Ability Prosthetics & Orthotics, Inc. (“Ability” or the “Company”) is pleased to announce the acquisition via a cash free exchange of the Lexington, Kentucky based prosthetics & orthotics provider BridgePoint Medical, LLC (“BridgePoint”). BridgePoint’s four patient care centers located in Kentucky and North Carolina add to Ability’s five centers in Pennsylvania and Maryland, giving the new Company a total of nine locations in the mid-Atlantic and further establishing the Company’s footprint for growth in the region. Also included in the transaction is BPM Fabrication, a central fabrication facility located in Asheville, NC which provides services to numerous patient care centers throughout the mid-Atlantic region.
“This is a great acquisition on many levels,” stated Jeffrey Brandt, CPO, CEO & Founder of Ability. “Patients, employees, physicians, therapists and third party payers alike will benefit. Our premium provider model of care provides greater educational and product awareness-based clinic initiatives, streamlined administrative operations, increased outsourcing options for patient device selection and an overall shift towards managing the patient’s entire spectrum of related care.”
BridgePoint’s CEO and Founder, Clint McKinley added, “Jeff (Brandt) and I have gotten to know one another over the past four years and one thing is clear- we have similar visions for the field of prosthetics and orthotics. Both companies are poised for growth, and the market timing couldn’t be better. Our growth initiatives will be both organic and acquisition-oriented. We look forward to discussions with other providers in this space that share our vision to positively impact the delivery and management of orthotic and prosthetic care.”
McKinley will assume CEO duties of Ability while Brandt will serve as President and COO. The acquired Kentucky practices will continue to operate under the name of Prosthetic and Orthotic Associates, and the North Carolina practices will continue to operate as Asheville Orthotic Prosthetic Center and Charlotte Orthotic Prosthetic Center.
Detailed terms of the transaction were not disclosed. Cypress Associates LLC acted as financial advisor to BridgePoint in this transaction and will continue to advise the Company in certain transactions in the future.
About Ability Prosthetics & Orthotics, Inc. Ability Prosthetics & Orthotics, Inc. was founded in 2004 in Gettysburg, Pa with a mission to provide patients with the most advanced and innovative prosthetic and orthotic care and devices available in a streamlined, efficient, patient-centered model of care. Ability was recently profiled in the February & October 2006 issues of Fortune Small Business, March 2007, September 2008 and March 2010 issues of O&P Edge, March 2010 edition of Rehab Management, March 2009 issue of Advance for Directors in Rehabilitation and most recently on the Fox Business News, National Science Foundation’s Whisker Robots and NBC’s Today Show. Ability operates patient care centers in Hagerstown and Frederick, MD, as well as in York, Exton and Gettysburg, Pa. Visit www.AbilityPO.com to find out more about how an orthotic brace or artificial limb can enhance your quality of life.
About BridgePoint Medical, LLC BridgePoint Medical, LLC was founded in 2004 in Lexington, KY to reposition, through acquisitions the existing prosthetic and orthotic patient care model by redefining the role of the practitioner and the practice in the patient care continuum. Our technology platform and unique processes enable our patient care providers to spend less time on administrative activities and more time with patients. We are dedicated to providing a more patient centric service by partnering with referral sources and other ancillary care providers to ensure the best patient outcomes and service where patient treatment and care dominate the culture. To date BridgePoint has completed strategic acquisitions in Kentucky and North Carolina. In addition the company operates a central fabrication facility in Asheville, NC that caters to both BridgePoint and non-BridgePoint patient care centers.