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RecoverCare Acquires Majority
Interest in T.H.E. Medical
(Radnor, PA, October 1, 2008) - RecoverCare LLC, a leading supplier of bariatric, wound care and safe patient handling products and services, and T.H.E Medical, Inc. (of Barrie, ON) announced today that they completed a transaction whereby RecoverCare has agreed to acquire a majority interest in T.H.E Medical.
T.H.E. is a leading designer, manufacturer and supplier of safe patient handling and transfer equipment and services, in the long-term care, acute care, and long-term acute care (L.T.A.C.) markets. Although the company was founded in Canada, approximately 80% of T.H.E.’s revenues are generated in the United States. T.H.E. currently operates a manufacturing, design and sales facility in excess of 60,000 square feet, in Barrie, Ontario. The company’s manufacturing and design capabilities have earned it the highly coveted ISO 13485:2003 standard for quality assurance, a significant international standard in the medical device industry. T.H.E. has a highly skilled workforce, totaling 70 employees, including a dedicated sales and marketing team with strong relationships in individual facilities and Group Purchasing Organizations across North America.
This acquisition provides RecoverCare with a leading product design and manufacturing platform in the high-growth market for safe patient handling, which RecoverCare can leverage across North America with its five major regional centers, 80-plus service and inventory depots and a direct sales force over 80 strong to deliver market-leading service to the North American market. The acquisition provides both companies hundreds of new customer contacts for both RecoverCare’s existing business and T.H.E.’s safe patient handling initiatives.
"The acquisition of T.H.E. represents a major strategic step for us in the United States and Canada,” said Jon Winer, CEO of RecoverCare. “T.H.E. has a very broad and effective product line, and excellent product development and product sourcing capabilities. Safe patient handling is in its infancy in the United States and will undergo immense growth in the coming years. We are very excited to partner with T.H.E. Medical to enable RecoverCare to become an integral part of this market and solidify the T.H.E. Medical/RecoverCare partnership as a clear leader in safe patient handling.”
“Coupled with our market-leading service platform and our own deep customer relationships, we foresee a rapid expansion of opportunity for our customers to work with us in a new and highly challenging area of safe patient handling,” added Tom Smith, President of RecoverCare. “Our leading expertise in equipment and service for safe and enhanced care of bariatric patients and residents will blend very well with the full product line and development capabilities of T.H.E.”
Noel Duquette and Randy Smith, Co-CEO’s of T.H.E. agree with the exciting opportunity to work with more customers. “We are establishing a new business unit in RecoverCare that will increase our contacts with many more clients and will provide the resources for more rapid product development to serve customers needs,” commented Randy Smith. Duquette added, “Our new partnership will provide our clients throughout North America with enhanced installation and servicing capabilities so that products are ready on-time, with reduced cost of ownership due to our greatly expanded service network. This is truly a win-win situation.”
In addition to the very strong team at T.H.E., the two organizations are adding further executive strength with the recent hiring of Ross Scavuzzo, former head of Arjo North America, to lead the T.H.E. division.
ABOUT RECOVERCARE
RecoverCare delivers wound care, bariatric care and safe patient handling solutions to healthcare facilities nationwide via 80-plus service centers. The company serves acute care and long-term acute care hospitals, skilled nursing facilities, rehabilitation hospitals, hospice, and home care patients. RecoverCare’s product lines include therapeutic mattresses for wound care, bariatric equipment for care of obese patients and specialty beds and patient transfer equipment for safe patient handling. In addition to providing just-in-time equipment rental programs, RecoverCare also supplies clinical expertise and procurement flexibility to deliver cost efficient, clinically effective patient outcomes. The company also manufactures bariatric beds and safe enclosure bed systems under the Camtec division, and patient lifts and transfer devices under the T.H.E. division. RecoverCare is nationally headquartered in Radnor, PA, and has regional operations centers in Bensalem, PA, Tampa, FL, Olathe, KS, and Houston, TX. For more information, log on to www.recovercare.com.
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