Arcadia expands in Florida
SOUTHFIELD, Mich. - Arcadia Resources added to its DME stable last week by acquiring Alliance Oxygen and Medical Equipment's three Florida locations in Naples, Sarasota and Englewood.
Terms of the deal were not disclosed, but Alliance generates about $5.4 million annually.
The move strengthens Arcadia's presence on Florida's West Coast and allows the company to expand its home respiratory services across the state, said Tim Beach, one of the principals of Alliance. Beach, along with a second Alliance executive, Stuart Christensen, will join Arcadia as regional managers.
The deal is in keeping with Arcadia's strategy to create market dominance in the Top 10 "Gray Markets" in the United States, stated Arcadia Chairman and CEO John Elliot in a release.
Gray markets are communities where a majority of the population is 65 and older.
"Southwest Florida represents one such core market, and with Alliance's regional presence, we can continue to capitalize on the $5 billion U.S. home respiratory equipment market," said Elliott.