Quipt ramps up in Illinois
By HME News Staff
Updated 10:19 AM CST, Tue November 9, 2021
CINCINNATI – Quipt Home Medical recently acquired a business with operations in Illinois with unaudited trailing 12-month annual revenue of about $2.5 million.
Post-acquisition, Quipt expects an adjusted EBITDA for the acquisition of about $600,000.
“Since July, we have now completed six acquisitions with combined revenues of over $16 million,” said Greg Crawford, chairman and CEO. “Combining these newly acquired entities provides us a pathway to scale into new states with each business having a proven track record in the markets they serve and diversified product mixes. In this short period of time, we have amassed infrastructure in four new states and further penetrated existing states, such as Illinois.”
Benefits of this latest acquisition include a strategic location to better serve Illinois, not to mention St. Louis, and Chicago; a heavily weighted respiratory product mix (85%); and more than 3,700 active patients, as well as important insurances contracts.
Under the terms of the purchase agreement, Quipt acquired the operations for about $1.7 million in chase and real estate for $500,000.
Comments