Quipt Taken Private by Kingswood and Forager (~4.7x EBITDA)
- Will Hamilton
- Dec 17, 2025
- 2 min read
Updated: 3 days ago
On December 15, 2025, existing shareholders Kingswood Capital Management and Forager Capital Management announced they reached a definitive agreement to fully acquire Quipt Home Medical Corp., a provider of durable medical equipment, home respiratory solutions, and connected home health services. Quipt’s offerings span oxygen therapy, sleep apnea management, non-invasive ventilation, and remote patient monitoring devices, servicing patients and payors through home health agencies, specialty providers, and direct care channels.
HME / DME EBITDA Multiples
According to the press release, the purchase price was $3.65/share, valuing Quipt at ~$260m including debt. Revenue and adjusted EBITDA from the Q4 9/30/2025 earnings release. Fiscal year revenue and EBITDA of $245.9m and $55.9m, respectively, results in implied multiples of 1.1x revenue and 4.7x EBITDA. The relatively low multiple for a sizeable asset highlights the current disparity between respiratory and non-respiratory DME providers discussed further in our DME / HME market overview.
The deal is also representative of a downward trend in DME multiples, particularly for majority respiratory assets.
Distribution and Equipment Services M&A Deal Volume
The number of announced healthcare distribution and equipment services deals continued to decline in 2025 to an average of 13 per quarter, down from 20 per quarter in 2024, 25 per quarter in 2023 and a peak of 37 deals in Q1 2021. The declines are concentrated in the home medical equipment (HME/DME) segment, as announcement volumes have remained steadier in the biomedical / equipment services and distribution segments, although biomedical / equipment services also showed some weakness in 2024 and 2025.
Other Home Medical Equipment and Durable Medical Equipment Deals
Read Scope Research's take on other HME / DME M&A transactions:
About Scope Research
The Scope Research Healthcare M&A Valuation Database currently has financial details related to 62 durable medical equipment, including 42 deals with disclosed EBITDA multiples. The data can be purchased individually, while our affordable annual subscriptions provide access to all of our healthcare M&A databases and segments, updated continuously.
Don't hesitate to reach out to Will Hamilton at will@scoperesearch.co with questions about your specific situation.