Sizewise manufactures and distributes specialty hospital beds, surfaces and patient handling equipment and mobility equipment serving more than 3,000 customers in the acute and post-acute care markets.
The business generated revenues of $155m for the twelve months ended 30 June 2021 and adjusted EBITDA of $30m, inclusive of an estimated benefit from Covid-19 of around $5m in adjusted EBITDA.
Agiliti CEO Tom Leonard said: “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.
“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.”
With the acquisition, Agiliti will be able to broaden its portfolio and clinical expertise within the growing specialty equipment services market.
The transaction builds on Agiliti’s at-scale infrastructure and strengthens its capabilities in the supply chain, permitting greater control over R&D, manufacturing and logistics.
Additionally, it will expand the company’s value proposition to further address the clinical needs of bariatric patients and those at risk of skin and fall injury.
Sizewise CEO Brian Frickey said: “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.”
Agiliti intends to finance the transaction through a combination of cash and debt.
The agreement has been unanimously approved by boards of directors of both companies.
The transaction is subject to the satisfaction of customary closing conditions and is expected to close early in the fourth quarter of this year.