On January 3, 2023, Quipt Home Medical Corp. announced its acquisition of Great Elm Healthcare, LLC from Great Elm Group, Inc. for $108.8 million (US$80 million). The acquisition included $99.28 million (US$73 million) in cash, $6.8 million (US$5 million) in assumed debt, and 431,996 Quipt common shares valued at $6.30 (US$4.63) each.

Great Elm, operating in eight states across the Midwest, Southwest, and Pacific Northwest, reported unaudited revenues of $81.6 million (US$60 million) and an Adjusted EBITDA of $17.68 million (US$13 million) for the year ending August 31, 2022. Post-acquisition, the combined entity’s annualized revenue and Adjusted EBITDA were projected at $299.2 million (US$220 million) and $66.64 million (US$49 million), respectively. Quipt identified $2.72 million (US$2 million) in cost savings and synergies to be realized within six months, enhancing Great Elm’s annualized Adjusted EBITDA to $20.4 million (US$15 million).

The acquisition expanded Quipt's geographic footprint, adding seven new states and increasing its patient base to 270,000 with a network of 32,500 referring physicians across 115 locations in 26 states. The deal bolstered Quipt’s respiratory product line, expected to make up 79% of its product mix, and enhanced cross-selling and resupply revenue opportunities. Quipt's recurring revenue was projected to increase to 82%, and the company anticipated maintaining a conservative balance sheet with net debt to Adjusted EBITDA of 1.96x.

Management highlighted the strategic benefits of the acquisition, including enhanced national presence, expanded patient care capabilities, and significant growth potential.