Agiliti has entered into a definitive agreement to acquire Sizewise Rentals, a privately owned, global medical equipment manufacturer for bariatric, geriatric, paediatric and standard patient populations, offering a range of American-made specialty surfaces, bed frames and mobility devices.
The purchase has been valued at US$230 million and Agiliti intends to finance the transaction through a combination of cash and debt. The Boards of Directors of both companies have unanimously approved the agreement. Subject to the satisfaction of customary closing conditions, the transaction is expected to close early in the fourth quarter of 2021.
“We are pleased to welcome the Sizewise team and their customers to Agiliti and are excited about merging our best-in-class portfolios of product and service offerings,” said Tom Leonard, CEO of Agiliti. “The acquisition of Sizewise is a perfect example of our ‘overlap and extend’ approach to M&A. The combination builds on our existing geographic footprint and adds relevant scale to our Equipment Solutions service line, while simultaneously expanding our capabilities to bring differentiated products and services to market for our customers.”
The combination enables Agiliti to broaden its portfolio and clinical expertise within the growing specialty equipment services market, expand its total addressable market opportunity and target meaningful growth and cost reduction synergies.
“Sizewise has spent the past 25 years engineering, manufacturing, and selling products and service solutions that drive value for our healthcare partners,” said Brian Frickey, CEO of Sizewise. “We’re pleased to put that history and experience to work for Agiliti as the combined company continues to be an invaluable source of equipment solutions for caregivers and patients alike.”