AdaptHealth to buy AeroCare

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Tuesday, December 1, 2020

PLYMOUTH MEETING, Pa. – AdaptHealth has entered into a definitive agreement to buy Orlando, Fla.-based AeroCare Holdings for $2 billion. 

The total purchase price is comprised of $1.1 billion in cash and 31 million shares of AdaptHealth. 

“Our combined company will further enhance our geographic reach with a footprint in 47 of the 48 continental U.S. states, strengthening relationships with our referral partners, patients, manufacturers and managed health care plans,” said Luke McGee, CEO of AdaptHealth.  

The combined company will operate as AdaptHealth, and McGee and Steve Griggs, CEO of AeroCare, will jointly lead the company as co-CEOs. Josh Parnes will continue to serve as president. Additionally, AdaptHealth will expand its board of directors upon closing to 11 directors, with Griggs and shareholder designee Ted Lundberg of Peloton Equity joining. 

AeroCare brings to AdaptHealth extensive relationships with leading national manufacturers and managed health care plans, servicing patients in more than 300 locations across 30 states. 

“Joining forces with AdaptHealth strengthens our combined ability to transform our industry and positively impact lives of chronically ill patients across the country,” Griggs said.  

The acquisition and financing transactions have received necessary board approvals and are expected to close in the first quarter of 2021.