Patient Square to acquire orthotic and prosthetic care provider Hanger
Hanger, Inc., an American provider of orthotic and prosthetic (O&P) patient care services and solutions, has agreed to be acquired by health care investment firm Patient Square Capital for around $1.25 billion.
Based in Austin, Hanger offers its services via its patient care segment. The company has nearly 875 Hanger Clinic locations across the US.
Via its products and services segment, the company distributes O&P devices – both branded and private label, products and components, as well as offers rehabilitative solutions.
Jim Momtazee — Patient Square Capital Managing Partner said: “I have closely followed Hanger’s impactful work for most of my career and genuinely respect the positive impact they have on their patients and customers.
“Patient Square values the steps taken by the leadership team to strengthen the company’s position and is thrilled to partner with the Hanger management team to support the next phase of their growth.”
Patient Square Capital to acquire orthotic and prosthetic care provider Hanger. Photo courtesy of Hanger Inc.
As per the terms of the deal, which has been approved unanimously by Hanger’s board of directors, the publicly-listed company’s shareholders will be offered $18.75 in cash per share.
Upon closing of the transaction, Hanger will become privately held and its common stock will be delisted on the New York Stock Exchange (NYSE).
Vinit Asar — Hanger President and CEO said: “This transaction represents a culmination of an extensive review by our Board of Directors of strategic alternatives to provide value to our stockholders and to offer financial flexibility for our company to pursue future growth initiatives. Patient Square Capital recognizes the value of our brand and the quality of our world-class team, and is grounded in similar values that guide our actions.
“They share the same long-term vision for our company, which makes them an excellent partner for the next phase of our journey.”
The deal, which is subject to Hanger’s stockholder approval, regulatory approvals, and other customary closing conditions, is likely to be wrapped up in Q4 2022.