New York-based Blade Air Mobility Inc. (Nasdaq: BLDE) is set to pay $23 million for a Tempe firm started by a firefighter.
Seth Bacon, founder and CEO, said he had no intention of selling Trinity Air Medical, which made the Inc. 5000 list for the fifth year in a row.
Bacon left his career as a firefighter in 2011 to start the company that transports transplant organs from across the country on behalf of Donor Network of Arizona to Arizona's five hospitals that perform organ transplants. Those hospitals are Mayo Clinic, Phoenix Children's, St. Joseph Hospital and Medical Center and Banner Health's University Medical Center campuses in Phoenix and Tucson.
When he first founded the company in 2013, Trinity Air Medical generated $125,000 in revenue. This year, revenue is expected to be somewhere between $21 million and $22 million, up from $18 million in 2020, Bacon said.
Over the past few years, Bacon has been busy growing the company and enjoying his place on the Inc. 5000 list. This year, the company ranked 2,163 on the list, showing a 200% revenue growth.
"We were not for sale," Bacon said. "But after their persistence, we at least had to hear what they had to say."
Because he had no interest in selling the company, Bacon figured he could name his price.
"If they wanted to acquire us, they would have to come to our terms a little bit," he said. "So they agreed to help take care of our employees. There will be zero employee crossover loss."
All of Trinity Air Medical's 60 employees will get to keep their jobs, he said.
Bacon said Blade is preparing for the adoption of Electric Vertical Aircraft, which can land like a helicopter and cruise like a plane — reducing noise, emissions and cost, which will position the combined operations for future growth, Bacon said.
For now, Trinity Air Medical will maintain its name, and Bacon will continue to serve as CEO, leading operations — at least until his earn-out expires in two years.
At that time, Bacon said he would like to become strategic business advisor and investor for small businesses.
"It's been a wonderful journey," he said.
