QUIPT ‘MOVES TO NEW SPHERE’ CINCINNATI – Quipt Home Medical kicked off 2023 by adding seven new states and 70,000 patients with its acquisition of Great Elm Healthcare – its largest acquisition to-date, says CEO Greg Crawford. “We really could not be more excited about this,” he said. “To combine these two organizations is really taking Quipt to another sphere.”
Quipt will pay $80 million for the Waltham, Mass.-based Great Elm, which formed in 2018 when Great Elm Capital partnered with Mesa, Ariz.-based Valley Healthcare Group to acquire Portland, Ore.-based Northwest Medical.
Great Elm’s presence in the Southwest and Northwest gives Quipt a larger platform to build its national presence, says Crawford.
“Arizona had a really good book of business, so we are now able to start filling out in the Southwest, and then going up into Alaska and down into Washington and Oregon,” he said.
Like Quipt, Great Elm is focused on sleep, which comprises about 45% to 50% of its business. It also does home oxygen and ventilators, as well as some DME, including a small power mobility business, says Crawford.
“I think this is just really the combination of two rapidly growing respiratory businesses,” he said. “We are very much aligned in our cultures and our product mix. They came with a seasoned management team and, when you look at this being a larger sized business, they had a lot of great processes already in place.”
Since reorganizing in 2018, Quipt has been actively rolling up companies, including eight in fiscal year 2022. It has no plans to stray from its current model of growth, says Crawford.
“As opportunities continue to present themselves, we plan on being very active in the mergers and acquisitions market,” he said.