Business
AeroCare Announces Completion of Acquisition by AdaptHealth
The combined company is the leading independent HME provider in the U.S., serving nearly three million patients from over 500 locations across 46 states
About this update from Adapthealth Corp.
[{"type":"text","content":"The combined company is the leading independent HME provider in the U.S., serving nearly three million patients from over 500 locations across 46 states\n\n\nORLANDO, Fla., Feb. 2, 2021 /PRNewswire/ -- AeroCare Holdings, Inc. (\"AeroCare\") announced today that it has been acquired by AdaptHealth Corp. (NASDAQ: AHCO) (\"AdaptHealth\"). The acquisition was consummated for total consideration consisting of approximately $1.1 billion in cash and 31 million shares of AdaptHealth stock. AeroCare's shareholders – including management and employees, and private investors Peloton Equity (\"Peloton\"), SkyKnight Capital (\"SkyKnight\"), SV Health Investors and investment funds managed by Morgan Stanley AIP Private Markets' Secondaries Team (\"MS AIP Private Markets\") – will become shareholders in AdaptHealth as a result of the transaction. \n\n \n \n \n \n \n \n\n \nAeroCare Announces Completion of Acquisition by AdaptHealth Founded in 2000 by CEO Steve Griggs, and headquartered in Orlando, Florida, AeroCare is a leading national technology-enabled respiratory and home medical equipment (\"HME\") distribution platform in the United States. It offers a comprehensive suite of direct-to-patient equipment and services including CPAP and BiPAP machines, oxygen concentrators, home ventilators, and other durable medical equipment products. AeroCare maintains extensive relationships with leading national manufacturers and managed healthcare plans, and services over 1,000,000 patients annually from over 300 locations across 30 states, and online through affiliated websites. Since inception, AeroCare has achieved 20 years of consecutive revenue growth, driven by a combination of strong organic growth and targeted acquisitions. \nThe combined company will operate under the name AdaptHealth, and Steve Griggs will serve as co-CEO with Luke McGee, CEO of AdaptHealth, to lead the company. In addition, Steve Griggs and shareholder designee Ted Lundberg of Peloton will join AdaptHealth's Board of Directors, which will expand to eleven directors. Michael O'Rourke from Peloton and Jordan Milich from SkyKnight will join as observers to the board. \n \"I am very excited for AeroCare to join forces with AdaptHealth,\" said AeroCare CEO, Steve Griggs. \"The combined company is positioned to transform our industry and positively impact the lives of chronically...