Uncertainty is about to dissipate for Airmedic, one of the main players in the emergency air evacuation niche in Quebec. Sheltered from its creditors since July 13, the insolvent company is preparing to pass into the hands of the ambulance company Dessercom, established in Lévis.
Valued at 54 million, this transaction should be approved soon by the Superior Court of Quebec, which oversees the proceedings under the Companies’ Creditors Arrangement Act (CCAA).
“The monitor is of the view that it maximizes the chances that [Airmedic’s] current operations can be continued uninterrupted and on a sustainable basis,” wrote the firm Deloitte, responsible for judicial restructuring, in its most recent report.
Airmedic and Dessercom did not comment on the contents of the document on Tuesday.
Established in Saint-Hubert, in the southern suburbs of Montreal, Airmedic had been pushed towards insolvency by the debacle of its main shareholder, Groupe Huot.
The inability of the fallen real estate developer – well established in the Quebec region – to meet some of his financial obligations has meant that the specialist in aerial emergency evacuations found himself with an additional burden on his shoulders. This is essentially what prompted him to turn to the CCAA.
Airmedic had been looking for new investors for months, but Groupe Huot’s financial difficulties accelerated the process in order to ensure business continuity. As of August 13, only $411,000 remained in the company’s coffers.
The role of the Saint-Hubert company goes beyond emergency evacuations. In particular, it offers a medical transportation service to certain First Nations in remote regions. The company is also one of the suppliers of the Ministère des Transports du Québec (MTQ). It allows patients from remote areas to travel to major centers to obtain care.
The “admitted amounts” claimed by the creditors, which include the National Bank, the Laurentian Bank and the Business Development Bank of Canada, amount to 47.3 million, according to Deloitte calculations.
In the hope of finding a buyer, the controller surveyed no less than 81 candidates, we learn from reading the report. Subsequently, four potential buyers carried out due diligence. Dessercom submitted an initial proposal and then increased it to around 54 million.
But she was not alone in the ranks, since an unsolicited offer could have come to play the spoilsports. The latter was higher than that of Dessercom, but the guarantees were insufficient, in the eyes of the controller.
“The unsolicited offer had slightly higher consideration […], but was the best of the offers received and most likely to complete the restructuring of the debtors (Airmédic),” says Deloitte.
For Dessercom, the purchase of Airmedic fits with its growth ambitions. In its 2022-2023 annual report, the company says it has retained the services of a specialized firm to support it in its “diversification” and “expansion”. The ambulance transporter will add an aerial dimension to its activities.
As of March 31, Dessercom operated 112 ambulances, 79 specialized medical transport trucks and 42 other vehicles. Its revenue reached $108 million in its most recent fiscal year, up 12%. His profits were 10 million. They had stood at 11.3 million in 2021-2022.
Year of foundation: 2012
Staff: 135 people (health professionals, pilots, administration)
Fleet: 11 aircraft (Pilatus PC-12NG, Airbus EC145e helicopters, Pilatus PC-24)
Sheds: Saint-Hubert, La Romaine, Saint-Honoré, Lourdes-de-Blanc-Sablon
