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Hooper Holmes announces sale of Portamedic business unit in $8.4M deal

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Health information company Hooper Holmes, in the Basking Ridge section of Bernards, announced today it is selling its Portamedic brand to American Para Professional Systems Inc. for $8.4 million in cash, subject to adjustments.

The sale also includes the transfer of certain Portamedic branch offices and call centers to APPS.

According to the announcement, Hooper Holmes' continuing operations include the company's Health and Wellness service line, which provides biometric screenings for national wellness companies, employers and government customers; and Heritage Labs International Inc., the company's clinical reference laboratory located in Olathe, Kan.

Hooper Holmes retains its existing Portamedic working capital, which at June 30 was estimated to be $5 million, giving the company $13.4 million of working capital from the transaction from the Portamedic service line, the company said.

Digital content editor Joe Ross is @joeross on Twitter.

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