AUSTIN, Texas, Aug. 3, 2011 /PRNewswire/ -- Hanger Orthopedic Group, Inc. (NYSE: HGR) is pleased to announce the acquisition of Team Post-Op, Inc., BioConcepts, Inc., US Orthotics & Prosthetics, Inc., MK Prosthetic & Orthotic Services, Inc, and Rainier Surgical Incorporated & Ortho-Medical Products, Inc. These acquisitions will add annual revenues of approximately $20.2 million to Hanger's patient care operations, and offices in California, Illinois, New York, Texas, Washington, and Virginia.
Thomas F. Kirk, President and Chief Executive Officer of Hanger Orthopedic Group stated, "We are extremely pleased to welcome these talented professionals to the Hanger team. They bring an outstanding reputation for superior patient care and will add value to our core O&P business. These acquisitions were financed with internally generated cash flows and will be accretive to earnings after completion of the initial integration period. We continued to evaluate additional opportunities to acquire patient care centers that meet our criteria."
About Hanger – Hanger Orthopedic Group, Inc., headquartered in Austin, Texas, is the world's premier provider for services and products that enhance human physical capability. Hanger provides orthotic and prosthetic patient care services, distributes O&P devices and components and provides therapeutic solutions to the broader post-acute market. Hanger is the largest owner and operator of orthotic and prosthetic patient care centers, with in excess of 675 O&P patient care centers located in 45 states and the District of Columbia. Hanger, through its subsidiary Southern Prosthetic Supply, is also the largest distributor of branded and private label O&P devices and components in the United States. Hanger provides therapeutic solutions through its subsidiaries Innova