AdaptHealth Corp. acquired AeroCare Holdings, Inc. for approximately $2.0 billion (~$1.1 billion cash plus ~31 million shares of AdaptHealth common stock, issued as Class A and non-voting convertible preferred), a transaction completed in February 2021, structured as combination (cash and stock).
AeroCare Holdings, Inc. operates in Respiratory / sleep therapy / home medical equipment, is based in United States (national; headquartered in Orlando, Florida area). AeroCare was a national, technology-enabled respiratory and home medical equipment distribution platform offering direct-to-patient CPAP and BiPAP machines, oxygen concentrators, home ventilators and other durable medical equipment. The transformative merger roughly doubled AdaptHealth's scale, with the combined company serving nearly 3 million patients from over 500 locations across 46 states. AdaptHealth funded the deal with proceeds from a $500 million senior notes issuance, a refinanced and upsized senior secured credit facility, and cash including proceeds of its January 2021 equity offering.
The acquisition of AeroCare significantly enhanced AdaptHealth's scale and geographic reach, combining two of the largest home medical equipment platforms in the United States into a single company serving nearly 3 million patients from over 500 locations across 46 states.
Doubled AdaptHealth's patient base and location footprint, adding a technology-enabled respiratory/HME distribution platform. Combined company serving nearly 3 million patients from 500+ locations across 46 states; AeroCare CEO Steve Griggs joined AdaptHealth CEO Luke McGee as Co-CEO. AeroCare (combined company operates under the AdaptHealth name; Steve Griggs and Luke McGee as Co-CEOs, Josh Parnes as President)
Advisory firms were not disclosed for this transaction.