One Equity Partners Completes $190 Million Investment in AdaptHealth

Investment Supports Strategic Acquisitions to Broaden Suite of
High Value Health Products and In-Home Services for Chronic Care Patients

NEW YORK – July 2, 2020 – One Equity Partners (“OEP”), a middle market private equity firm, today announced the completion of its $190 million investment in AdaptHealth Corp. (NASDAQ: AHCO) (“AdaptHealth” or the “Company”), a leading provider of home medical equipment, supplies and related services.

Headquartered in Plymouth Meeting, Pennsylvania, AdaptHealth provides a comprehensive suite of medical products, supplies and services designed to help patients manage various conditions in the home, including mobility limitations, obstructive sleep apnea, COPD and other chronic respiratory ailments, as well as chronically ill patients with on-going wound care, urological, ostomy and nutritional supply needs. The Company serves approximately 1.7 million patients annually, across all 50 states from 247 locations in the U.S.

AdaptHealth used proceeds from OEP’s investment to finance its acquisitions of Solara Medical Supplies, LLC, a San Diego, California-based distributor of diabetic management products including continuous glucose monitors and insulin pumps, and ActivStyle, Inc., a Minneapolis, Minnesota-based provider of direct-to-consumer incontinence and urology products.

“OEP’s investment in AdaptHealth reflects our strategy of partnering with companies and management teams to structure highly complementary acquisitions that drive transformational growth and build market leaders in healthcare services,” said Brad Coppens, Managing Director, OEP. “We look forward to working closely with the exceptional team at AdaptHealth as they continue to identify compelling growth opportunities and further solidify their position at the forefront of improvements in the delivery of in-home healthcare.”

“We’re excited to leverage One Equity Partners’ expertise in identifying highly strategic acquisitions that expand our comprehensive suite of products and services, and ultimately enable us to enhance the quality of life and continuum of care for people with chronic health conditions,” said Luke McGee, CEO of AdaptHealth. “OEP’s investment will help position AdaptHealth for continued growth and success.”

As part of the transaction, Brad Coppens will join the board of AdaptHealth.

OEP has proven experience in investing and building healthcare service businesses, including Ernest Health, a leading provider of in-patient rehabilitation and post-acute care; and, Simplura Health Group, the parent company of a large and growing network of home health care agencies, among others.

About One Equity Partners
OEP is a middle-market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 180 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, and Frankfurt. For more information, please visit www.oneequity.com.

About AdaptHealth Corp.
AdaptHealth Corp. is a leading provider of home healthcare equipment, medical supplies to the home and related services in the United States. AdaptHealth provides a full suite of medical products and solutions designed to help patients manage chronic conditions in the home, adapt to life and thrive. Product and services offerings include (i) sleep therapy equipment, supplies and related services (including CPAP and bi PAP services) to individuals suffering from obstructive sleep apnea, (ii) home medical equipment (HME) to patients discharged from acute care and other facilities, (iii) oxygen and related chronic therapy services in the home, and (iv) other HME medical devices and supplies on behalf of chronically ill patients with diabetes care, wound care, urological, ostomy and nutritional supply needs. The company is proud to partner with an extensive and highly diversified network of referral sources, including acute care hospitals, sleep labs, pulmonologists, skilled nursing facilities, and clinics. AdaptHealth services beneficiaries of Medicare, Medicaid and commercial insurance payors. AdaptHealth services over approximately 1.7 million patients annually in all 50 states through its network of 247 locations in 40 states. Learn more at www.adapthealth.com.

Press contact for One Equity Partners:

Kelly Holman
Stanton
646-502-3509
KHolman@StantonPRM.com