Laura Casto, Vice President, Marketing, Professional
Compass Health Brands® Acquires Leading Therapy Modality
and Consumables Provider, Richmar®
Acquisition Provides Strengthened Position in the Rehabilitation Market, Both Domestically and Abroad
Cleveland, Ohio, September 29, 2017 – Compass Health Brands, a leading provider of medical devices used for homecare, rehabilitation, and pain management, today announced the acquisition of Richmar. Terms of the purchase are not being disclosed.
Headquartered in Chattanooga, Tennessee, Richmar is a leading developer, manufacturer and marketer of a comprehensive range of high quality devices and consumables used by therapists, athletic trainers, chiropractors, and other healthcare professionals to treat patients with musculoskeletal conditions resulting from degenerative diseases, traumatic events and sports-related injuries. Its products include Winner EVO electrical stimulation, combination, and ultrasound; Hivamat deep oscillation therapy; Hydratherm heat therapy products; Ionto+ iontophoresis and Superstim/Multistim stimulation electrodes; LidoFlex™ lidocaine patches; GelShot ultrasound coupling discs and several laser and light therapy items.
Compass Health and Richmar have both established strong positions in the rehabilitation market. Richmar has a 50-year legacy in the industry and is well-known for its quality manufacturing. Each have complementary products in the rehabilitation and pain management markets and, when combined, will offer a broader go-to-market approach through multiple sales channels. This dynamic combination is expected to provide improved value and service by rapidly utilizing the existing capabilities and product portfolios of both companies.
“We are delighted to welcome the Richmar team to the Compass Health Brands family,” said Stuart Straus, President and Chief Executive Officer of Compass Health. “The combination of our brands, teams, and resources will allow us to develop more innovative products to better care for the needs of patients and caregivers while also enhancing our customers’ business success. This strategic fit, both in the U.S. and overseas, is absolutely compelling and we look forward to further enhancing and satisfying the current Richmar distribution partners.”
“We are excited to be joining Compass Health Brands,” added Chad Morgan, President of Richmar. “Being part of such a rapidly accelerating organization will bring significant opportunities for continued organic growth and product innovation in the market segments we serve.”
Compass Health Brands’ acquisition of Richmar follows on the heels of the company’s purchase of both the ProBasics and Meridian Medical brands. The new addition of Richmar further diversifies and strengthens Compass Health Brands’ extensive and ever-growing portfolio of innovative healthcare products that promote consumer independence and quality of life.
About Compass Health Brands
Compass Health Brands manufactures and distributes a broad range of innovative and high-quality homecare, rehabilitation, and pain management products that enable consumers to live healthier, more independent lives. The company's therapy product line includes electrotherapy, ultrasound, clinical devices, topical analgesics, conductive garments and braces, hot/cold therapy, and therapeutic pillows. Its home medical equipment line includes bath safety, personal care, durable medical equipment, support surfaces, pressure prevention, mobility, pain management, respiratory, health aids, and medication compliance. Compass Health Brands markets its products to both professional and consumer sectors. Professional brands include ProBasics, Meridian Medical, Roscoe Medical, and InTENSity, and are sold through a professional independent dealer/distributor network. Consumer brands include Carex, AccuRelief, Apex, Bed Buddy and TheraMed, and are sold through drug store chains, drug wholesalers, mass merchants, and grocery retailers. For more information, visit www.compasshealthbrands.com.
Richmar, headquartered in Chattanooga, TN, has provided clinicians with the means to treat musculoskeletal and soft tissue disorders since 1968. Manufacturing a diverse line of quality medical devices, medical accessories, and pharmaceutical products, Richmar is led by a team of engineers focused on pioneering new technology to create medical equipment for an evolving healthcare system. Residing in a 50,000 ft² manufacturing facility in Chattanooga, TN, USA, Richmar maintains compliance to ISO13485 and cGMP manufacturing standards. For more information, visit www.richmarweb.com.
Posted on Mon, October 2, 2017
by Shannon Madden