TheraPearl, a rapidly growing Columbia-based manufacturer of therapeutic hot and cold packs, has been acquired by Performance Health Inc., an Akron, Ohio-based manufacturer and marketer of wellness and rehabilitation products.
Terms of the deal were not disclosed.
TheraPearl will remain in Columbia in the company's 10,000-square-foot headquarters and warehouse off Snowden River Parkway, said Daniel Baumwald, the company's president and CEO. The sale hinged upon keeping TheraPearl's 16 employees together, he said.
TheraPearl may even continue to grow in Columbia, he suggested.
"Everyone's staying on board, but as we look to align ourselves that may increase," Baumwald said. "There is a possibility. We'll have those conversations in the coming months as we continue to develop our relationship with [Performance Health]."
Performance Health CEO Marshall Dahneke said in a statement the acquisition brings "proven strength and additional scale" to the company's "emerging" retail business. Performance Health markets a variety of therapeutic products including Biofreeze and Theraband.
"Combining their strengths and momentum with the rest of our business will lead to better and more comprehensive solutions for all of the customers we serve," Dahneke said.
TheraPearl's manufactures packs filled with gel pearls that can be chilled in the freezer or heated in the microwave for therapeautic use. Its patented packs sell at major U.S. retailers such as Walgreens and Walmart, and just last month became available at Target.
The Columbia company, which raked in $10 million in sales in 2013, recently projected sales of $13 million to $15 million this year and $25 million within three years. Earlier this year, Forbes magazine ranked TheraPearl 41st on its list of the most promising U.S. companies.