Quipt’s new JV brings ‘new level of depth,’ CEO says 

CINCINNATI – Quipt Home Medical has signed a definitive agreement to form a joint venture with three major health systems and hospitals. As part of the agreement, the company will acquire a 60% ownership interest in Flint, Mich.-based Hart Medical Equipment for about $17 million. 

The remaining interest in Hart Medical will be collectively held Henry Ford Health, McLaren Health Care, Blanchard Valley Health System, Wood County Hospital and The Bellevue Hospital. 

Quipt says this strategic transaction is expected to enhance its presence in the Midwest, add deep health care system partnerships, and provide the company with immediate entry into Michigan, a large and strategically important market, and new territories in Ohio. 

Management commentary: 

“Hart’s impressive footprint across Michigan and Ohio and its relationship with world-class health systems like Henry Ford Health, McLaren Health, and Blanchard Valley, bring a new level of depth and reach to our platform,” said Greg Crawford, CEO and chairman of Quipt. “This transaction expands our service network to more than 19 hospitals and affiliated care facilities, dramatically increasing our ability to serve patients at critical points of care transition. Importantly, the joint venture structure allows us to collaborate closely with Hart’s leadership team while maintaining operational alignment across the broader Quipt platform. This move is consistent with our strategy to expand our business with strategic relationships with leading health systems, work with hospitals in providing post discharge durable medical equipment products and services and create a scalable template for future growth nationwide. Hart’s reputation for clinical excellence and strong health system alignment fits perfectly with our mission and platform.” 

Transaction highlights: 

• Hart Medical generated approximately $60 million in revenue and $7 million in adjusted EBITDA for the twelve months ended June 2025. With 29 branch locations across Michigan and Ohio, this transaction formally establishes Quipt’s presence in Michigan and northern Ohio and strengthens its existing Midwest footprint. 
• For reporting purposes, Quipt expects to consolidate the financial results of Hart and hence upon completion of the transaction, Quipt’s expected annualized run-rate revenue will be approximately $300 million. As the primary beneficiary of the joint venture it is expected that the 40% non-controlling equity interest will be reported as a separate component on the company’s Consolidated Statements of Financial Position. 
• Hart Medical maintains longstanding strategic relationships with leading integrated health systems, including Henry Ford Health, McLaren Health Care and Blanchard Valley Health, as well as freestanding community based hospitals, embedding the business into the hospital discharge processes of more than 19 hospitals and affiliated care facilities across its network. These relationships provide direct access to a large, consistent patient base, with Hart serving over 67,000 patients monthly. 
• Management expects adjusted EBITDA margin to align with historical corporate averages within three quarters post-closing. Synergies are anticipated through operational efficiencies and cross-market integration. 
• Quipt’s expected total consideration for its 60% ownership interest is in the range of $17 million to $18 million. 
• The transaction is expected to close by the end of fiscal Q4, 2025, subject to customary closing conditions, including approval by the lender to Quipt’s existing credit facility.