Provident Healthcare Partners, a Boston, Massachusetts-based healthcare investment banking firm, announced on July 18 that it had advised Quest Health Solutions in its partnership with Sumitomo Corporation of Americas (SCOA).
Quest Health Solutions was founded in 2017 to provide medical supplies to patients with chronic illnesses. The company is headquartered in Coral Springs, Florida, and is a leading provider of continuous glucose monitors (CGM), remote patient monitoring (RPM) services and other medical supplies to diabetic patients.
Established in 1952 and headquartered in New York City, SCOA has nine offices in major U.S. cities. SCOA is the largest subsidiary of Sumitomo Corporation, one of the world’s leading traders of goods and services. Its core businesses include energy, automotive, social infrastructure, agri-food and life science, construction and transportation systems, real estate, mineral resources and energy innovation.
The partnership will provide growth capital for Quest as the company continues to scale its differentiated model across its core CGM business and emerging RPM platform while diversifying into other service areas.
Robinson & Cole served as legal counsel to Quest, and Nixon Peabody served as legal counsel to SCOA. Financial terms of the deal were not disclosed.
According to data captured in the LevinPro HC database, this acquisition represents the 137th eHealth transaction of 2024, and the 11th in the RPM specialty. There were 22 RPM deals announced during 2023, and 16 announced during 2022.
