Arcadia sells to Pacific Pulmonary, Aerocare
INDIANAPOLIS – Arcadia Resources has waved goodbye to home medical equipment.
Arcadia announced May 19 that it sold the remainder of its HME business to two companies, Pacific Pulmonary in California and Aerocare Holdings in Florida. In another transaction, it sold its industrial staffing business to Employment Plus in Illinois. The total price tag: $11.2 million.
“We set this strategic plan in motion last year to exit these non-core segments, and we now have a more streamlined business model and additional resources to invest (in other high-growth businesses),” stated CEO Marvin Richardson in a press release.
Arcadia will now focus on two businesses: Arcadia Home Care/Medical Staffing, which provides services like meal preparation, bathing and exercise to patients in their homes; and DailyMed, a pharmacy service that helps patients take multiple medications. It will use proceeds from the sales to grow DailyMed and pay down debt.
Aerocare has bought from Arcadia before. In 2007, it acquired seven of the company’s HME branches, one in Colorado and six in Florida.