Second Portfolio Company Acquisition in Three Months as Firm Seeks to Build Preeminent US Patient Logistics Business
BOSTON, September 29, 2015 – New Heritage Capital (“Heritage”) is pleased to announce that its portfolio company ProTransport-1, LLC (“ProTransport-1”) has acquired Century Ambulance Service, Inc. (“Century”), a leading interfacility medical transport provider in the Jacksonville, Florida metro area. Century represents ProTransport-1’s second acquisition in 2015, having closed the acquisition of Los Angeles-based PRN Ambulance in July. Founded in 1981 with just two ambulances, Century now operates a fleet of over 50 ambulances and has a staff of more than 290 employees.
ProTransport-1, headquartered in Cotati, CA, is a premier provider of comprehensive patient logistics services to leading healthcare systems in its service areas. ProTransport-1 provides the highest levels of patient care while employing leading technologies and highly skilled medical professionals to enable the safe and efficient coordination and transport of large numbers of medically complex patients within a health system and its environment. The company receives the highest satisfaction ratings from its patients and health system partners. Founded in 2000, ProTransport-1 was recapitalized in 2012 by its founders and Heritage. Since 2012, the company has grown its staff from 600 to over 950 personnel and it now operates more than 170 vehicles.
“We are excited to partner with the Century team in the North Florida market, another move in our deliberate expansion into additional geographies,” said Mike Sechrist, co-founder and CEO of ProTransport-1. “Century serves a blue chip base of healthcare providers and we are eager to introduce many of our technologies and services to help serve those customers.”
John Glover, the president of Century, commented, “Century provides the highest quality interfacility medical transport in the Jacksonville area. Partnering with ProTransport-1 allows us to continue what we do well while bringing additional technology-driven services to our customers. I believe the combination of Century and ProTransport-1 will strengthen our Jacksonville presence and will enhance our service offering to our employees, our hospital customers, and our patients.”
Melissa Barry, Principal of Heritage, added, “Century represents another important step towards our goal of building the preeminent patient logistics business in the United States. We are excited about the opportunities that Century will provide to ProTransport-1, and enthusiastic to continue supporting the team as they further their growth in new and existing markets.”
Heritage is a Boston-based private equity firm with a twenty-year history of partnering with growing, middle market, founder-owned businesses. In a typical transaction, Heritage makes a significant equity investment in a company while allowing founder-managers to retain operational control and meaningful economics. Our approach provides shareholders with the desired amount of liquidity, resolves transition issues, and allows shareholders to maintain control and accelerate the growth of their company. Such transactions provide a company with capital for growth, as well as a partner deeply experienced in providing strategic guidance to growing founder-owned businesses.