Lévis-based emergency medical transport company Dessercom formalized the acquisition of Airmedic for $54 million on Monday afternoon.
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Airmedic sought refuge from its creditors during the month of July, as part of the financial collapse suffered by the Huot Group and its owner, Stéphan Huot. The businessman became one of two shareholders of the emergency transportation service in 2012.
This deal aims to “ensure sustainability and continued growth” of the air medical transport company established throughout Quebec.
The operation was partly funded by Investissement Québec, which pumped $6.5 million into the acquisition to support Airmedic’s maintenance in the province. Dessercom will cover the rest of the costs with its own funds and financing from the Desjardins Group.
“It is a company that complements our service offerings. It is necessary to remember that it is not Airmedic that has encountered difficulties, but rather the Huot Group,” says Dessercom President and CEO Maxime Laviolette.
The company, whose head office is located on Quebec’s south shore, is also pleased to have been able to keep Airmedic, which was founded as a non-profit organization in 2000, under Quebec ownership.
Sophie Larochelle, CEO of Airmedic, says she and her employees are relieved to be free of the uncertainty that has loomed on the horizon since the company filed for protection under the Law of Arrangement of Creditors (LACC).
“We are reassured to see that we are working with strong partners and that we will be able to resume our cruising speed with the same growth goals. Hiring also won’t hurt to know that we have strong support.
MI LaRochelle confirms that negotiations between the two pre-hospital emergency transport entities went smoothly. It is also happy with the fact that Airmedic will retain the independence of its management, despite the deal.
“They trust us to continue the current good work. We will always serve as many Quebecers as possible who need our services. We keep the same recipe and follow the same path.”
Maxime Laviolette confirms that “the company itself has an excellent management team, 150 competent employees” and they will have complete freedom.
Now that it’s “starting again on a solid foundation,” expanding beyond Quebec is in Airmedic’s plans. The company will also add a new service point to “serve remote communities more effectively.” Its location will be revealed in the coming weeks.
History of aeromedicine:
2000: It was founded as a non-profit organization by François Rivard. It was his experience as a flight paramedic during the 1996 Saguenay flood that gave rise to this idea.
2012: After 12 years of operation as a non-profit organization, Airmedic was privatized with the arrival of two entrepreneurs, including Stefan Hout. Francois Rivard is also one of the leaders.
2014: François Rivard closes the door due to a policy disagreement with new shareholders. He will found Helico Secours, a competing service, in 2020.
June 2023: Airmedic has been put up for sale as part of the Huot Group debacle. Investigation office in Newspaper It has been confirmed that Dessercom would like to take over.
July 2023: Airmedic places itself under the protection of the Companies’ Creditors’ Arrangements Act, as there is no buyer.
November 2023: The deal between Dessercom and Airmedic has been formalized after several months of delays, especially regarding the company’s legal status.
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