By PBN Staff
By PBN Staff
WARWICK – Non-operating holding company Almon Co. recently took an equity position in Hospital Associates Inc., a medical supply business based in Anaheim, Calif.
Almon owns all the stock of the Claflin Co., which employs more than 150 workers and a controlling interest in Claflin Medical Equipment Co., which employs approximately 60. Hospital Associates currently has 20 employees.
“Almon Co. has been seeking to diversify its position in the medical supply and medical equipment industry by investing in the more scalable areas of the business,” said Ted Almon, CEO of Almon Co. “Hospital Associates has a well-established presence on the West Coast and enjoys a positive reputation with major provider organizations there.”
Both Claflin Medical Equipment Co. and Hospital Associates are distributors of leading brands of medical equipment. Each also provides logistics and project management services to provider organizations in major and minor construction and renovation projects.
The stock purchase was in the amount of $700,000. In addition, Almon Co. will assume existing debt of $2 million and provide working capital under a common line of credit, of which approximately $1 million has already been provided.
Hospital Associates is a certified women-owned business enterprise. To preserve that designation, Almon Co. purchased 47.5 percent of the existing stock, and Ann Marie Johnson, an Almon director, purchased 2.5 percent of the stock. The remaining 50 percent is owned by the CEO of Hospital Associates, Cynthia Juhas, an industry veteran of more than 30 years.
Claflin Medical Equipment has been expanding its geographic footprint, adding locations in Indiana and St. Louis within the past year. Almon says the company is considering several other locations for expansion as well.