M&A Deal Summary

AdaptHealth Acquires Aerocare Holdings

On December 1, 2020, AdaptHealth Corp. acquired healthcare services company Aerocare Holdings, Inc. from SkyKnight Capital LLC for 2.0B USD

Acquisition Highlights
  • This is AdaptHealth’s 1st transaction in the Healthcare Services sector.
  • This is AdaptHealth’s 1st largest (disclosed) transaction.
  • This is AdaptHealth’s 6th transaction in the United States.
  • This is AdaptHealth’s 1st transaction in Florida.

M&A Deal Summary

Date 2020-12-01
Target Aerocare Holdings, Inc.
Sector Healthcare Services
Buyer(s) AdaptHealth Corp.
Sellers(s) SkyKnight Capital LLC
Deal Type Add-on Acquisition
Deal Value 2.0B USD
Advisor(s) Morgan Stanley (Financial)
Goodwin Procter LLP
Brown & Fortunato PC (Legal)

Target

Aerocare Holdings, Inc.

Orlando, Florida, United States
website
Aerocare Holdings, Inc. is a provider of oxygen, respiratory, sleep, and other chronic therapy services to patients in the home. AeroCare's patients typically suffer from the chronic obstructive pulmonary disease (COPD), obstructive sleep apnea (OSA), or congestive heart failure (CHF) and require in-home therapy services. Aerocare Holdings, Inc. was founded in 2000 and is based in Orlando, Florida.

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Buyer(S) 1

Buyer

AdaptHealth Corp.

Plymouth Meeting, Pennsylvania, United States

website


Category Company
SectorMedical Products
Employees4,700
Revenue 1.1B USD (2020)
DESCRIPTION

AdaptHealth is a provider of home healthcare equipment, medical supplies to the home and related services in the United States. AdaptHealth provides a full suite of medical products and solutions designed to help patients manage chronic conditions in the home, adapt to life, and thrive. Product and services offerings include (i) sleep therapy equipment, supplies and related services (including CPAP and bi PAP services) to individuals suffering from obstructive sleep apnea, (ii) home medical equipment (HME) to patients discharged from acute care and other facilities, (iii) oxygen and related chronic therapy services in the home, and (iv) other HME medical devices and supplies on behalf of chronically ill patients with diabetes care, wound care, urological, ostomy and nutritional supply needs. AdaptHealth is based in Plymouth Meeting, Pennsylvania.


DEAL STATS #
Overall 6 of 7
Sector (Healthcare Services) 1 of 1
Type (Add-on Acquisition) 4 of 5
State (Florida) 1 of 1
Country (United States) 6 of 7
Year (2020) 4 of 5
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-26 Solara Medical Supplies LLC

Chula Vista, California, United States

Solara Medical Supplies LLC is an independent distributor of continuous glucose monitors (“CGM”) in the United States and offers a comprehensive suite of direct-to-patient diabetes management supplies to patients throughout the country, including CGMs, insulin pumps and other diabetic supplies. Solara Medical Supplies was founded in 2002 and is based in Chula Vista, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-03 Pinnacle Medical Solutions LLC

Southaven, Mississippi, United States

Pinnacle Medical Solutions is a patient-centric provider of technology-enabled diabetes management devices, including continuous glucose monitors and insulin pumps. Driven by its patient-first mindset, Pinnacle is committed to offering the latest technology and best customer experience available. Pinnacle Medical Solutions was formed in 2006 and is based in Southaven, Mississippi.

Buy -

Seller(S) 1

SELLER

SkyKnight Capital LLC

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2015
SizeSmall
Type Sector Agnostic
DESCRIPTION

SkyKnight Capital is a private equity firm focused on long-term investments in businesses requiring value-add strategies to achieve growth. SkyKnight will consider majority or minority investment situations and generally looks to commit $10 to $200 million per transaction. Sectors of interest include healthcare, business services, and transportation. SkyKnight is headquartered in San Francisco, California.


DEAL STATS #
Overall 1 of 1
Sector (Healthcare Services) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Florida) 1 of 1
Country (United States) 1 of 1
Year (2020) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-04 Patra Corp.

El Dorado Hills, California, United States

Patra Corp. powers insurance processing by leveraging people and technology, supporting insurance organizations as they sell, deliver and manage policies and customers. Patra’s technology-enabled solutions bring efficiency, accuracy, and standardization to a comprehensive set of processes across the insurance value chain. Patra Corp. was formed in 2005 and is based in El Dorado Hills, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-06 NearU Services

Charlotte, North Carolina, United States

NearU is a technology-enabled customer service platform that provides residential and light commercial HVAC services. The company is well-capitalized and seeks to grow aggressively, both organically and by acquiring or partnering with leading HVAC contractors. NearU was formed in 2019 and is based in Charlotte, North Carolina.

Buy -