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Trimedx closes $300 million Aramark HCT acquisition

by Thomas Dworetzky, Contributing Reporter | November 13, 2018
HTM Parts And Service
Trimedx has closed its $300 million deal to buy Aramark’s HealthCare Technologies (HCT) business, which will be renamed TMX Healthcare Technologies.

Trimedx provides clinical asset management and clinical engineering services.

"The successful completion of this acquisition is an important milestone in our strategic growth,” Trimedx CEO Henry Hummel said in a statement. “We are excited to continue to lead the transformation of the industry by expanding our proprietary technology-driven solutions to a broader set of healthcare provider customers, driving clinical and financial results, as well as device security and compliance, with measurable and persistent value in an ever-changing environment.”

HCT president Kristi McDermott added that the deal was a good match. “Both organizations share core values of innovation and improving the health and lives of our associates, our customers, and those in our communities.”

The deal grows Indiana-based Trimedx to include over 500 healthcare providers across the U.S. that now use HCT for repair, maintenance and clinical engineering services.

“Aramark HCT is an ideal fit, as the combined organizations will focus exclusively on delivering best-in-class clinical asset management services to healthcare providers,” a Trimedx spokesperson told HCB News when the deal was announced in September. “This is a natural evolution in our growth journey.”

The decision to sell, according to Aramark chairman, president and CEO Eric J. Foss, stemmed from the desire to focus the company's attention on “our core food, facilities and uniform businesses” and will include the transfer of HCT team members from Aramark to Trimedx.

“This transaction represents the latest step in our commitment to deliver sustainable shareholder value, while also increasing our financial flexibility,” said Foss in a statement. “We will use the majority of proceeds to strengthen our balance sheet through debt reduction and will also repurchase $50 million of shares after closing of the sale.”

Both Trimedx and Aramark earned top slots for outsourcing in a May Black Book Market Research Survey of 700 hospitals.

“Outsourcing in the healthcare industry doesn't get the same bad rap other sectors experience, such as banking, insurance, and tech and call centers, where negative stereotypes associated with offshoring and/or full-function outsourcing were largely misinformed," Doug Brown, president of Black Book, said in a statement at the time.

Hospitals are most inclined to look to outsourcing for teleradiology and medical imaging equipment – in many cases because the capital needed to fund replacement or new imaging centers is steep.

“For hospitals in financial danger, with margin pressures placing the entire hospital workforce at risk, attacking margin by outsourcing one or more areas can actually save jobs in other core departments,” noted Brown.

The deal news followed the onboarding in August of Ramy Boghdadi as Aramark's new executive vice president of strategic client value and relationships.

“I am excited to join the Trimedx team as they expand their solutions offerings while continuing to provide industry-leading clinical engineering service,” Boghdadi said at the time. “Trimedx is poised for continued growth, and I look forward to helping drive that growth while maximizing the safety and performance of clinical assets for our clients and the patients they serve.”

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