Strata Acquires Heart and Lung Transplant Recovery Network for $21.5M, Boosting Clinical Scale
SRTA•Strata completed a $21.5 million acquisition of Heart and Lung Transplant National Recovery Program at a mid-single-digit multiple of Adjusted EBITDA, with 80% cash and 20% stock consideration. The acquisition adds a network of transplant surgeons in key markets including Florida and California, and expects HLT-NRP to generate $10 million revenue and $3.1 million Adjusted EBITDA in 2026.
1. Acquisition Details
Strata finalized the purchase of Heart and Lung Transplant National Recovery Program for $21.5 million, funded 80% in cash and 20% in stock subject to a multi-year lockup tied to continued seller participation. The deal was closed at a mid-single-digit multiple of HLT-NRP’s Adjusted EBITDA, consistent with Strata’s disciplined capital allocation strategy.
2. Strategic Impact on Transplant Platform
HLT-NRP brings an expanded network of experienced transplant surgeons, enhancing Strata’s Transplant Clinical business line with greater clinical depth and geographic coverage in key markets like Florida and California. This scale boost is designed to improve surgeon availability, shorten response times, and reduce travel-related costs for donor recoveries.
3. Financial and Operational Outlook
HLT-NRP is projected to deliver approximately $10 million in revenue and $3.1 million in Adjusted EBITDA for full-year 2026. Strata anticipates rapid operational synergies will lower the effective purchase price over time and drive accelerated returns within its fastest-growing business line.
