Indianapolis-based Home Health Depot Inc. said on Thursday it has acquired the Home Health Care Products LLC subsidiary of Arcadia Resources Inc., also headquartered here.
Terms of the deal were not disclosed.
Home Health Care Products markets and sells home health related items via direct mail and online. They include mobility tools, respiratory devices, bathroom safety and home-modification products, as well as daily living aids.
“As more and more consumers opt to purchase home medical equipment—which enables them to stay active, independent and in their own home—via the Internet, this acquisition extends our tradition of providing the highest customer care and responsiveness to customers around the country,” Home Health Depot President Nate Feltman said in a prepared statement.
Feltman joined the company as president in August, following a stint at the Baker & Daniels LLP law firm. He served as the state’s commerce secretary from 2007 to 2008.
Home Health Depot was founded in 1998 and purchased by CEO David Hartley in 2004. It has grown from a single office in Greenwood to 12 locations in Indiana and Illinois—increasing annual revenue from $300,000 to more than $6.7 million. The company has more than 100 employees. (Find IBJ's July profile of the company here.)
Publicly traded Arcadia provides pharmacy and home health care staffing services. Its flagship pharmacy product is DailyMed, which packages dosages of prescription medicines into individual packets labeled with the time of day they are to be taken.
In the year ended March 31, Arcadia lost $31.1 million, or 19 cents per diluted share, on revenue of $103.6 million. It has 65 locations in 18 states.