Drive Medical buys Inovo
PORT WASHINGTON, N.Y. – Drive Medical announced this week that it has acquired Inovo/Chad Therapeutics, strengthening its presence in the oxygen market.
Inovo manufactures oxygen conserving devices and regulators under private label for several manufacturers and distributors in the HME industry, and for Chad. Inovo acquired Chad in 2008.
“Inovo’s market leadership and the strength of their respiratory product portfolio is another important component in our plans for continued growth in the respiratory product category,” stated Harvey Diamond, chairman and CEO of Drive Medical. “Inovo will provide Drive with significant research and development opportunities.”
Inovo will operate as a stand-alone division of Drive and will continue to manufacture products from its facility in Naples, Fla.
George Harris will continue on as CEO of Inovo, and Michael Mulroy as president of the company.
“Being part of the Drive organization will bring significant opportunities for Inovo to grow its business within the industry,” Harris stated in the releae.
Terms of the acquisition were not disclosed.