Riverside Exits ActivStyle

The Riverside Company has agreed to sell ActivStyle, a distributor of consumable medical supplies with an emphasis on incontinence products, to publicly traded AdaptHealth.

ActivStyle is headquartered in Minneapolis with branch locations in Iowa, Illinois, and Ohio. The company, led by CEO Gayle Devin, serves more than 65,000 patients across 48 states. Riverside acquired ActivStyle in 2006.

“Riverside has been a great strategic partner,” said Ms. Devin. “Their support and collaboration resulted in ActivStyle becoming the leading medical supply provider with a stellar reputation in the industry for quality products and outstanding service. We look forward to our next phase of success with AdaptHealth.”

AdaptHealth (NASDAQ: AHCO) is a provider of home healthcare equipment and medical supplies including acute care medical equipment, oxygen and chronic therapy services, and other medical devices and supplies used for the treatment of chronically ill patients with diabetes, wounds, urological, ostomy and nutritional supply needs. AdaptHealth services more than 1.6 million patients annually through its network of 220 locations in 38 states.

“It was a pleasure working with the ActivStyle team; together we delivered immense accomplishments,” said Loren Schlachet, a managing partner at Riverside. “During our hold, we completed nine add-on investments, expanded the product portfolio and introduced a full private-label branded line of incontinence products.”

Working with Mr. Schlachet on this transaction were Assistant Vice President Christopher Shea, Analyst Aakeem Andrada and Finance Director Doug Guess.

The Riverside Company is a global private equity firm focused on investing in and acquiring growing businesses valued at up to $400 million. Since its founding in 1988, Riverside has invested in more than 650 transactions and its portfolio includes more than 100 companies. The firm is headquartered in New York City.

Cain Brothers, a division of KeyBanc Capital Markets, was the financial advisor to Riverside on this transaction.

The buy of Activstyle by AdaptHealth is in addition to its buy this week of Solara Medical from Linden Capital Partners. For more see – AdaptHealth Buys Two Medical Equipment Distributors.

Private Equity Professional | May 29, 2020

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