SANDWICH, Mass. — With an eye toward further securing its future in an increasingly shaky environment, Cape Medical Supply has acquired six-year-old Seacoast Sleep Solutions of Kittery, Maine.
The deal marries Cape Medical, a full-line HME serving all of Massachusetts, with Seacoast, a regional provider of sleep therapy products, home oxygen and HME for patients in northeastern Massachusetts, southeastern New Hampshire and southern Maine. Seacoast was founded in 2005 by a respiratory therapist who will remain on staff.
"We continue to focus on aggressive growth strategies that will produce sustainable gains for our customers and team members," said Gary Sheehan, Cape Medical CEO, in a release. "This was a dynamic opportunity for us to produce material growth and diversify our geographic reach and we are very pleased we were able to complete the transaction." Terms of the deal were not disclosed.
As part of the transaction, Cape Medical will rebrand Seacoast Sleep Solutions as Seacoast Respiratory to better reflect its breadth of products and services. All of Seacoast's existing employees will be retained, and Cape expects to hire additional employees for the Kittery location and its Sandwich headquarters.
This marks Cape's first major acquisition since a 2005 purchase of two home oxygen therapy business units from Cape Cod Healthcare. Since, the company has focused on organic growth, opening new retail facilities as well as a new patient service and distribution center in the Greater Boston area in the fall of 2010.
According to Sheehan, the industry's continuing challenges mandate aggressive growth.
"We are excited for what the future holds for our organization across New England and more confident today that we are properly configured to succeed in an incredibly difficult and complex health care regulatory landscape," he said.