Facebook Twitter LinkedIn Google Plus RSS

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

By ,

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.

You May Have Missed...

Write to the Editorial Department at editorial@njbiz.com

Leave a Comment

test

Please note: All comments will be reviewed and may take up to 24 hours to appear on the site.

Post Comment
View Comment Policy

Comments

close
Subscribe to Our Newsletters!
Click Here to Subscribe for Free Now!