Modular Thermal Technologies acquires Fla. sports medicine product firm

MODULAR THERMAL Technologies has acquired Florida-based Life Wear Technologies, a sports medicine product company, for an undisclosed price. The two companies will be known as Life Wear Technologies.
MODULAR THERMAL Technologies has acquired Florida-based Life Wear Technologies, a sports medicine product company, for an undisclosed price. The two companies will be known as Life Wear Technologies.

NORTH KINGSTOWN – Modular Thermal Technologies LLC has acquired Florida-based Life Wear Technologies Inc., a sports medicine product company, for an undisclosed price, and the CEO expects to hire 100 additional employees over the next three years.

The two companies, operating as Life Wear Technologies, will be a global supplier of branded and private label sports medicine and therapeutic products.
Brad J. Waugh, Modular Thermal Technologies CEO, said his company, which manufactures CryoMAX reusable cold packs, employs 10 at the company’s Quonset Business Park facility and Life Wear has 22 employees at its Pompano Beach, Fla., location.
Waugh said it is still early to determine whether the new employees will be in Rhode Island or Florida. He said the pain management industry is growing, thanks in part to the aging baby boomer generation.
He said Life Wear Technologies has been in business for 30 years, while Modular Thermal has been around for 11. The pain management business category is growing 22 percent a year, which was one of the reasons it made sense for Modular to acquire Life Wear Technologies, he said.
According to information provided by Modular Thermal Technologies, the combined firms will offer retailers a single source for branded and private level hot/cold therapy, health supports and therapeutic products.
In the past year, Life Wear Technologies experienced a 43 percent increase in revenue, driven by new product development and distribution growth with major drug retailers. Modular Thermal also saw its revenue climb nearly 32 percent, thanks to a multi-channel media campaign and expanded in-store marketing.
A majority of the new jobs the company expects to fill will be in operations, and sales and marketing to support growth forecast through 2018.
“Life Wear has always focused on the technical understanding of the therapeutic properties of both support and compression. That understanding provides a perfect marriage for the number one product in cold therapy in our market and MTT’s approach of aligning with the ongoing consolidation in retail will resonate with our mutual customer base,” Joseph Giaquinto, former president and CEO of Life Wear Technologies, said in a statement.

Waugh said that combining the companies will provide customers with “superior logistics, customer service, product development and manufacturing capabilities through various complimentary areas of expertise.”

The new company also will continue to manufacture and distribute the proprietary product line CryoMAX. The cold pack provides cold therapy for injuries including pains, sprains, post-surgical discomfort and burns.

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