Quipt Home Medical Corp., a U.S.-based home medical equipment provider focused on end-to-end respiratory care,  announced the closing of its previously announced joint venture transaction with three major health systems and two hospitals to acquire Hart Medical Equipment (Hart). Quipt has acquired a 60 per cent ownership interest in Hart, with the remaining 40 per cent interest collectively held by Henry Ford Health, McLaren Health Care, Blanchard Valley Health System, Wood County Hospital, and The Bellevue Hospital.

Quipt has acquired a 60 per cent ownership interest in Hart for total consideration of $17.4 million, which was funded by senior credit facilities.

Hart generated approximately $60 million in annual revenue and $7 million in Adjusted EBITDA for the twelve months ended June 2025 and expects to generate $10+ million in annual Adjusted EBITDA over the next 6-9 months.

Management anticipates Hart’s Adjusted EBITDA margins will align with Quipt’s historical corporate averages over the next 6-9 months.

For reporting purposes, Quipt expects to consolidate the financial results of Hart. Accordingly, Quipt’s expected annualized run-rate revenue is now in excess of $300 million. Upon successful integration of Hart over the next 6-9 months, Quipt’s Adjusted EBITDA is anticipated to be in excess of $65 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 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.

Hart serves more than 67,000 patients monthly, providing a stable and recurring revenue stream.

 “We are excited to officially close this milestone transaction with three major health systems and welcome Hart to the Quipt family,” said Greg Crawford, CEO and Chairman of Quipt. “Hart’s strong health system relationships and regional market leadership represent a powerful strategic fit. This acquisition demonstrates the scalability of our acquisition platform, while providing us with a major entry into Michigan and expanded reach across the Midwest. Looking ahead, we see a deep pipeline of additional opportunities that can be integrated onto our platform to further accelerate growth. With a stabilised revenue base, consistent Adjusted EBITDA performance, and building momentum within the business, we are confident in our ability to close the calendar year on a high note and carry strong momentum into 2026.”