Global Medical Response, the Lewisville, Texas-headquartered operator of air and ground emergency medical services, has moved forward with selecting banks to underwrite a potential initial public offering that could bring in about $1 billion, people familiar with the matter told Bloomberg.
According to those people, the company has chosen JPMorgan Chase & Co. and Bank of America Corp. to work alongside KKR’s capital markets desk on the transaction. The sources also said Global Medical Response is working with Barclays Plc and Goldman Sachs Group Inc. on the offering.
KKR & Co., which backs Global Medical Response, previously expanded its footprint in emergency medical transport through two major acquisitions. In 2015, the New York-based private equity firm purchased Air Medical Group Holdings Inc. from Bain Capital for $2.09 billion. KKR then combined that business with American Medical Response after acquiring the transport company from Envision Healthcare Corp. for $2.4 billion in cash in 2017.
People familiar with the situation emphasized that deliberations over the IPO are ongoing and that details could change. They added that additional banks may be added to the underwriting group as plans progress.
The move to assemble underwriters represents a step toward a U.S. public offering, though the final decision on timing, size and participants has not been locked in. The reporting attributed to unnamed sources frames the current arrangement as preliminary and subject to revision.
Contextual note: The information above reflects only the details that have been reported by people familiar with the matter. No definitive terms, timetable or filing details have been disclosed publicly in the reporting cited.