TransCare, a New York-based provider of medical transportation services, has received a $40 million investment by ING Equity Partners.
New York-based ING is a $350 million private equity fund for buyouts, acquisitions, growth refinancing and corporate restructuring. With its investment, ING acquires a controlling interest in TransCare, a private company with annual revenues equaling the size of ING's investment.
TransCare said the capital infusion will enable the company to proceed with its strategy of consolidating private medical transportation companies locally and nationally. It also will enable it to replace and upgrade its existing fleet of 330 vehicles and invest in medical technology.
Measured by calls, contracts and the size of its fleet, the company claims to be the third-largest private ambulance company in the nation and the largest in New York.
TransCare also operates critical-care vehicles-like intensive-care units on wheels-equipped with special monitors, a ventilator, specialized medications, cardiac pacemakers, and burn and trauma supplies. It also has special vehicles housing incubators for transporting neonates.