CINCINNATI—Quipt Home Medical Corp., a home medical equipment provider focused on end-to-end respiratory care, announced the closing of its previously announced joint venture transaction with three major health systems and two hospitals to acquire Hart Medical Equipment. Quipt has acquired a 60% ownership interest in Hart, with the remaining 40% interest collectively held by Henry Ford Health, McLaren Health Care, Blanchard Valley Health System, Wood County Hospital and The Bellevue Hospital.
“We are excited to officially close this milestone transaction with three major health systems and welcome Hart to the Quipt family,” said Greg Crawford, CEO and chairman of Quipt. “Hart’s strong health system relationships and regional market leadership represent a powerful strategic fit. This acquisition demonstrates the scalability of our acquisition platform, while providing us with a major entry into Michigan and expanded reach across the Midwest.
"Looking ahead, we see a deep pipeline of additional opportunities that can be integrated onto our platform to further accelerate growth," Crawford continuede. "With a stabilized revenue base, consistent Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) performance, and building momentum within the business, we are confident in our ability to close the calendar year on a high note and carry strong momentum into 2026.”
Transaction Highlights:
- Quipt has acquired a 60% ownership interest in Hart for total consideration of $17.4 million which was funded by senior credit facilities.
- Hart generated approximately $60 million in annual revenue and $7 million in EBITDA for the 12 months ended June 2025 and expects to generate $10+ million in annual adjusted EBITDA over the next six to nine months.
- Management anticipates Hart’s adjusted EBITDA margins will align with Quipt’s historical corporate averages over the next 6-9 months.
Quipt said it expects to consolidate the financial results of Hart. Accordingly, Quipt’s expected annualized run-rate revenue is now in excess of $300 million. Upon successful integration of Hart over the next 6-9 months, Quipt’s Adjusted EBITDA is anticipated to be in excess of $65 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 leading integrated health systems, including Henry Ford Health, McLaren Health Care and Blanchard Valley Health, as well as freestanding community-based hospitals, embedding the business into the hospital discharge processes of more than 19 hospitals and affiliated care facilities across its network.
Hart currently serves more than 67,000 patients monthly.
“The successful closing of Hart underscores our disciplined approach to acquisitions and highlights the strength of our health care system-focused growth strategy,” said Hardik Mehta, CFO of Quipt. “We funded this transaction with our existing credit facility, while maintaining a conservative leverage ratio. Importantly, we will look to increase the size of our senior credit facilities, which would provide us with additional flexibility to execute on our robust pipeline, while maintaining a modest long-term leverage profile consistent with our historical financial discipline. We are excited about the opportunities ahead and are well-positioned to generate consistent organic growth, while continuing to strengthen our platform through disciplined execution.”
“As a DME provider deeply embedded in the needs of health systems, we continue to see extraordinary, untapped potential in our space," said Hart Medical's current executive, Allen Hunt. "The recent wave of consolidation across key markets has made one thing clear: to remain relevant and accelerate growth in today’s dynamic health care environment, additional scale is no longer optional, even for organizations like ours generating over $60 million annually. Recognizing this, we embarked on a rigorous search for a partner who could not only deliver the operational and technological scale we needed, but also share our commitment to serving the specialized needs of health system partners. In Quipt, we found that partner.
"Quipt brings more than just scale," Hunt said. "Their patient-centered leadership, innovative mindset and cultural alignment with our own make them an ideal match. Together, we are now positioned to seize the significant growth opportunities emerging throughout our service area.”