Viemed Healthcare (Viemed) has signed a definitive agreement for the acquisition of Home Medical Products (HMP) for a consideration of $31.75m.
HMP is a Tennessee-based respiratory-focused home medical solutions provider.
Viemed CEO Casey Hoyt said: “The purchase of HMP will launch our acquisition growth initiatives with a stellar organisation that has an extraordinary reputation with patients, payors and physicians. Above all, the team at HMP shares our same driving passion for innovative patient-focused care.”
Established in 2004, HMP is focused on providing home medical equipment to residents of local communities.
The company works with physicians, hospitals and other healthcare partners to enable quality home-based care plans for patients.
HMP has medical equipment offices across many states including Tennessee, Northern Alabama and Northern Mississippi.
The company, through its subsidiary DocSupply Rehab, also offers complex rehabilitation solutions to its customers.
Last year, HMP reported net revenues of $28m and adjusted earnings before interest, taxes, depreciation and amortisation of approximately $6.8m.
Subject to working capital and other customary closing adjustments, the deal is anticipated to be completed in June this year.
Upon the completion of the deal, HMP founder David Steele, CEO Jason Shiflet and the company’s team will join Viemed.
In a statement, Steele said: “We are now thrilled to become part of the Viemed family, allowing even greater expansion of care. We have a tremendous amount of respect for the management team and culture at Viemed and we are very excited to leverage the talent and resources of the combined companies.”