Press Release

Issued by Babcock International.

March 27, 2014

Scandinavian Air Ambulance (SAA), the foremost provider of air ambulance services in the Nordic region, today announced its intention to join the Avincis Group (Avincis), a leading international provider of mission critical aviation services.

The agreement would see the business take its place alongside Avincis' existing companies which deliver medical emergency, search and rescue, firefighting and energy support services across eight countries worldwide with a fleet of 343 aircraft.

The total enterprise value derived from the purchase price amounts to SEK707 million (approximately €80 million). The agreement would see Avincis acquire 84.6 per cent of SAA for an initial cash consideration of SEK206.5 million with a further SEK84.2 million in the form of a vendor note payable in cash in two years' time. The transaction is subject to the satisfaction of certain conditions and regulatory approvals prior to 30 June 2014. 

SAA's fleet of 22 aircraft annually transports more than 14,000 patients across Sweden, Finland and Denmark, making it a natural fit for Avincis whose mission is to save lives, protect the environment and safely transport mission critical people and assets. In 2013 Avincis flew 51,450 emergency medical service missions and carried out 2,100 sea and mountain rescues.

SAA would continue its existing operations serving customers across Scandinavia, and would continue to manage the business. SAA founder and ceo Henry Hansen would continue to lead SAA and all Avincis' emergency services in Scandinavia. In addition, Henry Hansen would reinvest a significant portion of the equity of SAA.

As a part of Avincis, SAA would be provided with the organisational capability, resources and know-how to allow it to continue to grow and develop its operations throughout the Nordic region. Headquartered in London, Avincis provides central resources such as world-class safety and engineering operating systems, standards and expertise to its operating companies who serve their local markets and customers and retain their unique identities.

Avincis Group ceo James Drummond said: “SAA has a strong team and business which is very well aligned to the Avincis mission and values, and would bring not only Nordic expertise and experience, but 160 skilled people with an enviable track record of saving lives. I look forward to being able to welcome them to our Group and look forward to helping them grow the business.”

SAA ceo Henry Hansen said: “I am pleased at the prospect of joining forces with one of the world's leading air ambulance providers. We have established SAA as a leading and professional Scandinavian air ambulance company, and Avincis' support would allow us to build on that success.”