Moneyline: Independence sells, Aeroflow buys again

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Wednesday, December 5, 2018

PROVIDENCE, R.I. – Independence HomeHealthWares has been acquired by Point Ventures.

Independence, which was founded in 1999 by Richard Westlake and Charlene Russell, offers DME like beds, wheelchairs, bath safety items, ramps, oxygen concentrators and incontinence supplies throughout Rhode Island and nearby Massachusetts.

“I wish (Point Ventures) great success going forward,” said Westlake, Independence’s past president. “All of us are committed to helping our customers become independent of the physical challenges they are facing, and doing so with dignity and compassion.”

Point Ventures was formed earlier this year to pursue acquisitions in in the DMEPOS industry. Todd Ackerman at Point Ventures will take over as Independence’s president.

“On behalf of Point Ventures, we are thrilled to have completed the transaction with Richard Westlake and Charlene Russell,” he said. “Independence’s service culture is unprecedented within the home health industry, helping to improve customers’ quality of life.”

Russell will remain as COO and Independence’s staff has been retained.

Paragon Ventures served as the advisor to Independence during the transaction. Terms of the deal were not disclosed.

Aeroflow expands geographic reach

ASHEVILLE, N.C. – Aeroflow Healthcare has acquired the CPAP resupply business of Wheelock Home Medical, a Michigan-based provider that recently closed. “The transition of Wheelock’s patient base was executed in a very patient-friendly manner, and Aeroflow will ensure the patients are provided with the service and attention required to support their sleep therapy,” said Andrew Amoth, corporate development associate for Aeroflow in a press release. Last week, the provider announced it had acquired the CPAP resupply business of Augusta, Ga.-based Integrity Medical; and the CPAP, wound care, incontinence and urology resupply business of Polson, Mont.-based HealthCare Plus.