Clayton, Dubilier & Rice-backed EMSC hires underwriters for $750m IPO


medicine_pill_170sqPrivate-equity backed ambulance services provider Emergency Medical Services Corp has reportedly hired underwriters for a $750m IPO.

The US-based company, which is backed by buyout company Clayton, Dubilier & Rice, has picked Goldman Sachs, Barclays and Bank of America Merrill Lynch to lead the float, said Reuters, citing two people familiar with the situation.

The business, which had sales of $404.7m last year, could be floated in the third quarter of the year, the sources said.

Clayton, Dubilier & Rice bought the company in 2009 in $2.9bn take-private deal, while also taking responsibility for its $300m debt.

Emergency Medical was founded in 2005 when private equity firm Onex bought and merger American Medical Response and EmCare.

The report noted that the environment in public markets has improved, prompting private equity firms to seek exits from their portfolio companies.

Some of the recent IPOs included the flotation of Blackstone-backed SeaWorld, which brought the buyout giant a return of 2.6 times.

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