Strive Medical has announced the acquisition of ProMed DME, a durable medical equipment (DME) provider specializing in diabetic continuous glucose monitoring (CGM) supplies.
The acquisition adds to recent M&A momentum that the DME and home medical equipment (HME) markets have seen in 2024. Also in June, for example, DME provider Home Oxygen Company completed an asset purchase of the DME division of California-based Community Hospice & Health Services.
Strive Medical is a portfolio company of NMS Capital.
“This transaction is a crucial milestone in Strive Medical’s dedication to investing in growth markets and delivering our unique offerings to patients in rapidly expanding disease areas,” Todd Philbrick, CEO of Strive, said in a statement. “We are excited to collaborate with the ProMed team, known for their patient-first approach, and to enhance our commercial reach.”
The Irving, Texas-based Strive Medical is a national provider of direct-to-patient urological, wound care and other disposable medical supplies to patients in the home.
Its PE backer – NMS Capital – has partnered with management teams in more than 150 investments. Its other active health-care investments include Constellation Behavioral Health, DirectMed Imaging, SunCrest Healthcare and more.
“The acquisition increases Strive’s urological patient census while also expanding the company’s product offering into the highly attractive diabetic supplies end market,” Luis Gonzalez, senior partner at NMS, said. “The combined scale and reach will further solidify Strive’s position as a leading independent, specialty distributor of medical supplies, which now includes CGM products.”
Founded in 2020, ProMed DME is a DME provider in Stuart, Florida, specializing in diabetes, urology and wound care supplies. ProMed DME is a Medicare accredited provider with a branch office in Johnston, Tennessee.
Moving forward, Strive Medical plans to operate ProMed DME as a “Diabetes Center of Excellence,” a press release on the acquisition notes.
In other recent deals, PruittHealth Medical Supply announced its acquisition of Allied Health Resources (AHR) in March.
About a month later, Viemed Healthcare Inc. (Nasdaq: VMD) announced that it had finalized a strategic partnership with East Alabama Health.
