Quipt Home Medical Acquires Hart Medical for $17.4M, Strengthening Its Market Position

Quipt Home Medical has completed the acquisition of Hart Medical Equipment for $17.4 million, acquiring a 60% ownership interest. The remaining 40% interest will be owned collectively by three major health systems and two hospitals. This strategic move aims to strengthen Quipt's position in the home medical equipment market.

Quipt Home Medical (NASDAQ: QIPT) has completed its strategic acquisition of Hart Medical Equipment, purchasing a 60% ownership interest for a total consideration of $17.4 million. The remaining 40% interest is collectively held by Henry Ford Health, McLaren Health Care, Blanchard Valley Health System, Wood County Hospital, and The Bellevue Hospital.

This acquisition aims to bolster Quipt's position in the home medical equipment market. Hart Medical Equipment generated approximately $60 million in annual revenue and $7 million in Adjusted EBITDA for the twelve months ended June 2025. Post-acquisition, Quipt expects Hart's Adjusted EBITDA margins to align with its historical corporate averages over the next 6-9 months.

The acquisition was funded by Quipt's existing senior credit facilities, maintaining a conservative leverage ratio. The company expects to increase the size of its senior credit facilities, providing additional flexibility for future acquisitions while maintaining a modest long-term leverage profile.

Hart Medical Equipment's longstanding strategic relationships with leading integrated health systems and freestanding community-based hospitals will embed the business into the hospital discharge processes of more than 19 hospitals and affiliated care facilities across its network. This acquisition will expand Quipt's reach across the Midwest, particularly in Michigan.

Quipt's CEO and Chairman, Greg Crawford, stated, "We are excited to officially close this milestone transaction with three major health systems and welcome Hart to the Quipt family. 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."

The successful integration of Hart is expected to increase Quipt's annualized run-rate revenue to over $300 million and its Adjusted EBITDA to exceed $65 million. Management anticipates strong margin performance throughout the year and into 2026.

References:
[1] https://seekingalpha.com/news/4491657-quipt-home-medical-completes-strategic-acquisition-of-hart-medical-for-174m
[2] https://www.morningstar.com/news/globe-newswire/9522483/quipt-home-medical-completes-strategic-acquisition-of-hart-medical-adding-60-million-in-revenue