Etac acquires US moving and handling company to strengthen global patient handling position
Mobility and moving & handling equipment supplier Etac has acquired a majority stake in US company HoverTech for an undisclosed fee, expanding the company’s presence in the lucrative North American market.
With the global patient handling equipment market expected to be with £20.21billion by 2020, growing rapidly from £9.1billion in 2017, the sector is one of the most active in the healthcare industry, as global manufacturers jostle for market share.
A leader in the US for air-assisted patient handling technologies focusing on devices for lateral transfer and repositioning, Pennsylvania-based HoverTech is owned by its founder Dave Davis and family and turned over an estimated £80million in 2018.
Aiming to strengthen its global position in the moving and handling sector, Etac has acquired 70 percent of the shares in the US manufacturers, with the Scandinavian supplier stating the acquisition will help to create a strong platform for further growth in Europe, the US and important export markets.
“This is a strategically important investment that significantly strengthens our position within patient handling and in the US market,” commented Michael Wirzberger, Etac’s Interim CEO.
“Etac’s and HoverTech’s products and geographical focus complement each other well, and with our common passion for creating better opportunities for users, patients and caregivers, I am convinced that we can create something really good together.”
With sales amounting to approximately £149.5million in 2018, the move will add to Etac’s already extensive product range, consisting of manual wheelchairs, patient handling equipment, bathing and toileting aids, pressure care products and mobility equipment for children and adolescents.
Discussing the investment, Dave Davis, founder and CEO of HoverTech, said: “We are very pleased to have Etac as the majority shareholder in HoverTech. Together with Etac, we look forward to taking the company to the next level.”
The news of Etac’s North American expansion follows Joerns Healthcare LLC’s recent announcement that the global patient handling company has filed for bankruptcy protection in the US as it works to reduce “substantial amount of debt.”https://thiis.co.uk/etac-acquires-us-moving-and-handling-company-to-strengthen-global-patient-handling-position/https://i2.wp.com/thiis.co.uk/wp-content/uploads/2019/07/hovertech.jpg?fit=1000%2C570&ssl=1https://i2.wp.com/thiis.co.uk/wp-content/uploads/2019/07/hovertech.jpg?resize=150%2C150&ssl=1Mergers & AcquisitionsNewsroomSupplier Newsacquisition,Etac,Etac Group,HoverTech International,investment,Joerns Healthcare LLC,moving and handling,patient handlingMobility and moving & handling equipment supplier Etac has acquired a majority stake in US company HoverTech for an undisclosed fee, expanding the company’s presence in the lucrative North American market. With the global patient handling equipment market expected to be with £20.21billion by 2020, growing rapidly from £9.1billion in...Calvin BarnettCalvin Barnettcalvin@thiis.co.ukAdministratorTHIIS Magazine