Linden LLC

Linden Agrees to Sell Solara to AdaptHealth

May 26, 2020 | For Immediate Release

Chicago, IL (May 26, 2020) – Linden Capital Partners (“Linden”), a Chicago-based private equity firm focused exclusively on the healthcare sector, announced an agreement to sell Solara Medical Supplies, LLC (“Solara” or the “Company”) to AdaptHealth Corp. (NASDAQ: AHCO) (“AdaptHealth”). Solara, a portfolio company of Linden Capital Partners, is the largest independent direct-to-patient distributor of continuous glucose monitors (“CGM”) and other supplies to patients with diabetes.

“We are incredibly proud of the organization we have built at Solara, which is based upon an unwavering commitment to serve our patients,” said Steve Foreman, CEO of Solara, who will join the leadership team at AdaptHealth following the closing of the transaction. Foreman added, “We are excited about the capabilities that AdaptHealth will bring to Solara, which will further enhance our patient service.”

“Under Linden’s ownership, our focus on the patient and building a scalable infrastructure allowed Solara to establish itself as a leader in serving diabetes patients and as a trusted partner to manufacturers and payors,” said Ron Labrum, Chairman of Solara and Linden Operating Partner.

“Since our investment in Solara, Linden helped to implement a comprehensive value creation program that focused on i) human capital, ii) process and enterprise resource planning, iii) deploying a national salesforce, iv) payor contracting, and v) acquisitions. During our ownership, Solara’s patient census surged to over 45,000 while its employee base grew by over 60%,” said Brian Miller, Linden Managing Partner.

Tony Davis, Linden President and Managing Partner, added “We appreciate the support of our investors in our latest fund and, despite these challenging times, are proud of our first exit for Fund IV.”

Robert W. Baird & Co., served as Solara’s financial advisor and Kirkland & Ellis LLP served as legal counsel in connection with the transaction.

About Solara Medical Supplies
Solara Medical Supplies, LLC is a leading direct-to-patient distributor of advanced diabetes therapy products including continuous glucose monitors, durable insulin pumps, and patch insulin pumps. Founded in 2002, Solara is headquartered in California and operates additional offices in Michigan, Arizona, Texas, North Carolina, South Carolina, Alabama, Ohio and Illinois. For more information, please visit