Roll up buys Care Medical Partners
By HME News Staff
Updated Tue June 10, 2014
LOS ANGELES - Patient Home Monitoring (PHM), a company focused on rolling up annuity-based healthcare service companies in the U.S. and Canada, has acquired Care Medical Partners, a Georgia-based HME provider, for about $5.5 million, according to a press release. Under the terms of the deal, PHM will acquire 100% of Care Medical in exchange for $144,243 in cash and 5,655,476 in shares of PHM at $0.26 per share. As part of the deal, PHM will acquire $3.15 million in medical equipment placed with patients. Care Medical, which generated more than $13.1 million in revenue from March 31, 2013, to March 31, 2014, joins other recent acquisitions by PHM in Georgia, as well as South Carolina and Florida. “We are solidifying PHM's regional presence in the southeastern United States, while at the same time providing significant expansion opportunities for our California-based cardiology service business unit,” stated Michael Dalsin, chairman and CEO of PHM, in the release. There's more to come: “Our M&A team is nearing the LOI stage with two additional acquisition targets and I expect to have the next deal lined up shortly,” Dalsin stated.
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