Air Methods Corp to acquire CJ Systems from FSS Airholdings

09 Aug 2007

Air Methods Corporation, Denver, will acquire all the stock of FSS Airholdings', which owns medical helicopter provider CJ Systems, which operates 113 medevac helicopters and fixed wing aircraft, and runs 800 of them nationwide.

Valued at $25 million, the deal 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. The 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.

Earlier, the Air Methods products division announced that it had been selected by Eurocopter America to provide factory-authorised medical interiors, avionics, and airframe accessories for the AS 350 and EC 130 helicopters.

Air Methods says it can perform 10 to 20 conversions per year, and each has a market value of approximately $500,000. Air Methods has performed around 40 Eurocopter emergency medical services (EMS) modifications over the last four years.