Cardinal Health to acquire Advanced Diabetes Supply Group

Court Square Capital Partners (“Court Square”), a leading middle-market private equity company, announced today it has entered a definitive agreement in the sale of Advanced Diabetes Supply® Group (“ADSG”, or “Company”) to Cardinal Health (NYSE: CAH). Court Square originally acquired the Company in December 2020.

Headquartered in Carlsbad, CA, ADSG is a national distributor of Durable Medical Equipment (“DME”) specializing in diabetes supplies. The Company currently serves approximately 500,000 patients and specializes in the home delivery of diabetes products including continuous glucose monitoring (“CGM”) devices and other testing supplies. ADSG’s high-touch service model enables better patient experience and compliance, benefiting patients, manufacturers, and payors. Upon deal close, ADSG will join Cardinal Health’s at-Home Solutions business which serves more than 5 million patients annually by delivering critical medical supplies directly to their homes.

Jeff Abramoff, Partner at Court Square, commented, “We are proud to have partnered with ADSG, its Founders, and Bill Mixon and the rest of the management team, to help the Company exceed its growth goals and enable better patient care for those with diabetes. We are excited for ADSG to move into its next chapter and continue to set the standard in the home delivery of diabetes products.”

“Court Square’s partnership helped ADSG significantly expand its reach and continue enhancing the ways in which it serves its patients,” said co-founders of ADSG, Mark Howard and Tim Cady. “Looking ahead, we are excited to be ushering in the next phase of ADSG’s growth where we will continue to improve the lives of those living with diabetes.”

Houlihan Lokey Capital, Inc. Robert W. Baird & Co, and MTS Health Partners, L.P served as financial advisors and Winston & Strawn LLP provided legal counsel to Court Square. The ADSG acquisition is expected to close subject to customary closing conditions, including the receipt of required regulatory approvals.

About the Advanced Diabetes Supply® Group

Founded in 2002, the Advanced Diabetes Supply Group (ADSG) is a leading national distributor of specialized diabetes supplies. ADSG is made up of the Advanced Diabetes Supply (ADS) and United States Medical Supply (US MED) brands, both of which share a vision to be one of the nation’s premier diabetes equipment suppliers. Visit www.northcoastmed.com and www.usmed.com for more information.

About Court Square Capital Partners

Court Square is a middle market private equity firm with over 40 years’ experience in the industry. Since 1979, Court Square has completed over 245 platform investments and is focused on helping Founders, Families, and Manager-owners to develop their companies into leaders in their respective markets. Court Square invests in companies that have compelling growth potential in the industrial, business services, healthcare, and tech and telecom sectors. As of June 2024, Court Square has $8.9 billion in assets under management and is based in New York, N.Y. For more information on Court Square, please visit www.courtsquare.com.

About Cardinal Health

Cardinal Health is a distributor of pharmaceuticals and specialty products; a global manufacturer and distributor of medical and laboratory products; a supplier of home-health and direct-to-patient products and services; an operator of nuclear pharmacies and manufacturing facilities; and a provider of performance and data solutions. The company’s customer-centric focus drives continuous improvement and leads to innovative solutions that improve people’s lives every day. Learn more about Cardinal Health at cardinalhealth.com and in its Newsroom.

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