A single source provider of orthopedic, podiatric and urological durable medical equipment and incontinence treatment solutions, announced today that it has entered into a definitive merger agreement to acquire Ortho-Medical Products, Inc.
The transaction marks Andover's first acquisition as a public company, as it intends to establish a nationwide network to assist practitioners in providing quality care and services to their patients.
OMI is a full-service provider of procedure specific, orthopedic durable- medical equipment ("DME"), respiratory equipment, orthotic equipment, and prosthetic devices. The Company serves greater New York City; New York's Nassau, Suffolk, and Westchester Counties; Northern New Jersey; Upper New York State; and Connecticut. OMI contracts with 50 established insurance companies, including Aetna, Oxford, and United Health Care.
Marc Waldman, a principal of OMI and its Executive Vice President of Business Development, stated "With the backing of Andover Medical, Inc. our clients will benefit from a broader range of products and services while still receiving the highest level of customer service on which they have come to depend. I expect the benefits of this acquisition to be readily apparent and anticipate a seamless transition."
Edwin Reilly, Chief Executive Officer of Andover Medical, Inc. said, "This merger is an important step in realizing our goal of consolidating a portion of this highly fragmented industry as we execute our ongoing plan to grow our business. This transaction will improve Andover Medical's brand awareness, and solidify our distribution and re-selling network."