AdaptHealth Agrees to Acquire Solara Medical Supplies and ActiveStyle

June 1, 2020

Willkie advised AdaptHealth Corp. on equity investments from One Equity Partners and Deerfield Management in connection with the transactions.

On May 25, Willkie client AdaptHealth Corp. (NASDAQ: AHCO) announced that it entered into two separate definitive agreements to acquire San Diego-based Solara Medical Supplies, LLC and Minneapolis-based ActivStyle, Inc.

AdaptHealth received commitments for equity investments of $190 million from One Equity Partners (in the form of common stock and non-voting stock) and $35 million from funds managed by Deerfield Management (in the form of non-voting stock), as part of the consideration for Solara. Willkie advised AdaptHealth on the equity investments.

AdaptHealth Corp. is a leading provider of home healthcare equipment, medical supplies and related services in the United States. The company provides a full suite of medical products and solutions designed to help patients manage chronic conditions in the home.

Solara is the largest independent distributor of continuous glucose monitors in the United States and offers a comprehensive suite of direct-to-patient diabetes management supplies to patients throughout the country. ActivStyle is a leading direct-to-consumer supply company that provides incontinence and urology products to patients throughout the United States.

The Willkie deal team was led by partners Michael Brandt and Danielle Scalzo, Christopher Peters, Jordan Messinger, and Thomas Spencer.