Viemed to buy Lehan's for $26M

LAFAYETTE, La. – Viemed Healthcare has entered into a definitive agreement to acquire Illinois-based Lehan’s Medical Equipment, a home medical equipment provider with specialties in respiratory care and women’s health.

The transaction is expected to close in the third quarter of 2025 for a base purchase price of $26 million, subject to customary net working capital adjustments and an estimated $2.2 million of contingent payments. Viemed expects to fund the acquisition through a combination of cash on hand and borrowings from its existing credit facilities.

“Operating for nearly 80 years, Lehan has established a well-deserved reputation for its expertise in home medical equipment with a particular emphasis on women’s health and a deep commitment to community engagement,” said Viemed CEO Casey Hoyt. “Lehan gives us a strong platform to execute our growth strategy in a large and fast-growing market with very familiar products. The acquisition also diversifies our product mix into maternal health that we expect to extend to our existing payer relationships across the country. This is a highly motivated and experienced team that has created tremendous brand equity, and we are pleased to join forces with them.”

Founded in 1946 and headquartered in DeKalb, Lehan’s Medical Equipment is a family-owned company that also provides rentals, sales, and resupply of CPAPs and other respiratory devices, as well as sales of other medical equipment.

The company currently has three full-service locations in the Northern Illinois area and three sleep/CPAP set up locations in the West Chicagoland area, including one in Wisconsin. Owners Jim and Jon Lehan and the more than 90 employees of the organization will join Viemed.

In 2024, Lehan generated net revenues of approximately $25.7 million and adjusted EBITDA of approximately $7.4 million.

• Related: Viemed said sleep saw a nearly 10% increase in new patients in the fourth quarter vs. the third quarter and a 43% increase for the year vs. the prior year. It now accounts for 17% of Viemed’s total revenue.
• Related: ‘Unsustainable’ PBM model drives Lehan Drugs to drop pharmacy services.