News & Media
Heritage Capital Group acts as intermediary and financial advisor in the sale of Diabetic Supply Program, Inc. and its affiliates
Acquisition secures Liberty’s position as market leader with the addition of over 22,000 active patients
JACKSONVILLE, FLORIDA, Jun. 9, 2006 – Liberty Healthcare, Inc., a subsidiary of the Polymedica Corporation, a publicly traded company, has acquired the assets of Diabetic Supply Program, Inc. and its affiliates.
A Heritage Capital Group team, including Don Wiggins, Howard Serkin, and Doug Kravet, initiated the transaction and negotiated the sale of the company.
DSP, which began operations in 1995, primarily provides blood glucose monitoring devices, test strips and other ancillary products used by people with diabetes for self- testing, an important element in the day-to-day management of diabetes. The company also supplies respiratory medications directly to patients through its full service mail order pharmacy. In addition to the convenience of home delivery, DSP prepares and files claims on behalf of its customers to Medicare, Medicaid other insurance providers. The company is headquartered in Jacksonville, Florida and has grown to serve over 22,000 active patients.
The direct-to-consumer diabetic supply market is currently a $1 billion dollar sector, and expected to grow rapidly due to the increasing incidence of diabetes and the patients’ desire for a simple and reliable way to receive their supplies and medications. According to the American Diabetes Association, there are over 20 million children and adults in the United States who have diabetes with an additional 6 million who have not yet been diagnosed. Currently, nearly one in 10 adults aged 20 and older has diabetes, with 1.5 million new cases diagnosed this year.
Liberty Healthcare is a subsidiary of the Polymedica Corporation, a leading provider of healthcare products and services to patients with chronic diseases. The company is best known through its Liberty brand and direct-to-consumer television marketing. With over 890,000 active patients, Liberty is the nation’s largest provider of blood glucose testing supplies and related products and services to people with diabetes.
Heritage Capital Group President Don Wiggins said, “ This transaction is a win for both companies. Diabetic Supply has done an excellent job growing the company, and fits perfectly with Liberty’s strategic plan to enhance its core business and grow its patient base.”
Heritage Capital Group, Inc. is a middle market investment banking firm located in Jacksonville, Florida.