Medway Air Ambulance – A Home Run

It’s my pleasure to announce that Medway Air Ambulance has completed a recapitalization resulting in a significant liquidity event for its owner, and a growth capital infusion by Merit Capital Partners and American Working Capital. In just over two years, we worked with Rick Moore, Medway’s CEO, to double the revenue, more than double the profitability and increase equity value by more than 5x. After the recapitalization, Rick continues to own a significant piece of the company and remains CEO. It is my personal expectation that Medway can double its revenue again over the next three years, and potentially triple over the next five years. It has been great to work with Rick and to assist him in adding the financial discipline, debt financing and to jointly create a growth vision for the company. When we first talked about a joint venture in 2012, he thought I was crazy … this would never happen. We started with a good company at the end of 2012, and over the next two years created a world class company. My congratulations to Rick for the great job he has done, and to Merit/AWC for the opportunity they have to work with Rick and …

No Growth to Doubling Revenue in 2 Years – Case Study

In October 2012, we began to advise a $12 million company that hadn’t grown in 5 years. It was a good company, producing about 15% EBITDA margins and well over $1 million annually in free cash flow. We had known the CEO for several years and knew he was about three years away from wanting to sell his business and retire. “How about if we double or triple your business before we sell it?”, I asked. He thought I was on some illegal substance – but not so. After talking further, we were retained to help him create a growth plan, to determine what capital was needed and to find the capital. Result? October 2014, LTM revenue is in excess of $23 million. By doubling revenues, margins have improved slightly, and the equity value of his business (he owns 100%) has more than tripled. CEOs – good CEOs – often get into the weeds of a business that the big picture is lost. This CEO didn’t think it was possible to grow his business – he was a “one armed paper hanger”. Sometimes growth just needs vision – and the right set of contacts. I’ve spent the last 23 years …