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  • Writer's pictureThomas Lindberg

Upstream Capital Announces Sale of Spiro Health to AdaptHealth

Updated: Sep 13, 2022

BOSTON, MA – May 24, 2021Upstream Capital (“Upstream”), alongside investment partner, NewSpring Capital (“NewSpring”), is pleased to announce the sale of their portfolio company Spiro Health Services (“Spiro”) to AdaptHealth (NASDAQ: AHCO). AdaptHealth, a provider of home medical solutions including medical equipment, supplies, and related services will now expands its presence in New England by acquiring Spiro, a respiratory-focused provider of post-acute home medical equipment and supplies.

Formed in April of 2020 with the merger of three HME providers in Massachusetts (Cape Medical Supply), Connecticut (Health Complex Medical) and Maryland (America’s Healthcare at Home), Spiro grew to become one of the premier respiratory and sleep supply companies in the country.

Spiro serves all New England and much of the Mid Atlantic, with 22 locations across eight states. Led by CEO Gary Sheehan, Spiro capitalized on its prime position as an intermediary in the relationship between patients and healthcare providers to achieve strong, rapid growth in an ever-competitive HME market.

The sale of Spiro marks the first portfolio company exit for Upstream since their inception in 2015.

NewSpring's press release here.

HME News article here.

HomeCare Magazine article here.

BUSSINESS WIRE highlights on AdaptHealth’s Q1 2021 financials.

About AdaptHealth

AdaptHealth is a national leader in providing patient-centric and technology enabled chronic disease management solutions including home healthcare equipment, medical supplies to the home and related services in the United States. AdaptHealth provides a full suite of medical products and solutions designed to help patients manage chronic conditions in the home, adapt to life and thrive.

Product and services offerings include (i) sleep therapy equipment, supplies and related services (including CPAP and bi PAP services) to individuals suffering from obstructive sleep apnea, (ii) medical devices and supplies to patients for the treatment of diabetes (including continuous glucose monitors and insulin pumps), (iii) home medical equipment (HME) to patients discharged from acute care and other facilities, (iv) oxygen and related chronic therapy services in the home, and (v) other HME medical devices and supplies on behalf of chronically ill patients with wound care, urological, incontinence, ostomy and nutritional supply needs.

The Company is proud to partner with an extensive and highly diversified network of referral sources, including acute care hospitals, sleep labs, pulmonologists, skilled nursing facilities, and clinics. AdaptHealth services beneficiaries of Medicare, Medicaid and commercial insurance payors. AdaptHealth services nearly 3 million patients annually in all 50 states through its network of over 500 locations in 46 states. Learn more at

About Spiro Health Services

Spiro Health is an operating platform featuring four leading regional home medical equipment providers: America’s HealthCare at Home of Baltimore, Maryland; Cape Medical Supply of Sandwich, Massachusetts; Health Complex Medical of Waterbury, Connecticut; The Medical Store of South Burlington, Vermont; and Absolute Respiratory Care of Johnston, Rhode Island. Spiro Health’s leadership team consists of a strong group of seasoned industry executives who combine for more than 275 years of industry experience and are focused builders of leading businesses, a strong patient experience, and care programs with demonstrable value to the healthcare system at large.

Spiro Health provides a diverse set of products and services within the markets it serves and specializes in sleep health & wellness and respiratory care. Learn more at

About Upstream Capital

Upstream Capital invests in the “micro” end of the middle market. We invest in established, profitable companies doing $300,000 to $5 million in EBITDA that are at an inflection point for growth. Upstream is actively seeking new platform investments and add-on acquisitions for our portfolio companies.

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