The Riverside Co. has signed a definitive agreement to sell ActivStyle Inc., a distributor of consumable medical supplies with an emphasis on incontinence products, to AdaptHealth Corp. The proposed transaction is expected to close in June, subject to the satisfaction of customary closing conditions.
During Riverside’s hold, ActivStyle became a leading direct-to-consumer supplier of incontinence and urological supplies with a culture based on integrity, teamwork and best-in-class patient service, growing the business to serve more than 65,000 patients across 48 states.
“It was a pleasure working with the ActivStyle team; together we delivered immense accomplishments,” Riverside Managing Partner Loren Schlachet said in a statement. “During our hold, we completed nine add-on investments, expanded the product portfolio and introduced a full private-label branded line of incontinence products.”
ActivStyle’s platform was built specifically to distribute essential products and supplies directly to patients, primarily for the Medicaid and Medicare populations. Over time, the company established itself as a leading national distributor with the ability to scale and add new products and serve additional markets.
Riverside Assistant Vice President Christopher Shea added: “We are proud of the work we have done with ActivStyle, a company whose high-quality products, at-home distribution model and superior service improve the lives of the patients it serves every day. We are happy to say that, with the help of Riverside, ActivStyle is poised to continue its path as the leading direct-to-consumer supplier of incontinence and urological supplies, and we look forward to watching its next chapter with AdaptHealth.”
Riverside has invested in more than 150 platform and add-on health care companies.
“Riverside has been a great strategic partner,” said ActivStyle CEO Gayle Devin in a statement. “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.”
Working with Schlachet and Shea on the deal for Riverside were Analyst Aakeem Andrada and Finance Director Doug Guess.
Cain Brothers provided financial advisement on the transaction for Riverside.