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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