Quipt Home Medical Corp. (Nasdaq: QIPT; TSX: QIPT) has finalized the acquisition of a majority stake in Hart Medical Equipment.
The transaction adds roughly $60 million in annual revenue to Quipt’s book of business while strengthening its presence in the Midwest, according to the company. HME Business first reported on the transaction taking shape on Aug. 12.
Quipt CEO and Chairman Greg Crawford described the transaction as a major step in Quipt’s evolving strategy.
“We are excited to officially close this milestone transaction with three major health systems and welcome Hart to the Quipt family,” Crawford said in a Sept. 3 announcement. “Hart’s strong health system relationships and regional market leadership represent a powerful strategic fit.”
The $17.4 million deal, financed through Quipt’s senior credit facilities, gives the home medical equipment (HME) company 60% ownership of Hart, a Michigan-based durable medical equipment provider with more than two dozen branch locations across Michigan and Ohio.
Hart generated about $60 million in revenue and $7 million in adjusted EBITDA for the 12 months ended June 2025. Quipt expects Hart’s adjusted EBITDA to climb above $10 million within nine months as integration advances.
The transaction lifts Quipt’s annualized revenue run-rate to more than $300 million and sets the stage for adjusted EBITDA to surpass $65 million once synergies are realized.
“This acquisition demonstrates the scalability of our acquisition platform, while providing us with a major entry into Michigan and expanded reach across the Midwest,” Crawford continued. “Looking ahead, we see a deep pipeline of additional opportunities that can be integrated onto our platform to further accelerate growth.”
Hart serves more than 67,000 patients monthly and maintains relationships with major hospital systems including Henry Ford Health, McLaren Health Care, Blanchard Valley Health System, Wood County Hospital and The Bellevue Hospital.
Those partnerships embed Hart into the discharge process at more than 19 hospitals and affiliated facilities. By structuring the deal as a joint venture – the hospital partners retain a 40% stake – Quipt gains access to Hart’s referral flows and preserves continuity with its long-standing institutional ties, according to the HME company.
For Hart Medical, a major motivation in doing the deal with Quipt was to remain competitive in a contracting industry.
“As a DME provider deeply embedded in the needs of health systems, we continue to see extraordinary, untapped potential in our space,” Allen Hunt, an executive with Hart, said in the announcement. “The recent wave of consolidation across key markets has made one thing clear: to remain relevant and accelerate growth in today’s dynamic health care environment, additional scale is no longer optional, even for organizations like ours generating over $60 million annually.”
As its CEO teased, similar moves may be on the horizon for Quipt.
Throughout 2025, leaders from the HME player have shared a strategy focused on embedding Quipt more deeply within hospital discharge pathways, whether that’s through preferred provider agreements or joint ventures with key health systems.
“These relationships are compelling because they offer access to embedded patient volume,” Crawford said in May. “We are actively engaged in multiple conversations.”
