|By PR Newswire||
|February 19, 2014 12:09 PM EST||
HARRISBURG, Pa., Feb. 19, 2014 /PRNewswire/ -- Dynamic Healthcare Services Strategically Expands Its Business and Product Offerings in the Northern New Jersey and New York Metro Market with the Reliable Medical Inc. Acquisition
Dynamic Healthcare Services, Inc. ("DHS"), a portfolio company of GMH Ventures LLC ("GMH") and Lakewood Capital, LLC, announced today that it acquired Reliable Home Medical Equipment, Inc. ("Reliable") of Hackensack, NJ on February 10th, 2014. The terms of the acquisition were not disclosed.
Reliable is a full service home medical equipment ("HME") company providing a wide range of respiratory, sleep, mobility, durable medical equipment products and services to customers in the New York and New Jersey metro market. Reliable was founded in 2004 by brothers Jerry and Rob O'Connor along with Deon DeFreitas, and its market share has increased during each year of operation. Rob O'Connor and Deon DeFreitas will continue managing operations at Reliable as part of the DHS acquisition.
Michael Holloway, President of GMH Ventures, stated, "Reliable's presence in the northern New Jersey market and their Round 2 Competitive Bid contract in the Southern New York Metro CBA combined with the Northern New Jersey Metro CBA contract that DHS was already awarded gives us an amazing advantage across the New York and New Jersey metro market. The team at Reliable has developed an impeccable reputation with their referral partners and customers. When you combine that with the support, infrastructure and guidance from both the DHS and GMH teams, I am very confident about our growth and development in this market. We are all excited to have Reliable join our DHS family of companies, and to begin working closely with Rob and Deon on expanding even further into these new locations," finished Holloway.
"We are extremely pleased that Reliable Medical chose to join the DHS team. With their long-standing reputation of support for their referral sources and commitment to their patients, Reliable epitomizes how DHS approaches the health care market," stated Terry Luft, Vice Chairman of DHS. "Combining our resources with Reliable's experienced workforce and deep network provides us with a platform to serve our constituents like never before. Reliable's co-founders, Rob O'Connor and Deon DeFreitas, and I are excited about expanding our combined efforts to serve the growing needs for respiratory and HME products and services throughout the state of New Jersey," finished Luft.
DHS was formed in 2000 as the parent company to Central Medical Equipment (Harrisburg) and East Suburban Medical Supply (Pittsburgh), which were originally incorporated in 1981. DHS has grown over the past decade to become a strong regional distributor and provider of home medical equipment, respiratory therapy products and services, and complex rehabilitation products and services in the western and central PA markets. During the past two years, DHS announced the acquisitions of HomeTown Oxygen, Evanko Respiratory, APO2 and Progressive Medical all regional distributors of home medical equipment in the Pennsylvania market. In June of 2013, East Suburban Medical Supply merged into HomeTown Oxygen to combine operations in the Pittsburgh market and continue to operate under the name HomeTown Medical Equipment. DHS has increased its staff to over 120 employees with facilities throughout Pennsylvania with the recent acquisitions.
GMH Ventures is actively seeking to acquire other companies in the home and durable medical equipment marketplace within the Mid-Atlantic and Northeast region.
DHS is a leading provider of home medical equipment, respiratory therapy products and services, along with complex rehabilitation products and services. Our commitment to our customers, superior products and outstanding service are what separates us from other medical suppliers and distributors.
About GMH Ventures:
GMH Ventures is a private equity group, headquartered in Newtown Square, PA. Founded by Gary M. Holloway, Sr. as a vehicle to make controlling equity investments in middle-market companies, GMH Ventures is committed to making long-term investments in companies in the manufacturing, distribution and services industries that have strong and experienced in-place management. Being solely owned, GMH Ventures has flexibility in its approach and strategy to purchasing, owning and operating its portfolio of companies and is constantly looking for new and exciting opportunities in which to invest. Learn more by visiting www.GMH-Ventures.com today.
About Lakewood Capital:
Lakewood Capital was formed in 2007 to team with operating management to make control investments in private companies active in the lower middle market. Lakewood targets businesses that have developed a strong position in their core markets and are facing opportunities/challenges/transition as they move toward the next stage of their developments. Lower middle market businesses often reach a point where their existing resources, be they financial, operational or human, need to be expanded, adjusted and/or reallocated to continue to prosper. These times often occur when founding management seeks less active involvement, new market opportunities arise, growth outstrips current capacity, and/or the competitive landscape changes. Lakewood prides itself on partnering with existing management to capitalize on these times of transition, with the mutual goal of building stronger, more dynamic, more competitive operations in the process.
SOURCE Dynamic Healthcare Services, Inc.
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