December 2, 2020

Willkie represented AdaptHealth in the transaction.

On December 1, AdaptHealth Corp. (NASDAQ: AHCO), a leading provider of home healthcare equipment, medical supplies to the home and related services in the United States, announced that it has entered into a definitive agreement to acquire Orlando, Florida based AeroCare Holdings, Inc.

The transaction values AeroCare at approximately $2.0 billion on a debt-free, cash-free basis, with cash consideration of $1.1 billion, subject to adjustment as provided in the definitive agreement, and 31 million shares of AdaptHealth common stock. The acquisition is expected to significantly enhance AdaptHealth’s scale and geographic reach, providing access to new customers and strengthening relationships with referral partners, patients, manufacturers, and managed healthcare plans.

Founded in 2000, AeroCare is a leading national technology-enabled respiratory and home medical equipment (HME) distribution platform in the United States and 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 patients in over 300 locations across 30 states. AeroCare is currently owned by private investors including Peloton Equity, SkyKnight Capital, SV Health Investors, and AeroCare management and employees.

AdaptHealth is a leading provider of home healthcare equipment, medical supplies to the home and related services in the United States, with approximately 1.8 million patients annually in all 50 states through its network of 269 locations in 41 states. AdaptHealth provides a full suite of medical products and solutions designed to help patients manage chronic conditions in the home, including sleep therapy equipment, supplies and related services for obstructive sleep apnea, treatment of diabetes, home medical equipment (HME) to patients discharged from acute care and other facilities, oxygen and related chronic therapy services, and other HME medical devices and supplies on behalf of chronically ill patients with wound care, urological, incontinence, ostomy and nutritional supply needs.

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