Blade Air Mobility To Acquire Trinity Air Medical For ~$23M

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  • Blade Air Mobility Inc. BLDE has entered into a definitive agreement to acquire Trinity Air Medical, Inc., a multi-modal organ logistics and transportation company, for an upfront purchase price of ~$23 million.
  • Blade Air Mobility to pay potential additional contingent consideration based on Trinity's achievement of specific EBITDA growth targets over three years.
  • Trinity generated revenues of ~$16 million in 2020. Blade Air Mobility expects the acquisition to accelerate revenue growth in its MediMobility business.
  • Seth Bacon will become CEO, and Scott Wunsch will become COO of Blade MediMobility, and all Trinity employees will be incentivized and expected to remain with the company post-transaction.
  • Blade Air Mobility held cash and equivalents of $333 million as of June 30, 2021.
  • The company plans to close the transaction during the week of September 13, 2021.
  • Price Action: BLDE shares are trading higher by 15.47% at $10.15 on the last check Thursday.
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