GLEN ALLEN, Virginia—Hamilton Beach Brands Holding Company (NYSE: HBB) announced that through its Hamilton Beach Health subsidiary, it has acquired HealthBeacon PLC, a medical technology firm and partner of the company. HealthBeacon provides health services and develops connected devices that enable patients with chronic conditions to manage their injectable medication regimens at home.
"This acquisition is a key step in support of our strategic initiative to expand in the fast-growing home health and wellness market, and it strengthens our participation in the home medical category," said Gregory H. Trepp, president and chief executive officer of Hamilton Beach Brands Holding Company. "Drawing on decades of experience as a trusted resource in the home, in 2021 we created the Hamilton Beach Health brand. That same year, we entered into an exclusive multiyear agreement with HealthBeacon to market and distribute its primary product in the U.S. Given our existing partnership, we have a comprehensive understanding of HealthBeacon's business. We believe this acquisition is an attractive investment with the potential to increase shareholder value over time."
"We expect growth opportunities to be driven by the rapidly evolving development of in-home health care management tools, including remote therapeutic monitoring systems," Trepp said. "This acquisition combines our trusted brand name and our leadership in innovation, engineering and product development with HealthBeacon's leadership in digital capabilities and patented technologies. We are very excited to welcome HealthBeacon's outstanding team of highly skilled employees as we work together to scale the HealthBeacon business."
Additionally, Rob George, who has been serving as vice president of corporate development and strategy for Hamilton Beach Brands, focusing principally on the home medical market, has been named global general manager of Hamilton Beach Health to drive global expansion of this business. Kieran Daly, a co-founder of HealthBeacon, will report to George and lead HealthBeacon's day-to-day operations.
"We are delighted to have the continuity of Kieran's leadership and extensive knowledge of HealthBeacon's business," George said. "I look forward to collaborating with him as we focus on improving patient outcomes and accelerating access to more patients and new opportunities. Hamilton Beach Health continues to explore collaboration opportunities with other companies in the home medical market."
HealthBeacon operates in the United Kingdom, Europe, North America and Australia. Its revenue model is subscription-based. HealthBeacon has approximately 50 employees, including engineers, data scientists, software developers, technicians, designers and customer care representatives, and has obtained more than 30 design and utility patents. HealthBeacon was founded in 2013 in Dublin, Ireland.
