Southern Therapy Acquired, Gets New President

Feb 1, 2001 12:00 PM, Susanne Hopkins

Dallas

Airtech International Group, a manufacturer of air-purification products, has acquired Austin, Texas-based home medical equipment provider Southern Therapy and its mobility arm, Scooter Nation. While the purchase price was not disclosed, officials said Airtech acquired the companies on a "multiyear buyout with an exchange of stock based on a current valuation."

"The reason we consolidated Southern Therapy and Scooter Nation with Airtech," said Southern Therapy founder, chairman and chief executive officer Calvin Cole, "was to position our company in manufacturing, distribution and sales in the HME/DME arena, take advantage of exciting, new air-sterilization products and create an international franchise program for Scooter Nation."

Under the acquisition agreement, Southern Therapy becomes the lead provider of Airtech's Airsopure portable medical air sterilizer to other HME companies. Scooter Nation was to begin offering franchises this month, officials said.

The acquisition will pump up Airtech's coffers by about $6.3 million, officials said.

Cole has relinquished his title of president to James Todd, who once owned a medical equipment wholesale company and was Southern Therapy's chief financial officer for four years. Cole will continue his roles as chairman and CEO.