BUFFALO, N.Y. (July 29, 2020)—OJ Medtech/Charm Medical Supply announced the acquisition of PRO2 LLC, a professional oxygen and CPAP supply company. PRO2 operates out of two locations in the Buffalo, New York area and currently serves over 10,000 patients annually with rental equipment and related medical supplies. Clinicians and insurers are increasingly supportive of homecare services, which patients prefer and are much more cost efficient than similar treatments in the hospital setting. The COVID19 pandemic also fundamentally changed how health care is delivered, with additional treatments shifting to patients’ homes for respiratory therapy and support.
The acquisition brings an expansion of product offerings to OJ Medtech/Charm Medical. “We admire PRO2’s clinical focus and market presence in the respiratory services and sleep therapy sectors in Western New York. We found strong synergies with our existing service model of connecting patients, physicians, and payors.” commented Peter Tallas, president and CEO of OJ Medtech/Charm Medical Supply. “We see the product line expansion into the respiratory and sleep services sector as a key growth initiative in the years ahead.”
“With our 20-year history at Charm Medical and thousands of patients on service, we have the infrastructure to integrate these businesses as we grow and broaden the scope of product offerings and geographic expansion opportunities,” said Tallas.
Upstream Capital, OJ Medtech’s equity sponsor, partnered with Midwest Mezzanine Funds and Eagle Private Capital on the investment to assist with the acquisition of PRO2 LLC.
Paragon Ventures initiated this transaction and acted as the exclusive advisor to PRO2 LLC. The sale process was led by Tony Marsallo, Paragon Ventures’ Managing Director. “The acquisition of PRO2 by OJ Medtech/Charm Medical emphasizes the increasing voracity and strength of strategic acquisitions for HME companies. Pro2 has grown consistently through its local market sales efforts and creating operating efficiencies to drive revenues and profits over the past few years.” said Marsallo.
“Even during the current global pandemic all of the parties worked together to make the transaction a success. Together everyone showed great resolve and persistence to get this transaction across the goal line," said Jonathan Sadock, Paragon Ventures’ Managing Partner.
Visit ojmedtech.com for more information.