MEDIchair goes private equity
TORONTO – Centric Health has entered into a definitive agreement to sell its MEDIchair and Motion Specialties retail home medical operations to Canadian-based Birch Hill Equity Partners for $50 million. MEDIchair and Motion Specialties specialize in the sale of home accessibility equipment, mobility devices and home medical supplies through a network of 47 franchised and 30 corporate stores. “We believe that working together, with not just management, but also the sales reps, store managers, franchisees and other staff, we can position MEDIchair and Motion to thrive in a fast growing industry,” stated Thecla Sweeney, a partner at Birch Hill, in a press release. Centric Health is selling MEDIchair and Motion Specialties as the first step in a strategic repositioning to focus on healthcare services businesses with low working capital requirements and low reliance on government funding, according to the release. The sale doesn’t include Performance Medical Group, which offers custom orthotics, off-the-shelf orthotics, custom bracing, and laser and shockwave therapy at 50 locations across Canada.