Quipt Home Medical Partners With 3 Major Health Systems

CINCINNATI—Quipt Home Medical Corp. announced it has signed a definitive agreement with three major health systems and hospitals to form a joint venture. According to the agreement, Quipt will acquire a 60% ownership interest in Hart Medical Equipment, with the remaining 40% interest collectively held by major health systems, Henry Ford Health, McLaren Health Care, Blanchard Valley Health System, Wood County Hospital and the Bellevue Hospital.

Hart, headquartered in Michigan, is a durable medical equipment supplier with over 20 years of experience. It generated approximately $60 million in revenue and $7 million in adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) for the 12 months ended June 2025.

For reporting purposes, Quipt said it expects to consolidate the financial results of Hart and hence upon completion of the transaction, Quipt’s expected annualized run-rate revenue will be approximately $300 million. As the primary beneficiary of the joint venture it is expected that the 40% non-controlling equity interest will be reported as a separate component on the Company’s Consolidated Statements of Financial Position.

Hart maintains longstanding strategic relationships with health systems including Henry Ford Health, McLaren Health Care and Blanchard Valley Health as well as freestanding community based hospitals. These relationships provide direct access to a large, consistent patient base, with Hart serving over 67,000 patients monthly.

Management said it expects Adjusted EBITDA margin to align with historical corporate averages within three quarters post-closing. Synergies are anticipated through operational efficiencies and cross-market integration. Quipt’s expected total consideration for its 60% ownership interest is in the range of $17-18 million.

The transaction is expected to close by the end of Fiscal Q4, 2025, subject to customary closing conditions, including approval by the lender to Quipt’s existing credit facility.

“The Hart Medical board was very focused on finding the right strategic partner to align with our mission of not only caring for patients at home following their discharge but also supporting their ongoing transitional care needs,” said Barton Buxton, board chair of Hart Medical. “As health care systems continue to explore innovative ways to manage critically ill populations in a payer environment that increasingly drives us toward managing risk, we carefully evaluated our options. Of all the potential partners, Quipt Home Medical demonstrated the strongest platform and shared commitment to continue and expand the important work Hart Medical has begun.

“We are excited about the opportunities this partnership creates—not only to elevate our transitional care services to the next level, but to set a new standard of care for health systems and DME collaborations,” Buxton continued. “Hart Medical has always striven to meet and exceed the expectations of our health system partners, and we are confident that our alliance with Quipt Home Medical will strengthen our ability to deliver exceptional patient outcomes and innovative solutions.”

“Hart’s impressive footprint across Michigan and Ohio and its relationship with world-class health systems like Henry Ford Health, McLaren Health and Blanchard Valley, bring a new level of depth and reach to our platform,” said Greg Crawford, CEO and chairman of Quipt. “This transaction expands our service network to more than 19 hospitals and affiliated care facilities, dramatically increasing our ability to serve patients at critical points of care transition. Importantly, the joint venture structure allows us to collaborate closely with Hart’s leadership team while maintaining operational alignment across the broader Quipt platform. This move is consistent with our strategy to expand our business with strategic relationships with leading health systems, work with hospitals in providing post discharge durable medical equipment products and services and create a scalable template for future growth nationwide. Hart’s reputation for clinical excellence and strong health system alignment fits perfectly with our mission and platform.”