M&A scene: Harmar, ResMed, ATG

SARASOTA, Fla. - The Cortec Group, a New York-based private equity investment firm, has acquired Harmar Mobility. The transaction closed July 20, according to a press release from Harris Williams & Co., an investment bank that advised Harmar. “This transaction is evidence of the strong interest that continues in the sector, driven by investors' desire to find scalable business models in a growing market that is positioned to benefit from positive demographic trends, as well as increasing utilization among the expanding addressable population,” stated Turner Bredrup, a managing director and head of Harris Williams. Previously, Harmar was a portfolio company of Seidler Equity Partners. The new ownership will lead to “a bigger, stronger and better Harmar,” stated Paul Johnson, vice president of sales and marketing at Harmar. “We expect to improve every aspect of our customers' experiences with us, broadening our already extensive high quality product offering and providing unmatched service to our loyal and extensive customer base,” he stated. Cortec acquires high value-added, lower-middle market specialty manufacturing, distribution and service businesses with leadership positions in market niches, according to the release. It manages more than $1 billion of committed capital that is used to acquire platform companies with enterprise values of $40 million to $300 million, as well as smaller follow-on acquisitions, the release states.

ResMed buys compliance tool

SAN DIEGO - ResMed announced last week that it has acquired Umbian, developer of U-Sleep, a software program that allows HME providers to obtain and manage compliance data from any major CPAP device. U-Sleep will continue to support devices from not only ResMed but also Philips Respironics, DeVilbiss and Fisher & Paykel, according to a press release. “We understand that our customers use products from a range of manufacturers, and we believe this is one of the strengths and key areas of value of the U-Sleep platform," stated Luke Maguire, director, healthcare informatics marketing, ResMed America. Halifax, Nova Scotia-based Umbian launched U-Sleep in January to help providers simplify how they manage CPAP compliance by allowing them to obtain data using one web-based, HIPAA-compliant tool. That's key in today's tough regulatory and reimbursement environment, stated Maguire. "By providing a scalable solution for compliance outreach, we are taking a significant step in supporting our HME partners to drive efficiencies and cost reduction," he said. In January, Raj Sodhi, president of Umbian, told HME News that the company plans to expand U-Sleep by allowing access via mobile apps, and to extend the company's reach into other markets, like diabetes. Terms of the deal were not disclosed.

ATG Rehab acquires Allcare Medical's rehab segment

ROCKY HILL, Conn. - ATG Rehab has acquired the complex rehab business of Sayreville, N.J.-based Allcare Medical, it announced Aug. 1. ATG rehab will establish a new location in central New Jersey to serve patients in that state and in the Philadelphia area. Allcare will focus on durable medical equipment, clinical respiratory support services, orthotics and prosthetics. The two providers will co-market their services, according to the release. ATG Rehab has acquired several companies since Audax Private Equity became a majority investor in January 2011, most recently Philadelphia-based Associated Medical Specialties in July.