The Bottom Line: NewSpring Invests in VCI Emergency Vehicle Specialists
June 14, 2022
NewSpring, a family of private equity strategies, today announced that NewSpring Mezzanine, the Firm’s dedicated mezzanine strategy, has invested subordinated debt and equity to support Tightrope Capital’s new partnership with the management of VCI Emergency Vehicle Specialists (VCI).
VCI provides comprehensive new and used ambulance solutions and support
Founded in 1978, VCI offers a wide range of value-added services that cover the lifecycle of an ambulance. This includes initial purchases of new and used vehicles, service and maintenance, as well as lifecycle extensions like remounts and conversions. Operating out of four locations in New Jersey, Pennsylvania, and New York, VCI is the exclusive dealer for Horton, AEV, and Medix vehicles, three prominent ambulance brands in the Mid-Atlantic market.
VCI operates in a fragmented market with multiple avenues for growth
VCI has significant opportunity to continue its strong growth trajectory by expanding its municipal and non-municipal customer relationships, and adding new service locations. Further, many emergency vehicle specialists today are small and family owned, which creates a strong pipeline of potential acquisition targets that would expand VCI’s geographic footprint and service offerings.
By focusing on delivering best-in-class ambulance solutions and support, we’ve been able to grow deep relationships with a wide range of municipalities, hospitals, and EMS providers across the Mid-Atlantic region. We’re excited to pursue this next phase of growth with our partners at NewSpring and Tightrope and are eager to push this business to new heights.
The need for emergency transportation is expected to grow
With the population of individuals over the age of 45 expected to grow 22% by 2039, the need for emergency transportation will likely increase significantly. The continued urbanization of the Mid-Atlantic is also causing cities to purchase more high-performing ambulances to accommodate a growing population.
VCI is led by a strong management team focused on growth
President Robert Bohny and Vice President Richard Bohny are both co-owners of VCI and have decades of experience leading this business. They are supported by a robust team of sales and service center managers dedicated to growing the company’s footprint across the Mid-Atlantic region.
For decades, VCI has delivered superior ambulance solutions and support that give medical providers confidence in their emergency vehicle’s reliability and performance. These vehicles are crucial to our medical system’s ability to save lives. We’re eager to get involved in the important work being done at VCI and bringing these critical services to more providers in need.