Apria Acquires Air Liquide’s U.S. Home Care Division

LAKE FOREST, Calif.–Apria has snatched up another competitor,
closing a deal to acquire Paris-based Air Liquide’s $20 million
U.S. home care business, VitalAire. Terms of the acquisition were
not disclosed.

“Air Liquide Healthcare will continue to focus on the
fast-growing markets where it has established solid positions,”
Jean-Marc de Royere, Air Liquide’s senior vice president, health
and specialty chemicals, said in a July 1 statement. “We will
pursue our development, particularly on the basis of our European
activities, and will consider, in the large markets including the
USA, any attractive opportunity which would allow us to achieve
critical mass.”

Last year, Air Liquide said it had plans to become more active
in the U.S. market, acquiring businesses with problems resulting
from decreased oxygen reimbursement. The company’s Air Liquide
Sante subsidiary serves 300,000 patients and 5,000 hospitals
worldwide with medical gases and respiratory equipment.

For Apria, say observers, the acquisition is proof-positive that
the giant provider’s own possible sale has not put a damper on its
acquisition strategy. Last month, the company confirmed it had
brought on Morgan Stanley to consider potential offers. According
to the New York Post, insiders have speculated those offers
to be as high as $2.5 billion.

“Apria has continued [its acquisition strategy] at full-speed
ahead, and that message seems to be resonating throughout the whole
organization,” said The Braff Group’s Bob Leonard, who managed the
recent transaction for Air Liquide. “What made sense before
[exploring potential buyers] will continue to make sense now.”

Apria closed seven deals worth $28.1 million during the first
quarter this year.