HAMILTON BEACH BRANDS HOLDING COMPANY ANNOUNCES ACQUISITION OF HEALTHBEACON PLC
GLEN ALLEN, Va., Feb. 5, 2024 /PRNewswire/ -- Hamilton Beach Brands Holding Company (NYSE: HBB) today announced that through its Hamilton Beach Health subsidiary it has acquired HealthBeacon PLC, a medical technology firm and strategic partner of the company. HealthBeacon develops connected devices that enable patients with chronic conditions to manage their injectable medication regimens at home and provides other health services.
Gregory H. Trepp, president and chief executive officer of Hamilton Beach Brands Holding Company, said, "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. 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," said Mr. Trepp.
"We expect growth opportunities to be driven by the rapidly evolving development of in-home healthcare management tools, including Remote Therapeutic Monitoring systems. 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," said Mr. Trepp.
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, Hamilton Beach Health to drive global expansion of this business. Kieran Daly, a co-founder of HealthBeacon, will report to Mr. 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. I look forward to collaborating with him as we focus on improving patient outcomes and accelerating access to more patients and new opportunities," said Mr. George. "Hamilton Beach Health continues to explore collaboration opportunities with other companies in the home medical market," he said.
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.
Forward-looking Statements Disclaimer
The statements contained in this news release that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are made subject to certain risks and uncertainties, which could cause actual results to differ materially from those presented. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth under the heading "Risk Factors" in Hamilton Beach Brands Holding Company's most recent reports on Form 10-Q and Form 10-K filed with the Securities and Exchange Commission.
About Hamilton Beach Health®
Drawing on decades of experience as a trusted resource in the kitchen and beyond, Hamilton Beach Health empowers people to take control of their health with groundbreaking, digitally connected tools using in-home solutions. Hamilton Beach Health is committed to developing, distributing, and marketing unique and innovative in-home medical technology products that are designed to improve everyday living. Hamilton Beach Health provides the Smart Sharps Bin™ from Hamilton Beach Health® powered by HealthBeacon® to consumers in the United States, principally through the specialty pharmacy channel, and globally through the pharmacy channel. Combined with its companion app, the Injection Care Management System tracks adherence and persistence with medication schedules through the provision of medication management reminders, educational tools, and artificial intelligence (AI) driven data analytics, and provides for the safe and convenient disposal of used sharps through the U.S. Postal Service's approved mail-back program. The product is patent protected, FDA cleared, and FSA, HSA, Medicare, and Medicaid eligible. HealthBeacon also provides a digital risk management platform for prescribing restricted medication to oncology patients. The revenue for all HealthBeacon offerings is from subscription services.
About Hamilton Beach Brands Holding Company
Hamilton Beach Brands Holding Company operates through its wholly owned subsidiary Hamilton Beach Brands, Inc., a leading designer, marketer, and distributor of a wide range of branded small electric household and specialty housewares appliances, as well as commercial products for restaurants, fast food chains, bars, and hotels. The Company's owned consumer brands include Hamilton Beach®, Proctor Silex®, Hamilton Beach Professional®, Weston®, and TrueAir®. The Company's owned commercial brands include Hamilton Beach Commercial® and Proctor Silex Commercial®. Hamilton Beach Brands licenses the brands for Wolf Gourmet® countertop appliances, CHI® premium garment care products, CloroxTM True HEPA air purifiers, and Brita HubTM countertop electric water filtration appliances. Hamilton Beach Brands has exclusive multiyear agreements to design, sell, market, and distribute Bartesian® premium cocktail delivery machines, and specialty appliances to create Numilk® non-dairy fresh milk on demand. The Company's Hamilton Beach Health subsidiary is focused on expanding the Company's participation in the home medical market. In February 2024, Hamilton Beach Health acquired HealthBeacon, a medical technology firm that specializes in developing connected devices. For more information about Hamilton Beach Brands Holding Company, visit hamiltonbeachbrands.com.
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