09:27 AM EDT, 08/12/2025 (MT Newswires) -- Quipt Home Medical ( QIPT ) on Tuesday said it is forming a joint venture with three health systems and hospitals in the U.S.

The company will acquire a 60% stake in Hart Medical Equipment, which is headquartered in Michigan, for about US$18 million. The remaining 40% will be held by Henry Ford Health, McLaren Health Care, Blanchard Valley Health System, Wood County Hospital and The Bellevue Hospital.

The transaction is expected to boost Quipt's presence in the Midwest, and provide it with immediate entry into Michigan, and new territories in Ohio, a statement said. Hart, which serves over 67,000 patients monthly, through its 29 branches, generated US$60 million in revenue for the year ended June 30.

Quipt expects to consolidate the financial results of Hart and its expected annualized run-rate revenue will rise to about US$300 million.

The transaction is expected to close by the end of the fiscal fourth-quarter.

"This transaction expands our service network to more than 19 hospitals and affiliated care facilities, dramatically increasing our ability to serve patients at critical points of care transition," said Chief Executive Greg Crawford. "Importantly, the joint venture structure allows us to collaborate closely with Hart's leadership team while maintaining operational alignment across the broader Quipt platform."