In a move reported to strengthen its position in the rehabilitation market worldwide, Compass Health Brands, Cleveland, Ohio, announced that it has acquired Richmar, headquartered in Chattanooga, Tenn.
Compass Health Brands provides medical devices used for homecare, rehabilitation, and pain management, while Richmar is a developer, manufacturer and marketer of a comprehensive range of high quality devices and consumables used by therapists and other healthcare professionals to treat individuals affected by musculoskeletal conditions resulting from degenerative diseases, traumatic events and sports-related injuries.
Among the products offered by Richmar are the Winner EVO electrical stimulation, combination, and ultrasound; Hivamat deep oscillation therapy; Hydratherm heat therapy products; Ionto+ iontophoresis and Superstim/Multistim stimulation electrodes; LidoFlex lidocaine patches; GelShot ultrasound coupling discs and several laser and light therapy items.
Each organization has complementary products in the rehabilitation and pain management markets and, according to a statement from Compass Health Brands. That statement further notes that, when combined, those complementary products will offer a broader go-to-market approach through multiple sales channels. This combination is expected to provide improved value and service by rapidly utilizing the existing capabilities and product portfolios of both companies, according to the statement.
Stuart Straus, President and Chief Executive Officer of Compass Health, states in a Compass Health press release, “We are delighted to welcome the Richmar team to the Compass Health Brands family.”
He continues: “The combination of our brands, teams, and resources will allow us to develop more innovative products to better care for the needs of patients and caregivers while also enhancing our customers’ business success. This strategic fit, both in the U.S. and overseas, is absolutely compelling and we look forward to further enhancing and satisfying the current Richmar distribution partners.”
Compass Health Brands’ acquisition of Richmar follows on the heels of the company’s purchase of both the ProBasics and Meridian Medical brands.
Source: Compass Health Brands