AdaptHealth enters definitive deals to acquire Solara & ActivStyle
Category: #health  By Saipriya Iyer  Date: 2020-05-27
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AdaptHealth enters definitive deals to acquire Solara & ActivStyle

AdaptHealth Corp. has recently entered two separate definitive agreements for the acquisition of Solara Medical Supplies, LLC and ActivStyle, Inc. AdaptHealth is a leading home medical supplies, equipment, and other related services provider in the United States.

Founded in 2002, San Diego, California-based Solara is the leading independent distributor of CGM (continuous glucose monitors) in the U.S. It provides a broad range of direct-to-patient management supplies for diabetic patients, including insulin pumps, CGMs, & other diabetic supplies. On the other hand, Minneapolis, Minnesota-based ActivStyle, currently owned by Riverside Company, is one of the leading direct-to-consumer supply companies that offer urology and incontinence products. It has a substantial presence in Texas, Florida, Pennsylvania, Ohio, Iowa, Minnesota, and Illinois.

According to Luke McGee, AdaptHealth’s CEO, the acquisition of Solara will enable the company to scale the supply of CGM and other diabetes management provisions. It will also help enhance care for patients suffering from co-morbidities such as obstructive sleep apnea.

ActivStyle’s CEO, Gayle Devin, also stated that the company is excited to join the team at AdaptHealth. The two companies’ cultures are aligned and have a compelling value proposition of offering referrals, payors, and patients, which will help enhance its medical supply business.

AdaptHealth plans to fund the recent transactions & associated costs by combining the incremental debt & newly issued equity. One Equity Partners provided commitments of $190 million equity investments as well as $35 million from Deerfield Management funds. It is also issuing common stock of $62.5 million to Solara sellers.

The deal and transactions gained approvals from the necessary board and are expected to close in the Q3 of 2020. Deutsche Bank Securities serves as AdaptHealth’s exclusive M&A advisor and RBC Capital Markets as the financing advisor. Additionally, K&L Gates LLP, Polsinelli PC, and Willkie Farr & Gallagher LLP serves as legal advisors. Robert W. Baird & Co. serves as the financial advisor of Solara, with Kirkland & Ellis LLP as the legal counsel.

Source credit:

https://www.businesswire.com/news/home/20200526005361/en/AdaptHealth-Expands-Diabetes-Segment-Accretive-Acquisition-Leading



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Saipriya Iyer

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Saipriya Iyer

Saipriya Iyer develops content for Market Size Forecasters, Algosonline, and myriad other platforms. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her bel...

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