Fast-growing home medical supplier AdaptHealth to raise cash, go public
The company will be listed on the Nasdaq stock market following a planned investment of up to
“We’re not changing anything about management or location,” said Barasch. Chief executive
Adapt, founded seven years ago as
The plan calls for joining Adapt to a Deerfield affiliate,
Barasch said
Barasch was chief executive of the
Deerfield plans to invest
CEO McGee, a career investment banker, was also a principal at Quadrant, Adapt’s previous lead investor.
Adapt is best known as a rental and sales provider for sleep-apnea and oxygen gear, wheelchairs, walkers, and hospital-style beds, making 7,000 deliveries a day to Medicare, Medicaid and privately-insured patients across the
Services that get equipment into patients’ hands fast and cheap “should become increasingly valuable” as more people are treated atr home, Barasch added.
Adapt has acquired 56 smaller firms since it was founded as
Plus, Adapt has identified more firms it wants to buy, with Deerfield’s backing, over the next year.
“Based on the current pipeline of acquisitions, the company believes it can add approximately
In April,
Once the deal is done, current Adapt shareholders will own 59 percent of the company, with DFB and its affiliates and backers owning the rest. Both companies’ boards have approved the deal, with approval still pending by DFB shareholders. The buyer hopes to close before the end of the year.
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