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REM Systems is being bought by Australia's Paragon Care for $54.4 million, through a mix of cash and shares.
The company was established in 1981 by Leon and Shirley Schollum and it sells a wide range of medical equipment and supplies ranging from dressings through to high definition cameras.
The company is forecasting sales this financial year of about $68m and an underlying profit of $7m.
"The REM management team and employees are looking forward to being part of Paragon Care and the opportunities that will come with this," REM director and shareholder Paul Schollum said.
Palace of the Alhambra, Spain
By: Charles Nathaniel Worsley (1862-1923)
From the collection of Sir Heaton Rhodes
Oil on canvas - 118cm x 162cm
Valued $12,000 - $18,000
Offers invited over $9,000
Contact: Henry Newrick – (+64 ) 27 471 2242
Mount Egmont with Lake
By: John Philemon Backhouse (1845-1908)
Oil on Sea Shell - 13cm x 14cm
Valued $2,000-$3,000
Offers invited over $1,500
Contact: Henry Newrick – (+64 ) 27 471 2242
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