Sanomedics buys Prime Time Medical

MIAMI - Sanomedics International, a medical technology holding company, has acquired Prime Time Medical, a Largo, Fla.-based HME provider, for $3 million, according to a press release.

The acquisition is Sanomedics' third in the HME industry.

“Prime Time Medical is another step in our continual process of expanding our portfolio while we implement our growth strategy,” stated Keith Houlihan, co-founder and president of Sanomedics.

Sanomedics seeks to acquire sleep therapy operating businesses to develop a portfolio of products and services in this growing market. Its goal: to provide sleep apnea patients with an “end-to-end” service platform, according to the release.

Prime Time Medical, a provider of mobility devices, portable oxygen concentrators, compressors, diabetic supplies and respiratory products, posted about $5 million in revenue for 2012, according to the release.

The acquisition is tentatively scheduled to close April 24, 2013.