Sam Brusco, Associate Editor07.22.22
Orthotic and prosthetic patient care firm Hanger has begun a deal to be acquired by healthcare investment firm Patient Square Capital. The deal is valued at about $1.25 billion.
Upon the transaction’s close, Hanger will become privately held.
“I’m very pleased to be announcing this agreement today as the transaction will result in immediate and substantial value creation for our stockholders,” Vinit Asar, Hanger’s president and CEO told the press. “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.”
Patient Square Capital Managing Partner Jim Momtazee added, “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.”
The transaction is expected to close in the fourth quarter of this year. Hanger will continue to be led by Asar, who has been president and CEO for over a decade. The company will also maintain its Austin, Texas headquarters.
Upon the transaction’s close, Hanger will become privately held.
“I’m very pleased to be announcing this agreement today as the transaction will result in immediate and substantial value creation for our stockholders,” Vinit Asar, Hanger’s president and CEO told the press. “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.”
Patient Square Capital Managing Partner Jim Momtazee added, “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.”
The transaction is expected to close in the fourth quarter of this year. Hanger will continue to be led by Asar, who has been president and CEO for over a decade. The company will also maintain its Austin, Texas headquarters.