AdaptHealth has acquired US-based respiratory and home medical equipment (HME) distribution platform AeroCare for a total consideration consisting of approximately $1.1bn in cash and 31 million shares of AdaptHealth stock.

With the development, AeroCare’s shareholders, including management and employees, and private investors Peloton Equity, SkyKnight Capital, SV Health Investors, and investment funds managed by Morgan Stanley AIP Private Markets’ Secondaries Team, will become shareholders in AdaptHealth.

Founded in 2000, AeroCare provides a complete suite of direct-to-patient equipment and services such as CPAP and BiPAP machines, oxygen concentrators, home ventilators, and other durable medical equipment products.

The company offers services to one million patients annually from more than 300 locations across 30 states and through affiliated websites online.

With the acquisition, the combined company will operate as AdaptHealth while AeroCare CEO Steve Griggs will now serve as co-CEO with AdaptHealth CEO Luke McGee to lead the company.

Griggs said: “The combined company is positioned to transform our industry and positively impact the lives of chronically ill patients across the country.

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“Our management team and employees look forward to working with AdaptHealth to build an even stronger business, sharing best practices across each organisation to drive operational efficiencies and create enhanced opportunities for our patients, referral sources, and other stakeholders.”

Furthermore, the combined company is the leading independent HME provider in the US, serving nearly three million patients from more than 500 locations across 46 states.

Last January, AdaptHealth acquired the Patient Care Solutions (PCS) business of McKesson. The acquisition added urological and ostomy products to AdaptHealth’s home medical equipment (HME) product portfolio.