Hanger Orthopedic Group Inc. Austin, Tex, has finalized the acquisition of Accelerated Care Plus, Reno, Nev, among the leading providers of integrated clinical programs for subacute and long-term care rehabilitation providers.
Hanger paid approximately $155 million in cash, which was funded from cash on hand and the proceeds from the concurrent refinancing of its credit facilities.
"The acquisition of ACP joins two industry leaders in adjacent health care businesses and provides us with a platform for future growth and diversification of our revenue base. It is consistent with our vision to be the provider of choice for services and products that enhance human physical capability," said Thomas F. Kirk, president and chief executive officer of Hanger Orthopedic Group.
Hanger is a premier provider of orthotic and prosthetic patient care services. owning and operating more than 675 patient care centers in 45 states and the District of Columbia, with more than 3,800 employees, including more than 1,100 practitioners, as of September 30. Hanger is organized into four units. The two key operating units are patient care, which consists of nationwide orthotic and prosthetic practice centers, and distribution, which consists of distribution centers managing the supply chain of orthotic and prosthetic componentry to Hanger and
third-party patient care centers. The third is Linkia, a provider network management company for the orthotics and prosthetics industry. The fourth unit, Innovative Neurotronics, introduces emerging neuromuscular technologies developed through independent research in a collaborative effort with industry suppliers worldwide.
Accelerated Care Plus is a developer of specialized rehabilitation technologies and a provider of evidence-based clinical programs for post-acute rehabilitation, serving more than 4,000 long-term care facilities and other subacute rehabilitation providers nationwide. The company’s medical technology is also used extensively by professional and collegiate sports teams to help accelerate recovery and improve performance.