SAN FRANCISCO (October 30, 2019)—SkyKnight Capital (SkyKnight), a San Francisco-based private equity firm, announced that it has made an investment into AeroCare Holdings, Inc. (AeroCare), a provider of home health care solutions focused on patients with chronic respiratory conditions. AeroCare management and existing shareholders, including Peloton Equity, SV Health Investors and Morgan Stanley Investment Management’s AIP Private Markets, will remain invested as part of the transaction.

Founded in 2000 by CEO Steve Griggs, AeroCare is focused on providing the highest quality service and equipment to patients with chronic respiratory conditions. With an extensive network of over 260 locations across the United States, AeroCare’s team of health care professionals provides service to over 500,000 patients and partners with over 45,000 physicians annually. Since inception, the company has achieved 18+ years of consecutive revenue growth, driven by a combination of consistent organic growth and targeted acquisitions. SkyKnight’s investment will support AeroCare’s next stage of growth and continued focus on M&A. AeroCare will continue to be led by CEO Steve Griggs.

“We are very excited to partner with SkyKnight as AeroCare continues to leverage its best-in-class platform to provide quality care for a large and increasingly complex patient population,” said Griggs. “Since founding the company, we have always strived to build a scalable, highly efficient and technology-enabled platform that can drive better service to both patients and physicians. SkyKnight’s partnership and support will enable AeroCare to continue executing against this vision and will help us unlock continued organic growth and acquisition capacity for years to come.”

SkyKnight Managing Partner Matthew Ebbel said, “AeroCare is a clear leader within a critically important and growing area of home health care. We believe the AeroCare management team is truly exceptional, with an impressive track record of robust growth and a steadfast commitment to the highest quality patient care. We are thrilled to partner with the AeroCare team and its existing shareholders to support and accelerate the company’s growth.”

SkyKnight Principal Jordan Milich said, “We are delighted to support the AeroCare management team as they continue to execute on their buy and build strategy in a marketplace that remains highly fragmented. With technology at the core of its offering, AeroCare is well-positioned to provide quality last-mile care to its patients and poised to pursue transformational growth initiatives in the coming years.”

“We are very pleased to continue our relationship with the AeroCare team, and look forward to working with SkyKnight as a value-added partner to help execute on the next phase of growth. Together with management and SkyKnight, we believe AeroCare remains well-positioned for continued success,” Ted Lundberg, a founding partner of Peloton Equity, said.

“We have valued our partnership with Peloton and the AeroCare team over the last few years and are excited to support this partnership going forward,” Nash Waterman, co-head of the secondaries group at AIP Private Markets said.

“AeroCare has been at the forefront of the industry’s transition to technology-enabled workflows that drive operational efficiency, better patient care, and an electronic connection with physicians and patients. This transaction supports the company’s ability to press this advantage as more and more health care moves to the home,” said Tom Flynn, managing partner of SV Health Investors.

The AeroCare investment will be the sixth investment from SkyKnight Capital Fund and Annex. SkyKnight was advised by Holland & Knight, Ropes & Gray, and Deloitte. AeroCare was advised by TripleTree, Goodwin Procter, and Brown & Fortunato. SunTrust, J.P. Morgan, Capital One, Fifth Third Bank, and Regions, among others, provided debt financing.

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