AdaptHealth Corp. acquired Solara Medical Supplies, LLC for $380.7 million cash plus 3,906,250 shares of Class A common stock (Solara and ActivStyle closed together for combined consideration of ~$487 million — ~$424.5 million cash and ~$62.5 million stock), a transaction completed in July 2020, structured as combination (cash and stock).
Solara Medical Supplies, LLC operates in Diabetes management / continuous glucose monitors (CGM), is based in United States (national). Solara was one of the largest independent direct-to-patient distributors of continuous glucose monitors (CGM) in the United States, offering a comprehensive suite of direct-to-patient diabetes management supplies including CGMs, insulin pumps and other diabetic supplies. The acquisition established AdaptHealth as a leader in the high-growth diabetes market and expanded its recurring direct-to-patient supply revenue.
AdaptHealth described Solara and ActivStyle as highly strategic, complementary and accretive acquisitions; Solara was expected to immediately establish AdaptHealth as a leader in the high-growth diabetes market and advance its goal of offering high-value services to people with chronic conditions in their homes.
Established AdaptHealth as a leader in the high-growth diabetes market with recurring direct-to-patient supply sales. Created a single supply source for an expanded set of chronic-care products; Solara CEO Steve Foreman and management team joined AdaptHealth. Solara (continued to operate under its own name)
These are highly strategic, complementary and accretive acquisitions. We believe Solara will immediately establish AdaptHealth as a leader in the high-growth diabetes market and advances our goal to offer high-value services to people with chronic conditions in their homes.Luke McGee, CEO, AdaptHealth
Advisory firms were not disclosed for this transaction.