Lincare eyes big New England independent

Sunday, June 13, 2004

June 14, 2004

CHARLESTOWN, N.H. - Lincare stood poised to strengthen its presence in the Northeast last month by acquiring Merriam Graves, which operates 15-20 locations in New Hampshire, Vermont and New York.
The companies expected to completed due diligence by the end of June, according to a Merriam Graves official who refused further comment.
Merriam-Graves is a subsidiary of an industrial gas company by the same name. The HME derives 60% to 70% of its revenue from home respiratory services and, according to a competitor, supplies “a ton” of liquid oxygen. 
Merriam-Graves was one of the few independent companies in New England to actively pursue acquisitions over the past few years.
Concerns regarding impending Medicare DME cuts and billing problems apparently played a role in the owners’ decision to sell, said one source.
Co-owner Scott Wakeman declined to comment on the deal.