Dallas, TX & Brentwood, TN – [Date of Publication] – In a move set to profoundly reshape the landscape of rehabilitative care, Hanger Inc., a leading provider of orthotic and prosthetic (O&P) patient care services, has announced its intent to acquire Numotion, a prominent provider of complex rehabilitation technology (CRT) and mobility products. This strategic combination will create Hanger Numotion, a unified North American platform poised to deliver a comprehensive suite of mobility and independence solutions to over 1.5 million patients annually across the United States and Canada. The transaction, structured as an all-cash acquisition, will see the combined entity controlled by Patient Square Capital, signalling a significant investment in the future of integrated rehabilitative care.
The merger brings together two industry titans with complementary strengths, promising to enhance access to care, foster innovation, and deepen investment in clinical excellence. While the companies will retain their individual brands and existing clinical operations, the synergy of their combined expertise and expansive geographical footprint—encompassing Hanger’s 925 U.S.-based O&P clinics and Numotion’s 200+ locations across North America—is expected to unlock unprecedented opportunities for patient care and operational efficiency. Numotion CEO Mike Swinford is slated to take the helm of the combined organization upon the transaction’s expected close in the fourth quarter of 2026, marking a new chapter in the pursuit of greater mobility and independence for individuals living with physical challenges.
Main Facts
A New Era in Mobility and Orthotics
The announcement of Hanger’s acquisition of Numotion heralds the creation of a formidable new entity in the North American rehabilitative care market. This strategic consolidation is not merely an aggregation of assets but a deliberate move to establish a scaled platform that seamlessly integrates orthotic and prosthetic (O&P) services with complex rehabilitation technology (CRT) and broader mobility solutions. Hanger Inc., renowned for its expertise in O&P patient care, will merge with Numotion, a well-established leader in providing advanced mobility products and services, including custom wheelchairs and assistive devices. The resulting organization, to be known as Hanger Numotion, is projected to serve an astonishing 1.5 million patients annually across the U.S. and Canada, representing a significant portion of the market for specialized mobility and independence solutions.
This merger is underpinned by a vision to create a holistic patient journey, where individuals requiring everything from custom prostheses and orthoses to highly specialized complex rehabilitation technology can find integrated support under one expansive umbrella. The combined geographic reach is impressive: Hanger currently operates over 925 O&P clinics across the United States, while Numotion boasts more than 200 locations spanning both the U.S. and Canada. This extensive network will enable Hanger Numotion to offer unparalleled accessibility to its services, particularly in underserved regions, and to streamline the often-fragmented process of obtaining comprehensive rehabilitative care. The strategic rationale extends beyond mere size, aiming to leverage combined resources for greater investment in clinician training, technological advancements, and product innovation, ultimately elevating the standard of care for patients.
The Architects of the Merger
The formation of Hanger Numotion is a testament to the strategic foresight of several key players. Hanger Inc., a publicly traded company with a long-standing history dating back to 1861, has been a cornerstone of the O&P industry, consistently striving to improve patient outcomes through advanced care and technology. Numotion, on the other hand, has carved out a distinct niche as a market leader in complex rehabilitation technology, supported by its former primary investor, AEA Investors. The strategic combination will be controlled by Patient Square Capital, a dedicated healthcare private equity firm, whose involvement underscores a long-term commitment to growth and value creation within the healthcare sector. Their controlling stake signifies a strong belief in the potential of this integrated platform to drive significant improvements in patient care and market efficiency.
A crucial aspect of this transition involves the leadership structure of the newly formed company. Mike Swinford, the current CEO of Numotion, has been designated as the CEO of Hanger Numotion following the transaction’s close. Swinford brings a wealth of experience, having successfully scaled Numotion since 2014, transforming it into a mobility leader through strategic growth and diversification. His background, which includes over two decades at GE, culminating as President and CEO of GE Healthcare Services, positions him uniquely to lead this complex integration. Pete Stoy, the current CEO of Hanger Inc., who has been instrumental in Hanger’s recent transformation and growth since 2020, will transition from his role, expressing confidence in Swinford’s ability to guide the combined organization. This leadership transition aims to ensure continuity while injecting new strategic direction, balancing the legacies of both companies with a forward-looking vision for integrated care.
Chronology
The Genesis of a Strategic Alliance
The seeds for the Hanger-Numotion merger were likely sown over an extended period, reflecting a broader trend towards consolidation and integration within the specialized healthcare services market. While the specific timeline for initial discussions remains undisclosed, the strategic rationale for such a combination would have become increasingly apparent as both companies observed shifts in patient needs, technological advancements, and the evolving reimbursement landscape. The concept of creating a "one-stop shop" for mobility and independence solutions, moving beyond siloed O&P or CRT services, has gained traction as healthcare providers recognize the benefits of holistic patient care pathways. This vision would have driven the initial exploratory phases, where the leadership teams and their respective financial partners—Patient Square Capital for Hanger, and AEA Investors for Numotion—would have assessed the profound benefits of a combined entity.
The decision to pursue an acquisition for cash by Hanger, with Patient Square Capital taking a controlling stake, indicates a robust due diligence process that would have spanned several months, if not longer. This phase would have involved detailed financial analysis, operational assessments, market forecasting, and legal structuring to ensure a mutually beneficial agreement. The public announcement of the intent to merge, with an expected closing date in Q4 2026, suggests that while the strategic framework and financial terms are largely agreed upon, significant regulatory approvals and customary closing conditions are still to be met. This extended timeline is typical for transactions of this magnitude and complexity, particularly in a highly regulated sector like healthcare, allowing ample time for comprehensive integration planning.
A Look Back: Hanger’s Legacy
Hanger Inc. boasts a rich and storied history, tracing its origins back to the American Civil War. Founded by James Edward Hanger, the first amputee of the Civil War, the company began with a mission to provide prosthetic limbs that offered greater comfort and mobility than those available at the time. Over more than 160 years, Hanger has evolved into the largest provider of O&P patient care services and solutions in the United States. Its legacy is built upon continuous innovation in orthotics and prosthetics, a deep commitment to clinical excellence, and an expansive network of clinics staffed by highly trained practitioners.
Through decades of organic growth and strategic acquisitions, Hanger has cemented its position as a leader, offering custom-designed prosthetic limbs, orthotic devices, and a range of rehabilitative therapies. The company’s focus has always been on empowering patients to live more independent and fulfilling lives, leveraging cutting-edge technology and personalized care plans. Under the leadership of Pete Stoy since 2020, Hanger has undergone a significant transformation, emphasizing a more integrated national platform, substantial investments in its people, technology, and capabilities, and positioning itself for sustained growth. This foundational strength and patient-centric philosophy form a crucial part of the heritage that Hanger brings to the new combined entity.
Numotion’s Ascent in Complex Rehab
Numotion, a more recent but equally impactful force in the mobility sector, has rapidly established itself as a premier provider of complex rehabilitation technology (CRT) and mobility products and services across the U.S. and Canada. The company specializes in highly customized solutions, including power wheelchairs, manual wheelchairs, adaptive seating, and other assistive technology, designed to meet the unique and intricate needs of individuals with significant mobility impairments. Numotion’s strength lies in its ability to combine advanced technology with personalized clinical expertise, ensuring that patients receive devices perfectly tailored to their specific conditions and lifestyles.
Since 2014, under the leadership of CEO Mike Swinford, Numotion has experienced remarkable growth, expanding its geographic footprint and diversifying its service offerings. Swinford’s strategic vision, honed during his extensive tenure at GE Healthcare Services, propelled Numotion to become a mobility leader, emphasizing sustained growth, market expansion, and a strong commitment to patient outcomes. As a portfolio company of AEA Investors, Numotion benefited from significant investment and strategic guidance, enabling it to strengthen its market position and innovative capabilities. The company’s focus on CRT complements Hanger’s O&P expertise perfectly, creating a comprehensive suite of solutions for a broader spectrum of mobility challenges.
The Road Ahead: Integration and Future Milestones
The period leading up to the expected Q4 2026 closing will be critical for both Hanger and Numotion. This extended timeframe allows for meticulous planning of the integration process, which is complex given the size and scope of both organizations. Key milestones during this phase will include obtaining all necessary regulatory approvals, particularly from antitrust bodies, to ensure the merger does not unduly concentrate market power. Furthermore, detailed operational integration plans will be developed, covering everything from IT systems, supply chains, and human resources to clinical protocols and patient management systems.
Despite the merger, both Hanger and Numotion will continue to operate under their existing brands and maintain their respective clinical operations. This decision is crucial for ensuring continuity of care for existing patients and stability for employees. The focus will be on leveraging back-end synergies and shared best practices while preserving the distinct clinical identities and patient relationships that each company has cultivated. Post-closing, the immediate priority for Mike Swinford and the newly formed leadership team will be to execute the integration strategy smoothly, ensuring that the combined entity delivers on its promise of enhanced patient care, expanded access, and continued innovation, ultimately setting a new benchmark for comprehensive mobility solutions in North America.
Supporting Data
Unprecedented Scale and Geographic Reach
The formation of Hanger Numotion represents a monumental aggregation of resources and geographic coverage within the North American rehabilitative care sector. With Hanger’s established network of 925 O&P clinics across the U.S. and Numotion’s more than 200 locations spanning both the U.S. and Canada, the combined entity will command an unparalleled footprint. This extensive reach is critical in a fragmented healthcare landscape, enabling the new organization to serve a broader patient base, including those in previously underserved rural or remote areas. The ability to provide integrated O&P and CRT services across such a vast territory means patients will have more convenient access to comprehensive care, reducing the need to navigate multiple providers for different aspects of their mobility journey.
The combined annual patient count exceeding 1.5 million underscores the sheer scale of Hanger Numotion’s operations. This volume translates into significant market influence and operational efficiencies. For patients, it means access to a larger pool of specialized clinicians, standardized high-quality care, and potentially reduced wait times. For the company, this scale provides a robust foundation for negotiating with payers, investing in advanced technologies, and attracting top talent. The integration of clinical operations, while maintaining brand identities, will allow for the sharing of best practices and specialized knowledge across the entire network, elevating the overall standard of care delivery in both O&P and CRT disciplines.
Market Dynamics and Competitive Landscape
The healthcare market for mobility and rehabilitative solutions is experiencing robust growth, driven by several macro trends. An aging population, an increasing prevalence of chronic diseases (such as diabetes leading to amputations, or neurological conditions requiring complex mobility aids), and advancements in medical technology are all contributing to a rising demand for O&P and CRT services. The global prosthetics and orthotics market, for instance, is projected to grow significantly in the coming years, while the complex rehabilitation technology market is also expanding due to technological innovation and greater awareness of personalized mobility solutions.
The merger of Hanger and Numotion will undoubtedly reshape the competitive landscape. By combining two major players, Hanger Numotion will emerge as a dominant force, offering a truly integrated approach that few, if any, competitors can match at this scale. This vertical integration of O&P and CRT services creates a unique value proposition, potentially setting a new industry standard for comprehensive care. While the market still includes numerous smaller, independent clinics and regional providers, the new entity’s vast resources and integrated service model will pose a significant competitive challenge. This consolidation reflects a broader trend in healthcare towards larger, more efficient, and vertically integrated service providers capable of delivering more coordinated and cost-effective care. Regulatory bodies will closely scrutinize the competitive implications, ensuring that the merger ultimately benefits patients through improved access and quality, rather than restricting choices.
Synergies and Innovation Potential
The strategic combination of Hanger and Numotion promises substantial synergies, both operational and clinical. On the operational front, combining back-office functions, supply chain management, and IT infrastructure can lead to significant cost efficiencies. Centralized purchasing power for materials, components, and equipment will likely result in better pricing, which can then be reinvested into patient care or innovation. Shared administrative services will reduce redundancies and optimize workflows, contributing to overall organizational effectiveness.
Clinically, the synergies are even more compelling. The integration of O&P and CRT expertise means that a patient requiring a prosthetic limb may also benefit from a custom-designed wheelchair or adaptive seating system, all coordinated by a single provider. This holistic approach can lead to better patient outcomes, as care plans are developed with a more complete understanding of an individual’s mobility needs. The combined entity will also have greater resources to invest in research and development. This could translate into faster adoption of cutting-edge technologies like advanced bionics, smart prosthetics, AI-powered diagnostics for orthotics, and innovative materials for CRT devices. Furthermore, the extensive patient data collected across both service lines can be leveraged to drive evidence-based practice, refine treatment protocols, and develop personalized care pathways, pushing the boundaries of what’s possible in rehabilitative medicine.
Enhancing Patient Access and Clinical Excellence
A core promise of the Hanger Numotion merger is the enhanced ability to expand access to care and foster clinical excellence. With an expanded network of over 1,100 locations, patients across North America will find it easier to access specialized care closer to home. This is particularly vital for individuals with chronic conditions or those requiring ongoing adjustments and maintenance for their devices. The increased scale also enables greater investment in the most critical asset: the clinicians themselves.
The combined company will have the capacity to develop more robust training programs, provide advanced continuing education, and attract top-tier talent in both O&P and CRT. This investment in human capital is crucial for maintaining and elevating the quality of care. By offering a comprehensive career path and access to a wider array of technologies and patient cases, Hanger Numotion can become an employer of choice for prosthetists, orthotists, and CRT specialists. Furthermore, the integration of clinical knowledge and best practices across disciplines will create a collaborative environment where practitioners can learn from each other, leading to more innovative and effective patient solutions. This commitment to both accessibility and clinical quality is fundamental to the new organization’s mission of empowering individuals to live with greater mobility and independence.
Official Responses
Leadership Voices: A Shared Vision for the Future
The official responses from the leaders of Hanger and Numotion clearly articulate a shared vision centered on improving patient lives through integrated mobility solutions. Both Mike Swinford, CEO of Numotion and the designated CEO of the combined company, and Pete Stoy, current CEO of Hanger Inc., emphasized the complementary nature of their organizations and the profound impact the merger will have on patient care. Their statements reflect not just a business transaction, but a deeply held belief in the transformative power of mobility and independence. The collaborative tone suggests that the groundwork for this partnership has been laid with careful consideration of cultural alignment and mutual respect for each company’s legacy and expertise.
The executives’ remarks also acknowledged the extensive work and dedication of their respective teams, as well as the crucial support from their investment partners. This recognition is vital for maintaining employee morale and ensuring a smooth transition. It underscores that while the organizational structure will change, the core mission and the people driving it remain at the heart of the endeavor. The focus on building on each company’s strengths rather than simply consolidating indicates a strategic approach aimed at creating a truly synergistic entity, greater than the sum of its parts.
Mike Swinford’s Strategic Outlook
Mike Swinford, who will lead Hanger Numotion, articulated a clear and compelling strategic outlook for the combined entity. "Our two companies share a fundamental belief in the role mobility can play in improving people’s lives," Swinford stated. "By bringing together our respective experience, capabilities, and passion to serve our customers and patients, we have an opportunity to build on each company’s strengths and help more people across their mobility journeys." This statement encapsulates the core philosophy of the merger: leveraging combined strengths to provide more comprehensive and impactful solutions for patients.
Swinford’s extensive experience, particularly his tenure at GE Healthcare Services and his successful scaling of Numotion since 2014, provides a strong foundation for his leadership. He further expressed gratitude to Pete Stoy for his leadership at Hanger, to AEA Investors for their partnership with Numotion, and to LLR for its long-standing support. This acknowledgment of past contributions and partnerships is a professional gesture that helps to smooth transitions and reinforce the collaborative spirit. His enthusiasm for the future is palpable as he looks forward to working with teams across Hanger, Numotion, and Patient Square Capital to advance their shared commitment to helping people live with greater mobility and independence. Swinford’s vision is one of expansion, innovation, and unwavering patient focus, promising a dynamic future for Hanger Numotion.
Pete Stoy Reflects on Hanger’s Transformation
Pete Stoy, the outgoing CEO of Hanger Inc., offered a reflective and forward-looking statement, expressing immense pride in Hanger’s accomplishments under his leadership. "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. "Together, we have built a stronger, more integrated national platform, invested meaningfully in our people, technology, and capabilities, and positioned Hanger for sustained growth." His tenure has evidently been marked by significant strategic developments, preparing Hanger for this pivotal merger.
Stoy’s confidence in Mike Swinford as his successor is a crucial endorsement. "I have worked with Mike closely throughout this process, and I have tremendous confidence in his ability to lead Hanger Numotion following the close of the transaction," he affirmed. "He is an accomplished leader who shares our commitment to patients and our people, and I believe he is well-positioned to build on Hanger’s momentum and realize the tremendous potential of the combined organization ahead." This seamless transition of leadership, supported by mutual respect and a shared commitment to patient care, is a strong indicator of a well-orchestrated merger. Stoy’s words convey a sense of accomplishment and optimism, ensuring that Hanger’s legacy of innovation and patient-centric care will continue to thrive within the new Hanger Numotion entity.
Implications
Industry Reshaping and Consolidation Trends
The merger of Hanger and Numotion is far more than a simple business transaction; it is a significant event that will send ripples throughout the healthcare industry, particularly within the specialized fields of orthotics, prosthetics, and complex rehabilitation technology. This consolidation reflects a broader trend observed across various healthcare sectors: the drive towards larger, more integrated service providers capable of offering comprehensive solutions and leveraging economies of scale. In a landscape increasingly influenced by value-based care models and complex reimbursement structures, larger entities are often better positioned to negotiate with payers, invest in advanced technology, and manage regulatory complexities.
The creation of Hanger Numotion sets a new benchmark for scale and integrated service delivery in North America. It will likely spur other players in the O&P and CRT markets to re-evaluate their strategies, potentially leading to further mergers, acquisitions, or strategic alliances among smaller and regional providers seeking to compete with this new powerhouse. This could result in a more consolidated market over time, with fewer but larger entities dominating the specialized mobility solutions space. The industry will closely watch how Hanger Numotion navigates its integration, how it leverages its combined capabilities, and how its operational model influences pricing, access, and innovation across the sector.
Impact on Patients and Care Delivery Models
For the more than 1.5 million patients Hanger Numotion is expected to serve annually, the implications are largely positive. The most significant benefit is the potential for a truly integrated and streamlined "mobility journey." Traditionally, a patient might receive an O&P device from one provider and a CRT device from another, leading to fragmented care, inconsistent communication, and administrative burdens. Hanger Numotion aims to alleviate these challenges by offering a single point of contact for a broad spectrum of needs, from prosthetic limbs and custom orthoses to specialized power wheelchairs and adaptive seating.
This integration is expected to lead to more holistic patient assessments, better coordinated care plans, and improved outcomes. Clinicians from both O&P and CRT backgrounds will have opportunities to collaborate more closely, sharing expertise and developing comprehensive solutions that address all aspects of a patient’s mobility and independence. Furthermore, the expanded geographic footprint and increased investment in technology and innovation mean patients could gain better access to cutting-edge devices, personalized fitting services, and ongoing support, regardless of their location. The focus on maintaining existing brands and clinical operations ensures continuity and familiarity for patients, easing the transition while still benefiting from the combined resources.
Employee and Investor Outlook
The merger will undoubtedly have significant implications for the thousands of employees across both Hanger and Numotion. While the announcement stresses that both companies will maintain their existing brands and clinical operations, the integration process will eventually lead to some level of organizational restructuring, particularly in administrative and corporate functions. For clinical staff, the merger could offer new opportunities for professional development, cross-training in complementary disciplines, and career advancement within a larger, more diversified organization. The commitment to "invest in clinicians" articulated by the leadership suggests a focus on retaining and developing talent, which is crucial for delivering high-quality patient care. However, like any large merger, there will be a period of uncertainty and adjustment for employees as integration plans are executed.
For investors, particularly Patient Square Capital as the controlling entity, the merger represents a significant bet on the long-term growth and profitability of the integrated mobility solutions market. The combined scale, operational efficiencies, and expanded market reach are expected to drive substantial value creation. The extended closing timeline provides ample opportunity for thorough planning, aiming to mitigate risks and ensure a smooth integration that maximizes shareholder value. The healthcare sector, particularly specialized services catering to an aging demographic, remains an attractive investment area, and Hanger Numotion is poised to capitalize on these demographic and market trends. The successful execution of the integration strategy will be key to realizing the full financial potential of this landmark combination.
The Future Landscape of Mobility and Independence
The formation of Hanger Numotion signals a pivotal shift in the future landscape of mobility and independence solutions. It underscores a growing recognition that true independence for individuals with physical challenges requires a comprehensive, integrated approach that transcends traditional service silos. This merger is poised to accelerate innovation, driving research and development in areas where O&P and CRT intersect, such as advanced sensor technology for prosthetics that interfaces with smart home mobility systems, or AI-driven analytics for optimizing wheelchair configurations based on patient activity data.
Beyond technology, the combined entity has the potential to advocate more effectively for policy changes and improved reimbursement models that support integrated care. With a unified voice and a vast patient base, Hanger Numotion can play a significant role in shaping public health policies that prioritize access to comprehensive rehabilitative technologies. Ultimately, this merger is a bold step towards a future where individuals needing mobility and independence solutions can access a seamless, high-quality continuum of care, enabling them to lead more active, fulfilling, and independent lives. The industry, patients, and healthcare professionals alike will be keenly observing Hanger Numotion as it embarks on this transformative journey.
