Ancor Capital Partners of Fort Worth and Chicago-based Merit Capital Partners have sold Carex Health Brands to Tenex Capital Management, New York. As part of the agreement, Carex Health Brands will be merging with Roscoe Medical, another portfolio company of Tenex Capital Management. The transaction will create a combined company to serve the growing home health care market, with market distribution across all channels from retail to DME and managed care. No price on the transaction was released.
Ancor and Merit acquired Carex Health Brands in 2010, and led the company through three strategic acquisitions to further diversify its product line and customer base. According to a news release, Carex Health Brands is the market leader of branded home medical equipment sold directly to the consumer through drug store chains, mass merchants, and grocery retailers. In addition, Carex offers one of the broadest product lines in the industry including pain therapy and medication compliance aids.
“We are extremely proud of the accomplishments that Carex has made in the three years since we acquired the company,” said J. Randall Keene, managing director at Ancor in a news release. “During this time frame, we made acquisitions of Detach N’ Go, Uplift Technologies and Thermionics Inc. The company also experienced organic growth by adding new customers and further penetrating existing customers.” Carex Health Brands markets its products under the Carex, Apex, Bed Buddy and Thera-Med brands. Ancor Capital Partners is a private equity firm focused on lower middle-market manufacturing and distribution companies. www.ancorcapital.com