Quipt Home Medical Corp. has acquired a 60% interest in Hart Medical Equipment, a Michigan-based distributor of durable medical equipment, for $17.4 million. The remaining 40% will be held by Henry Ford Health, McLaren Health Care, Blanchard Valley Health System, Wood County Hospital, and The Bellevue Hospital.
Hart generates about $60 million in annual revenue and $7 million in adjusted EBITDA, with expectations to exceed $10 million within nine months. The company supplies more than 67,000 patients each month and is integrated into the discharge processes of 19 hospitals, providing Quipt with a recurring demand channel and a stronger foothold in the Midwest.
With Hart consolidated, Quipt projects its annual revenue run rate at more than $300 million and adjusted EBITDA above $65 million once integration is complete. CEO Greg Crawford said the deal expands Quipt’s platform in Michigan and the broader region, while CFO Hardik Mehta emphasized that it was funded through existing credit facilities to maintain a conservative leverage profile.
Hart executives said consolidation pressures drove the search for a partner with scale and infrastructure. “Even for an organization like ours generating more than $60 million annually, additional scale is no longer optional,” said Hart executive Allen Hunt. “Quipt provides the operational and technological backbone to accelerate growth while maintaining our focus on health system partners.”
The transaction continues a trend of distributors aligning with health systems to lock in referral volume and recurring patient demand.
