Sumitomo Corp. (Nasdaq: SSUMF) has acquired ActivStyle LLC, a home medical equipment provider with offices in 14 states.
That May 7 announcement follows news in April that Sumitomo Corp. had “increased its stake in Vast Medical Holdings, the parent company of Quest, a provider of home medical equipment, supplies and services for people with diabetes.”
“Moving forward, Sumitomo Corporation Group will pursue business synergy through cross-selling of products and services between ActivStyle and Quest,” the announcement said.
In the announcement, Sumitomo described ActivStyle as “a key intermediary connecting patients, health-care providers, medical supply manufacturers and insurance companies. Since its founding in 1997, ActivStyle has expanded its network with insurers and health-care providers, becoming a leading player in the U.S. market with services reaching over 50,000 patients nationwide.”
ActivStyle provides incontinence products, including diapers for adults and children; catheters and other urological supplies; ostomy care products; nutritional products; and wound care supplies. The ACHC-accredited provider, founded in 1997, serves patients in California, Colorado, Connecticut, Florida, Illinois, Kentucky, Massachusetts, Minnesota, Nevada, New Jersey, New York, North Carolina, Texas and Vermont.
“The acquisition of ActivStyle enables the Sumitomo Corporation Group to expand its business foundation in terms of insurance coverage, product offerings and patient base,” the announcement said. “By leveraging synergies with Quest, Sumitomo Corporation Group aims to improve patients’ quality of life while contributing to medical cost optimization.”
“Gaining Sumitomo Corporation Group as a parent company allows ActivStyle to expand its business model in the U.S. as well as into new markets, supporting home health and long-term care globally,” said Darrell Rawlings, ActivStyle’s CEO.
“ActivStyle is a great addition to our health-care family, and we look forward to leveraging the synergies between our group companies in this space,” said Jeremy Yap, general manager, Sumitomo Corporation of Americas. “With the rising aging population and increasing rates of chronic illness, we see significant opportunity to grow these businesses and support those affected with the important care resources they need.”
