet
reimbursement and rebuild services. Today, Directional operates nine
brands that provide a host of aviation services. For more information,
please visit www.directionalaviation.com.
Philip Spizale, 954-730-9300 Ext. 221
Chief Sales Officer