Prime Highlight:
- Quipt Home Medical has acquired a 60% stake in Hart Medical Equipment for $17 million, marking its entry into Michigan and Ohio markets.
- The joint venture strengthens Quipt’s Midwest presence and enhances its ability to deliver patient-centered care through expanded healthcare partnerships.
Key Facts:
- The remaining 40% ownership of Hart Medical will be held by major health systems, including Henry Ford Health, McLaren Health Care, and others.
- Hart Medical generates over $60 million annually, and the partnership is designed to address industry challenges like Medicare Advantage, competitive bidding, and value-based care demands.
Key Background:
Quipt Home Medical has entered into a joint venture with leading U.S. health systems and hospitals, acquiring a 60% ownership interest in Flint, Michigan-based Hart Medical Equipment. The deal, valued at about $17 million, marks Quipt’s immediate entry into the Michigan market and new territories in Ohio.
The remaining 40% interest will be held collectively by Henry Ford Health, McLaren Health Care, Blanchard Valley Health System, Wood County Hospital, and The Bellevue Hospital. The Braff Group served as the exclusive financial advisor to Hart Medical in this transaction.
Quipt said the deal will enhance its presence in the Midwest, expand healthcare partnerships, and strengthen its ability to deliver patient-centered care. Hart Medical’s current executive, Allen Hunt, emphasized the need for scale in today’s evolving healthcare market. “To remain relevant and accelerate growth, additional scale is no longer optional,” Hunt said. He added that Quipt’s leadership, innovation, and cultural alignment made it the right partner for future growth.
Pat Clifford, Managing Director at The Braff Group, noted that the transaction would help Hart Medical navigate industry changes such as Medicare Advantage policies, competitive bidding, and increasing demands from value-based care partners.
As Hart Medical continues to generate over $60 million yearly, the joint venture positions Quipt and its partners to seize growth opportunities in durable medical equipment (DME) while continuing to serve patients across key markets.
