CINCINNATI—Quipt Home Medical Corp., a United States-based home medical equipment provider, announced it has been acquired by affiliates of Kingswood Capital Management, L.P. and Forager Capital Management, LLC.
The transaction values Quipt at approximately $260 million, including Quipt’s existing outstanding debt. Following the completion of the transaction, Quipt will become a privately held company and cease to report in the U.S. and Canada.
“The board has consistently demonstrated its commitment to maximizing shareholder value, and we believe this transaction achieves that objective by providing substantial and assured value to our shareholders," said Greg Crawford, chairman and CEO of Quipt. "I extend my sincere gratitude to the entire Quipt team; your dedication, compassion and drive have been fundamental to all our accomplishments. Looking forward, the future is exceptionally promising, with Quipt’s established legacy of outstanding in-home respiratory care poised for even greater growth in the future.”
“Quipt has built a high quality, scaled respiratory care platform defined by its patient-centric care model, durable referral relationships and attractive recurring revenue base," said Kingswood partner Michael Niegsch and forager partner Johnny Wilhelm. "We are excited to partner with Greg Crawford, Hardik Mehta and the entire Quipt team to support the company’s next chapter of growth as a privately held company. We look forward to reigniting the mergers and acquisitions engine to expand in strategic markets, while continuing to invest in people, technology and best-in-class clinical care.”
Following a review of alternatives conducted with its financial advisor, Truist Securities, Inc., both the Quipt board of directors and its strategic transactions committee said they determined that the transaction is in the best interest of shareholders. The board said it unanimously recommends that Quipt shareholders vote in favor of the transaction at a special meeting to be called to approve the transaction.