Wednesday, September 22, 2021

Blade Air Mobility Announces Definitive Agreement to Acquire Trinity Air Medical, Creating a Nationwide, Multi-Modal Organ Transport Platform

  • The Company expects the combined Blade MediMobility and Trinity to be the largest dedicated organ air transport arranger in the United States
  • Trinity’s asset-light, multi-modal organ transport business is poised to rapidly transition to drone and Electric Vertical Aircraft (“EVA” or “eVTOL”) transport under Blade ownership
  • Trinity is profitable and generated revenues of approximately $16 million in calendar year 2020, working with transplant centers and organ procurement organizations in 16 states
  • Acquisition is expected to accelerate revenue growth in Blade’s MediMobility business, which is growing in excess of 60% per year, reducing costs and improving service availability

Blade Air Mobility, Inc. (Nasdaq:BLDE, “Blade” or the “Company”), a technology-powered global air mobility platform, today announced that it has entered into a definitive agreement to acquire Trinity Air Medical, Inc. (“Trinity”), a nationwide, multi-modal organ logistics and transportation company. The transaction is expected to close during the week of September 13, 2021, subject to customary closing conditions.

“Trinity’s long-term relationships with organ procurement organizations and transplant centers are a testament to their high-touchpoint approach to organ air transportation, providing seamless solutions for their clients, a perfect fit with Blade’s culture of 24/7 availability and mission redundancy,” said Rob Wiesenthal, Blade’s Chief Executive Officer. “Trinity’s end-to-end services integrate air missions with ground transport. Given the existence of landing pads at most hospitals today, we have the ability to immediately replace Trinity’s ambulances with helicopters on certain hospital-to-hospital missions, while preparing for a transition to both existing ‘last-mile’ cargo drones as well as Electric Vertical Aircraft, as soon as they become available.”

“Recent advances in organ preservation technology have resulted in consistently increasing demand for point-to-point organ air transport over longer distances,” said Seth Bacon, CEO of Trinity. “Blade’s scale in air transport missions coupled with their aerospace manufacturer relationships position us to continue expanding share in today’s growing market, while laying the groundwork to deploy forthcoming drone and Electric Vertical Aircraft technology, which will reduce transit times and improve patient outcomes.”

“Like Blade, Trinity is asset-light and neither owns nor operates aircraft, thus rapid expansion is not capital intensive. We expect the combination of Trinity’s substantial flight volume with Blade’s fast-growing MediMobility business to create the largest dedicated organ air transport company in the United States and enable us to secure more dedicated aircraft, resulting in better availability and pricing for the hospitals we collectively serve,” said Will Heyburn, Blade’s Chief Financial Officer. “Trinity’s consistent growth and positive EBITDA contribution will fortify Blade’s financial position while providing additional operating leverage for the broader Blade platform.”

“We are already working hand-in-hand with Blade’s MediMobility team on organ air transport missions,” said Scott Wunsch, COO of Trinity. “We look forward to implementing best practices from both organizations, which I am confident will result in faster, more efficient and more cost-effective service for our collective client base.”

Transaction Highlights:

  • Blade to purchase 100% of the capital stock of Trinity for an upfront purchase price of approximately $23 million and potential additional contingent consideration based on the achievement by Trinity of certain EBITDA growth targets over a three-year period
  • Seth Bacon and Scott Wunsch will become CEO and COO of Blade MediMobility, respectively, and have agreed to five-year non-competition agreements. All Trinity employees will be incentivized and are expected to remain at the Company, post-transaction

About Blade Urban Air Mobility

Blade is a technology-powered, global air mobility platform committed to reducing travel friction by providing cost-effective air transportation alternatives to some of the most congested ground routes in the U.S. and abroad. Today, the company predominantly uses helicopters and amphibious aircraft. Its asset-light model, coupled with its exclusive passenger terminal infrastructure, is designed to facilitate a seamless transition to Electric Vertical Aircraft (“EVA” or “eVTOL”), enabling lower-cost air mobility to the public that is both quiet and emission-free.

For more information, visit www.blade.com.

About Trinity Air Medical

Trinity Air Medical, with headquarters in Tempe, Arizona, was founded by healthcare professionals who recognized a need for a professional and reliable organ logistics and transportation service. Trinity’s mission is to partner with organ procurement organizations and organ transplant centers around the United States to maximize organs available for transplant.

For more information, visit www.trinityairmedical.com.