AdaptHealth to Become a Public Company via Business Combination With DFB Healthcare

July 11, 2019

Willkie represented home medical equipment company AdaptHealth Holdings LLC in the transaction.

On July 8, AdaptHealth, the third largest distributor of home medical equipment in the United States, announced that it entered into a definitive agreement for a business combination with DFB Healthcare Acquisitions Corp. (NASDAQ: DFBH, DFBHU, DFBHW), a special purpose acquisition company sponsored by Deerfield Management and Richard Barasch. Upon closing, it is expected that DFB will be renamed AdaptHealth Holding Corporation and remain NASDAQ-listed under a new ticker symbol.

The combined company will represent an initial enterprise value of approximately $1 billion and market capitalization of approximately $800 million. AdaptHealth’s management and major equity holders will roll their equity into the resulting company, and AdaptHealth’s current management team is expected to remain in place, supplemented by Richard Barasch as newly appointed Chairman of AdaptHealth.

Founded in 2012 and headquartered in Plymouth Meeting, PA, AdaptHealth offers a full suite of medical products for both rental and sale, with a focus on respiratory and/or mobility equipment, including CPAP sleep equipment, oxygen equipment, wheelchairs, walkers, and hospital beds. AdaptHealth serves over 1.0 million patients and performs 7,000 deliveries per day across 49 states through more than 150 locations. Deerfield is an investment management firm committed to advancing healthcare through investment, information, and philanthropy.

The Willkie team was led by partners Michael Brandt, Danielle Scalzo, Steven Gartner and William Gump.