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- Hanger
Hanger Acquisition, Valuation, Funding & Investors
Hanger was acquired by Patient Square Capital for $1.3B in July 2022, a 1.1x multiple on $1.1B of revenue.
Hanger acquisition price
$1.3B
Acquired by Patient Square Capital · Jul 2022
Hanger revenue at acquisition
$1.1B
Last twelve months · Jul 2022
Hanger revenue multiple at acquisition
1.1x
EV/Revenue · Jul 2022
Hanger EBITDA multiple at acquisition
18.4x
EV/EBITDA · Jul 2022
About Hanger
Hanger is an American provider of orthotic and prosthetic (O&P) patient care, headquartered in Austin, Texas. Through its Patient Care segment and the Hanger Clinic network it designs, fabricates and fits custom prosthetic limbs and orthotic braces for patients with limb loss, disabilities or injuries, and it operated about 875 clinic locations across the United States in 2022. Its Products & Services segment distributes branded and private-label O&P devices and components to independent providers and supplies therapeutic solutions to patients and businesses in acute, post-acute and clinical settings. The company earns revenue from clinical services and device sales; according to its 2017 annual report it employed about 4,600 people, including some 1,500 O&P practitioners, and held about 20% of an estimated $4 billion US patient care market. Hanger traces its roots to 1861, when James Edward Hanger, the first documented amputee of the American Civil War, began making the Hanger Limb in Virginia. Formerly listed on the New York Stock Exchange, it was acquired by healthcare investor Patient Square Capital in October 2022 for $18.75 per share, a total enterprise value of about $1.25 billion.
Founded
1861
HQ
Website
Status
Acquired
Customer focus
B2C
Revenue model
Services, Product sales
Revenue
$1.1B (Jul 2022)
Valuation
$1.3B (acquired Jul 2022)
Hanger Acquisition
Hanger was acquired by Patient Square Capital for $1.3B on 21 July 2022.
The acquisition price implies a 1.1x revenue and 18.4x EBITDA multiple on $1.1B of revenue.
Before the acquisition Hanger had raised $50M across 1 funding round.
Hanger, Inc. (NYSE: HNGR), a leading provider of orthotic and prosthetic (O&P) patient care services and solutions through approximately 875 clinic locations nationwide, along with products and services distribution, entered a definitive agreement on July 21, 2022, to be acquired by Patient Square Capital, a dedicated health care investment firm. The all-cash transaction offered $18.75 per share, representing a 29% premium to the 30-day VWAP ending July 20, 2022, for a total enterprise value of approximately $1.25 billion. The deal was unanimously approved by Hanger's board, financed by equity from Patient Square Equity Partners and debt led by Ares Capital Management, and closed on November 2, 2022, after stockholder approval on September 30, 2022, and regulatory clearances. Post-acquisition, Hanger became a privately held company, delisting from the NYSE, with continued leadership by President and CEO Vinit Asar and headquarters in Austin, Texas. This provided flexibility for growth investments while serving patients. Patient Square partners with health care management teams to improve outcomes, leveraging industry expertise. Hanger reported 2021 revenues of about $1.12 billion, with patient care at $943 million and products/services at $177 million, and forecasted 2022 growth to $1.19-1.22 billion. The deal valued the company at 1.1x sales of $1.14 billion and an unspecified multiple on $68 million EBITDA.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 21 Jul 2022 | PE buyout | $1.3B | 1.1x | 18.4x |
Hanger Funding History
Hanger has raised a total of $50M across 1 funding round.
Hanger funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| May 2006 | Undisclosed stage | Ares Management | $50M | Hanger Orthopedic Group completed a USD 50 million private placement of 3.33% convertible perpetual preferred stock to Ares Corporate Opportunities Fund, a private equity fund of Ares Management, as part of a global refinancing announced on 30 May 2006. The preferred equity was combined with a new senior secured credit facility comprising a USD 230 million term loan and a revolving facility of up to USD 75 million, and with a private offering of USD 175 million of senior unsecured notes. Hanger used the proceeds to repay about USD 155 million under its existing bank facilities, to refinance USD 223 million of senior and senior subordinated notes and to redeem its outstanding preferred stock. Management said the refinancing gave the company a stable capital structure and flexibility to keep growing, and that Ares' participation showed market support for its growth strategy. Ares partner Bennett Rosenthal subsequently served on Hanger's board. Hanger, then headquartered in Bethesda, Maryland, was the largest provider of orthotic and prosthetic patient care services in the United States, operating 621 patient care centres in 46 states and the District of Columbia with 3,290 employees, including 1,032 practitioners, as of March 2006. |
Who has invested in Hanger?
1 investor has backed Hanger across its funding rounds, including Ares Management.
Hanger Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 1 Hanger investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Hanger
Hanger has acquired 1 company to date.
Last acquisition by Hanger was on September 10th 2026. Hanger acquired Numotion for undisclosed valuation.
Latest Acquisitions by Hanger
| Description | Numotion is a United States provider of custom mobility solutions including complex rehabilitative wheelchairs and power chairs. Headquartered in Tennessee with over 70 locations nationwide, the company works with insurance providers like Medicare and private payers. Numotion's clinicians fit devices for pediatric and adult users, emphasizing local delivery and service. |
| HQ Country | |
| HQ City | Saint Louis, MO |
| Deal Date | 10 Sep 2026 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Hanger acquisitions and their M&A valuation multiples. Start Free Trial | |
Hanger Competitors
Hanger competitors include listed companies like Nutex Health, Staar Surgical, Alpha Tau Medical and MicroPort EP, and private ones like Scivita Medical Technology and MindMaze.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $875M | $288M | $1.2B | 1.7x | ||
| Publicly listed | $239M | ($37M) | $1.3B | 3.4x | ||
| Publicly listed | - | ($45M) | $1.3B | 1954.6x | ||
| Publicly listed | $70M | $13M | $1.3B | 13.3x | ||
| Private | - | - | $1.1B | - | ||
| Private | - | - | $1.5B | - |
Hanger Public Comps
Hanger is no longer listed, but its public comps include Weigao Group, National Medical Care, Almoosa Health, Nutex Health, Staar Surgical, VCANBIO, Alpha Tau Medical, MicroPort EP, Pennant Group and Siloam Hospitals.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $229M | $57M | 4.7x | 4.5x | 18.9x | 13.7x | |||
| $427M | $124M | 3.3x | 3.1x | 11.3x | 11.4x | |||
| $378M | $95M | 4.2x | 3.8x | 16.9x | - | |||
| $875M | $288M | 1.7x | 1.7x | 5.1x | 5.4x | |||
| $239M | ($37M) | 4.6x | 3.4x | (29.4x) | 20.4x | |||
| $218M | $44M | 4.5x | 4.1x | 21.9x | 24.3x | |||
| - | ($45M) | - | 1954.6x | (26.4x) | (22.5x) | |||
| $70M | $13M | 15.6x | 13.3x | 86.2x | 74.9x | |||
This data is available for Pro users. Sign up to see all Hanger competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Hanger
| When was Hanger founded? | Hanger was founded in 1861. |
| Where is Hanger headquartered? | Hanger is headquartered in Austin, TX, United States. |
| Is Hanger publicly listed? | No, Hanger was acquired by Patient Square Capital in July 2022. |
| Who acquired Hanger? | Hanger was acquired by Patient Square Capital in July 2022. |
| How much was Hanger acquired for? | Hanger was acquired for $1.3B in July 2022, a 1.1x revenue multiple. |
| How much funding has Hanger raised? | Hanger has raised $50M across 1 funding round. |
| What was Hanger's last funding round? | Hanger's last funding round was a $50M undisclosed-stage round in May 2006. |
| Who are Hanger's investors? | Hanger's investors include Ares Management. |
| Which companies are comparable to Hanger? | Companies comparable to Hanger include Nutex Health, Staar Surgical, Alpha Tau Medical, MicroPort EP, Scivita Medical Technology and MindMaze. |
| How many companies has Hanger acquired? | Hanger has acquired 1 company, including Numotion. |
See companies similar to Hanger
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