Air Products expands in to Mid West
March 24, 2003
CONSHOCKEN, Pa. - American Homecare Supply, the HME arm of industrial gas giant Air Products, flexed its muscle last month and acquired DependiCare, a $17 million, four-location Illinois provider.
“ This was strategic," said DependiCare president Roger Miller. "What we have done over the last 15 years is build our business up to be a platform. We wanted to find a company that would allow us to work as a hub."
Dependicare has locations in Broadview, Elgin, Sycamore and South Beloit.
For DependiCare, the deal allows it to join a company with deep pockets that is committed to growing its HME business. It also allows some older Dependicare shareholders to cash out their investment, Miller said.
The deal gives American Homecare Supply a solid base in the Mid West from which it can expand throughout Illinois and into Indiana and other states, said Robert Cucuel, CEO of American Homecare Supply.
DependiCare derives 58% of its business from home respiratory therapy and the most of the rest through traditional DME. Retail sales represent 5% of its business, Miller said.
American Homecare Supply, which Air Products acquired last fall for $165 million, now operates locations from New Hampshire to West Virginia.
DependiCare was established in 1983 and has grown through a series of acquisitions since 1990. Last year, the company was honored as the runner-up for the 2002 HME Excellence Award for the best home respiratory service providers in the U.S.
DependiCare will retain its name as well as its 125 employees. Roger Miller will continue as president.