FOR IMMEDIATE RELEASE
[City, State] – [Date of Publication] – A monumental shift is poised to reshape the landscape of orthotics and prosthetics (O&P), complex rehabilitation technology (CRT), and mobility services across North America. Hanger Inc., a leading provider of O&P patient care services, has announced its strategic intent to acquire Numotion, a prominent provider of CRT and mobility products and services. This transformative combination will create "Hanger Numotion," a scaled North American platform projected to serve over 1.5 million patients annually. The newly formed entity will be controlled by Patient Square Capital, a dedicated healthcare investment firm, signaling a robust commitment to innovation and expanded patient access within the sector.
The transaction, structured as a cash acquisition of Numotion by Hanger, is anticipated to close in the fourth quarter of 2026, subject to customary closing conditions. While merging under a unified strategic vision, both Hanger and Numotion will continue to operate under their established brands and maintain their respective clinical operations, ensuring continuity of care and leveraging the strengths of each legacy organization.
Main Facts of the Transformative Merger
The announcement of Hanger’s acquisition of Numotion marks a significant consolidation within the specialized healthcare services industry, promising a new era for patients requiring orthotic, prosthetic, and complex mobility solutions.
Formation of a New Industry Leader: The combined entity, Hanger Numotion, is set to emerge as the preeminent North American platform for integrated mobility and rehabilitation solutions. This strategic alignment brings together Hanger’s extensive expertise in orthotic and prosthetic patient care with Numotion’s leadership in complex rehabilitation technology and mobility products.
Unprecedented Patient Reach: Upon completion, Hanger Numotion will boast an unparalleled capacity to serve a vast patient population. The organizations project to assist more than 1.5 million individuals annually across the United States and Canada, representing a substantial portion of the market for specialized mobility and independence solutions. This scale underscores a commitment to widespread accessibility and impact.
Expansive Geographic Footprint: The combined operational network will be formidable. Hanger currently operates 925 U.S.-based O&P clinics, providing critical local access for patients needing custom orthoses and prostheses. Numotion complements this with over 200 locations spanning both the U.S. and Canada, specializing in complex rehabilitation technology, including custom power and manual wheelchairs, seating and positioning systems, and other adaptive equipment. The synergy of these networks promises a more comprehensive and geographically accessible service offering.
Strategic Financial Control: Patient Square Capital, a private equity firm focused exclusively on healthcare, will assume control of the combined company. This backing from a specialized healthcare investor highlights the strategic importance and growth potential seen within this integrated platform. Patient Square Capital’s involvement signals a long-term vision for market leadership, operational excellence, and sustained investment in patient care and technological advancement.
Leadership Transition: Mike Swinford, the current CEO of Numotion, will assume the role of CEO for the newly formed Hanger Numotion. Swinford brings a wealth of experience, having successfully scaled Numotion since 2014 and previously holding leadership positions at GE Healthcare Services. This leadership continuity from one of the merging entities is intended to facilitate a smooth integration and leverage established expertise in the mobility sector.
Operational Modus Operandi: Crucially, both Hanger and Numotion will continue to serve customers under their existing, well-recognized brands. Furthermore, their respective clinical operations will be maintained. This approach aims to preserve the strong brand loyalty and specialized clinical focus each company has cultivated, while benefiting from the operational efficiencies and expanded resources of the larger combined entity.
Strategic Rationale and Synergies: The primary drivers behind this combination are the creation of a scaled North American platform with profoundly complementary capabilities. The integration of O&P, CRT, and broader mobility and independence solutions under one umbrella is expected to provide greater scale and resources. This includes the ability to expand access to care, make significant investments in clinicians through enhanced training and technology, and accelerate product innovation across the entire spectrum of mobility solutions. The goal is a more holistic, integrated patient journey from initial assessment through long-term support.
Anticipated Timeline: The transaction is slated for an expected close in the fourth quarter of 2026. This extended timeline allows for thorough regulatory review, detailed integration planning, and strategic alignment to ensure a seamless transition and maximize the benefits for patients, employees, and stakeholders.
Chronology of a Strategic Convergence
The announced acquisition represents the culmination of strategic planning and market evolution, bringing together two significant players in distinct yet complementary segments of the healthcare mobility sector.
Foundational Legacies:
- Hanger Inc.’s Heritage: Hanger boasts a storied history dating back to 1861, when James Edward Hanger, an amputee of the American Civil War, designed and patented an articulated prosthetic limb. From these pioneering roots, Hanger evolved into the nation’s largest provider of O&P patient care services. Over more than a century and a half, Hanger has built a vast network of clinics, a reputation for clinical excellence, and a commitment to advancing prosthetic and orthotic technologies, consistently striving to improve the quality of life for individuals with limb loss or impairment.
- Numotion’s Rise: Numotion, a more recent but rapidly growing force, established itself as a leader in complex rehabilitation technology and mobility products. As a portfolio company of AEA Investors, Numotion strategically expanded its footprint and service offerings across the U.S. and Canada, focusing on custom solutions like power wheelchairs, adaptive seating, and other mobility aids essential for individuals with significant physical challenges. Its growth trajectory has been marked by a commitment to personalized service and advanced rehabilitation technologies.
Leadership Trajectories:
- Mike Swinford’s Stewardship at Numotion: Mike Swinford assumed the role of CEO at Numotion in 2014. Under his leadership, Numotion experienced sustained growth, strategic expansion, and diversification, solidifying its position as a mobility leader. His prior extensive experience, including over two decades at General Electric, culminating as President and CEO of GE Healthcare Services, equipped him with a profound understanding of large-scale healthcare operations, technology integration, and market development.
- Pete Stoy’s Transformation of Hanger: Pete Stoy joined Hanger Inc. as CEO in 2020, navigating the company through a period of significant strategic transformation. His tenure has been characterized by efforts to build a stronger, more integrated national platform, coupled with meaningful investments in Hanger’s people, technology, and capabilities, positioning the company for sustained future growth.
The Path to Combination: The decision to combine these two robust entities likely emerged from a shared recognition of the evolving needs of patients and the increasing imperative for integrated care solutions. As healthcare paradigms shift towards holistic patient management, the artificial separation between O&P and CRT services became less tenable. Discussions and negotiations, likely spanning a considerable period, would have explored the strategic complementarities, potential synergies, and the optimal structure for a unified entity. The involvement of Patient Square Capital as the controlling investor suggests a thorough due diligence process and a strategic vision for creating long-term value in a critical healthcare segment.
The Integration Horizon: The announcement sets the stage for a meticulous integration process leading up to the anticipated close in Q4 2026. This extended period will be vital for addressing regulatory requirements, aligning operational protocols, harmonizing technological platforms where appropriate, and ensuring a smooth cultural integration between the two organizations while maintaining the distinct brand identities and clinical expertise of both Hanger and Numotion. The continuity of existing brands and clinical operations is a key aspect of this planned integration, aiming to minimize disruption and maximize the leverage of established strengths.
Supporting Data and Market Dynamics
The strategic combination of Hanger and Numotion is underpinned by compelling market dynamics, significant synergistic opportunities, and the strategic backing of a dedicated healthcare investment firm.
The Growing Market for Mobility and Rehabilitation Solutions
The O&P, CRT, and broader mobility services markets are experiencing robust growth, driven by several macro-demographic and technological trends:
- Aging Population: As the population ages, the incidence of conditions requiring mobility assistance, such as osteoarthritis, stroke, and various neurological disorders, naturally increases. This demographic shift creates a sustained and growing demand for both orthotic/prosthetic devices and complex rehabilitation technology.
- Prevalence of Chronic Conditions: The rising prevalence of chronic diseases like diabetes (leading to amputations), cardiovascular disease, and obesity contributes significantly to the need for rehabilitative and mobility solutions. Advancements in medical care also mean more individuals are surviving acute events with functional impairments, requiring ongoing support.
- Technological Advancements: Innovation is a constant driver in this sector. From advanced materials and robotics in prosthetics and orthotics to sophisticated electronics and adaptive control systems in complex wheelchairs, technology continuously enhances the functionality, comfort, and independence offered by these devices. This drives both demand and the need for specialized clinical expertise.
- Demand for Independent Living: There is a strong societal push and individual desire for greater independence and participation in daily life, regardless of physical challenges. O&P and CRT services are fundamental enablers of this independence, supporting active lifestyles, employment, and social engagement.
- Market Size and Fragmentation: While specific market size figures vary, the global O&P and CRT markets are valued in the tens of billions of dollars and are projected to grow at a healthy CAGR over the next decade. Despite this growth, the market remains relatively fragmented, particularly on the clinical service provider side. This fragmentation presents opportunities for consolidation, enabling larger entities to achieve economies of scale, invest more in R&D and clinical training, and offer a more integrated service model.
Synergies and Enhanced Scale
The combination of Hanger and Numotion creates powerful synergies that extend beyond mere scale, promising a more comprehensive and efficient service delivery model.
- Complementary Capabilities: Hanger’s deep specialization in custom orthotics and prosthetics (external devices to support or replace body parts) perfectly complements Numotion’s expertise in complex rehabilitation technology (mobility devices like wheelchairs and seating systems). Patients often require services from both domains at different points in their rehabilitation journey or simultaneously. This merger creates a single touchpoint for a continuum of care.
- Operational Efficiencies: The combined entity will likely achieve significant operational efficiencies. This could include streamlined supply chain management, greater purchasing power with manufacturers, optimized administrative functions, shared IT infrastructure, and consolidated back-office operations. These efficiencies can free up resources for direct patient care and innovation.
- Enhanced Patient Journey: For patients, the merger means a more integrated and seamless experience. A patient requiring a prosthetic limb (Hanger) might also need a custom power wheelchair for home mobility (Numotion). Instead of navigating two separate providers, Hanger Numotion can offer a coordinated assessment, fitting, and follow-up process, leading to better outcomes and a less fragmented patient experience.
- Investment Capacity: The increased scale and financial backing from Patient Square Capital will provide greater resources for strategic investments. This includes:
- Clinical Development: Enhanced training programs for clinicians across both O&P and CRT, fostering cross-disciplinary understanding and expertise. Investment in advanced clinical tools and technologies.
- Research and Development: Greater capacity to invest in R&D, exploring new materials, prosthetic components, adaptive technologies, and digital health solutions that can improve patient outcomes.
- Technology Infrastructure: Upgrading and integrating patient management systems, telehealth capabilities, and data analytics tools to improve efficiency and personalize care.
- Geographic Reach and Access: The combined footprint of over 1,100 locations across North America significantly expands access to specialized care, particularly in underserved regions. This broader reach ensures that more patients can receive high-quality, specialized mobility solutions closer to home.
- Competitive Advantage: By forming a dominant player, Hanger Numotion will be uniquely positioned to set industry standards, attract top talent, and drive innovation, creating a formidable competitive advantage in the rapidly evolving mobility and rehabilitation sector.
Patient Square Capital’s Strategic Role
Patient Square Capital’s involvement as the controlling entity is a critical component of this transaction. As a private equity firm dedicated solely to healthcare, their investment signifies a strategic belief in the long-term growth and value creation potential of this combined platform.
- Healthcare Specialization: Patient Square Capital’s exclusive focus on healthcare means they bring deep industry knowledge, a network of advisors, and a strategic perspective tailored to the unique challenges and opportunities within the sector.
- Building Market Leaders: Their investment strategy often involves identifying and backing companies with the potential to become market leaders through growth, innovation, and strategic consolidation. The Hanger Numotion merger perfectly aligns with this approach, creating a scaled platform designed for dominance.
- Long-Term Vision: Private equity firms typically invest with a multi-year horizon, providing the patient capital necessary for significant strategic initiatives, infrastructure development, and market expansion that might not be feasible for publicly traded companies or smaller independent entities.
- Operational Expertise: Beyond capital, Patient Square Capital likely brings operational expertise in scaling healthcare businesses, optimizing processes, and navigating complex regulatory environments, which will be invaluable during the integration and growth phases of Hanger Numotion.
Official Responses and Strategic Vision
The leadership of both Hanger and Numotion, alongside the strategic investor, have articulated a clear vision for the combined entity, emphasizing enhanced patient care and operational excellence.
Mike Swinford, Incoming CEO of Hanger Numotion, on Shared Purpose:
Mike Swinford, currently the CEO of Numotion and slated to lead the merged organization, articulated a profound alignment in mission between the two companies. "Our two companies share a fundamental belief in the role mobility can play in improving people’s lives," Swinford stated. This foundational commonality underscores the strategic rationale, moving beyond mere business consolidation to a shared commitment to patient well-being. He emphasized the opportunity to "build on each company’s strengths and help more people across their mobility journeys" by integrating their respective experience, capabilities, and passion for service. Swinford’s background, particularly his extensive tenure at GE Healthcare Services, positions him as a leader adept at managing complex healthcare operations and driving growth through strategic vision and execution. His thanks to Pete Stoy for his leadership at Hanger, AEA Investors for their partnership with Numotion, and LLR for its long-standing support, highlights the collaborative spirit underpinning this significant transition. He expressed anticipation for working with teams across Hanger, Numotion, and Patient Square Capital to advance the shared commitment to enhancing mobility and independence.
Pete Stoy, Current CEO of Hanger Inc., on Legacy and Future Leadership:
Pete Stoy, who has spearheaded Hanger’s transformation since 2020, expressed immense pride in his team’s accomplishments. "I am incredibly proud of what our team has accomplished at Hanger and the transformation the business has undergone since I joined the company in 2020," Stoy remarked. He highlighted the significant progress made in building a "stronger, more integrated national platform" and the meaningful investments in Hanger’s people, technology, and capabilities, which have successfully positioned the company for sustained growth. Stoy conveyed strong confidence in Mike Swinford’s leadership, having worked closely with him throughout the acquisition process. He praised Swinford as an "accomplished leader who shares our commitment to patients and our people," believing he is exceptionally "well-positioned to build on Hanger’s momentum and realize the tremendous potential of the combined organization ahead." This endorsement from the outgoing CEO speaks volumes about the planned leadership transition and the collaborative spirit driving the merger.
Implicit Vision from Patient Square Capital:
While not directly quoted in the provided article, the role of Patient Square Capital as the controlling entity inherently communicates a strategic vision for Hanger Numotion. As a specialized healthcare investment firm, their involvement signals a commitment to creating a market-leading platform that drives innovation, enhances patient outcomes, and achieves significant long-term value. Their investment implies a belief in the strong underlying market fundamentals of O&P and CRT, the synergistic potential of combining Hanger and Numotion, and the ability of the new leadership team to execute on an ambitious growth strategy. Patient Square Capital’s focus is likely on leveraging scale to invest in cutting-edge technology, expand clinical excellence, and optimize operational efficiencies to serve a broader patient base with superior quality of care. Their backing provides the financial and strategic resources necessary to realize the full potential of this combined enterprise.
Implications Across the Healthcare Ecosystem
The formation of Hanger Numotion will send ripples across various facets of the healthcare ecosystem, impacting patients, the industry at large, employees, and investors.
For Patients: A New Paradigm of Integrated Care
The most significant implications are for the more than 1.5 million patients Hanger Numotion aims to serve annually.
- Improved Access to Comprehensive Care: Patients will benefit from a more integrated continuum of care. Individuals requiring a prosthetic limb (Hanger’s specialty) may also need a custom power wheelchair or other adaptive equipment (Numotion’s specialty). The combined entity offers a single, coordinated access point, reducing the burden of navigating multiple providers.
- Holistic Treatment Pathways: The integration of O&P, CRT, and mobility services promises more holistic and patient-centric treatment plans. Clinicians from both disciplines can collaborate more closely, leading to better-coordinated assessments, fittings, and follow-up care, ultimately enhancing patient outcomes and functional independence.
- Faster Adoption of Innovation: With greater scale and resources, Hanger Numotion will be better positioned to invest in and adopt the latest technologies and clinical practices. This means patients could have quicker access to advanced prosthetic components, sophisticated rehabilitation equipment, and innovative digital health solutions that improve their quality of life.
- Enhanced Patient Experience: A unified approach across a broader range of services is expected to streamline administrative processes, improve communication, and create a more consistent and positive experience for patients throughout their mobility journey.
- Continuity of Care: The ability to offer a comprehensive suite of services under one umbrella ensures greater continuity of care for patients as their needs evolve over time, from initial injury or diagnosis through long-term rehabilitation and adaptation.
For the Industry: Consolidation and New Standards
The merger is a landmark event for the O&P and CRT industries, signaling a trend towards consolidation and potentially setting new benchmarks.
- Market Consolidation: This acquisition represents a significant consolidation in a historically fragmented market. It could spur further M&A activity as smaller players seek to compete or be acquired, leading to a more concentrated industry landscape.
- Increased Competition: While creating a dominant player, the merger also intensifies competition, particularly for smaller, independent providers who may struggle to match the scale, resources, and integrated offerings of Hanger Numotion.
- New Industry Standards: As a market leader, Hanger Numotion will have the opportunity to influence industry best practices, clinical protocols, and service delivery models. This could lead to higher standards of care across the sector.
- Impact on Suppliers and Manufacturers: The combined entity will wield significant purchasing power, potentially leading to more favorable terms with suppliers and manufacturers of O&P components and CRT equipment. This could also foster closer collaboration on product development and innovation.
- Advocacy and Policy Influence: A larger, more unified entity will have a stronger voice in advocating for favorable reimbursement policies, increased access to specialized care, and legislative changes that benefit patients and the industry.
For Employees: Opportunities and Integration Challenges
Employees of both Hanger and Numotion will experience both opportunities and potential challenges during the integration process.
- Career Growth and Development: Working within a larger, more diversified organization can open up new avenues for career advancement, professional development, and cross-functional learning opportunities. Employees may gain exposure to a broader range of services and technologies.
- Access to Resources: The combined company’s increased resources can translate into better training programs, advanced tools, and a more robust support infrastructure for employees.
- Cultural Integration: Mergers often present cultural integration challenges. While the commitment to maintaining separate brands and clinical operations aims to mitigate this, aligning organizational cultures, processes, and philosophies will be a key task for leadership.
- Job Security and Stability: The commitment to maintaining existing brands and clinical operations provides a degree of stability and reassurance for employees during the transition period.
For Investors: Strategic Value Creation
For Patient Square Capital and other investors, the acquisition represents a strategic move with significant long-term value creation potential.
- Strategic Growth in Healthcare: Investing in a growing segment of the healthcare market, driven by demographic trends and technological advancements, positions investors for sustained returns.
- Synergistic Value: The anticipated operational efficiencies, enhanced market position, and cross-selling opportunities are expected to drive significant financial synergies and increase the overall value of the combined entity.
- Market Leadership: Creating a clear market leader in North America offers a strong competitive advantage and potential for superior financial performance.
- Long-Term Investment Horizon: The Q4 2026 closing date, combined with Patient Square Capital’s long-term investment strategy, indicates a focus on building sustainable value rather than short-term gains.
Regulatory Scrutiny
Given the substantial scale and market impact of the combined Hanger Numotion, the transaction will undoubtedly undergo thorough regulatory review, particularly concerning anti-trust implications. The extended closing timeline into Q4 2026 allows ample time for authorities to assess the merger’s potential impact on competition, consumer choice, and market dynamics within the O&P, CRT, and mobility services sectors. Ensuring compliance and addressing any regulatory concerns will be a critical phase leading up to the finalization of the deal.
The acquisition of Numotion by Hanger, creating Hanger Numotion under the control of Patient Square Capital, represents a pivotal moment for specialized mobility and rehabilitation services in North America. By bringing together complementary strengths, expanding patient reach, and committing to innovation, the new entity aims to redefine comprehensive care and empower individuals with greater mobility and independence for years to come.
