Numotion — a Complex Rehab Technology (CRT) provider in the United States and Canada that also sells urological supplies, speech devices and retail mobility and durable medical equipment — has been acquired by Hanger Inc., an Austin, Texas-based provider of orthotics and prosthetics devices and products.
Sept. 10 announcements from Numotion, based in Brentwood, Tennessee, and Hanger described the transaction as “an acquisition of Numotion for cash by Hanger,” although the news releases described the deal as a “combination” of the two businesses.
The new entity will be known as Hanger Numotion. Mike Swinford, Numotion’s longtime CEO, was named CEO of the combined company.
The announcement described Swinford as “a seasoned executive who has successfully led Numotion since 2014, helping scale the business into a mobility leader through sustained growth, expansion and diversification. Prior to joining Numotion, Mike spent more than two decades at GE, including as president and CEO of GE Healthcare Services.”
Hanger Numotion will “continue to serve customers under their existing brands and maintain their respective clinical operations,” the announcement added. “The combined company will be controlled by Patient Square Capital,” a healthcare investment firm headquartered in Menlo Park, California.
“Our two companies share a fundamental belief in the role mobility can play in improving people’s lives,” Swinford said in the announcement. “By bringing together our respective experience, capabilities, and passion to serve our customers and patients, we have an opportunity to build on each company’s strengths and help more people across their mobility journeys.”
Swinford also acknowledged the work of Hanger CEO Pete Stoy: “I’d like to personally thank Pete for his outstanding leadership, AEA for its strong partnership and commitment as Numotion’s primary investor, and LLR for its longstanding investment in and support of the company. I look forward to working with teams across Hanger, Numotion and Patient Square as we bring our organizations together and advance our shared commitment to helping people live with greater mobility and independence.”
“I am incredibly proud of what our team has accomplished at Hanger and the transformation the business has undergone since I joined the company in 2020,” Stoy said. “Together, we have built a stronger, more integrated national platform, invested meaningfully in our people, technology, and capabilities and positioned Hanger for sustained growth. I have worked with Mike closely throughout this process, and I have tremendous confidence in his ability to lead Hanger Numotion following the close of the transaction. He is an accomplished leader who shares our commitment to patients and our people, and I believe he is well positioned to build on Hanger’s momentum and realize the tremendous potential of the combined organization ahead.”
The transaction is scheduled to close in the fourth quarter of this year. Financial terms were not disclosed.
