Strata Critical Medical, Inc. announced that it has completed the acquisition of Ohio Valley Perfusion Associates (“OVPA”), a regional provider of perfusion services to cardiac surgery programs in Ohio and Pennsylvania.

“Expanding our presence in Eastern Ohio and Western Pennsylvania is an important step in strengthening Strata’s regional clinical platform,” said Louis Verdetto, CEO of Strata’s Clinical Services Division. “These programs align well with our existing operations and allow us to further leverage our team of highly trained perfusionists to support cardiac surgery programs while continuing to expand advanced services such as ECMO support and organ recovery.”

“This transaction represents an exciting opportunity for our team and the programs we support,” said Richard Marcotte, Founder of Ohio Valley Perfusion Associates. “Through our partnership with Strata, we will gain access to additional clinical resources, technology, and infrastructure that will enable us to expand our services and better support our hospital partners across the region.”

“This bolt on acquisition is a perfect fit with our existing clinical operations and M&A strategy while coming at an attractive mid-single digit multiple of EBITDA, consistent with our target valuation framework,” said Mat Schneider, CFO of Strata’s Clinical Services Division. “The cardiac perfusion business has several highly attractive attributes including recurring revenue, multi-year contracts, high customer retention and the industry remains fragmented. In addition to our focus on growing our transplant related businesses, we view cardiac perfusion as an attractive platform to grow both organically and through acquisitions over the coming years.”

Ohio Valley Perfusion Associates serves customers in Ohio and Pennsylvania providing perfusion and related services including ECMO and autotransfusion with a team of eight highly trained and certified clinicians. The purchase price is approximately $1 million.