Haynes Boone represented Cathay Capital and its portfolio company, cpap.com, in the acquisitions of Lofta, LLC from a subsidiary of Accendra Health, Inc. (NYSE: ACH), and The CPAPShop from a subsidiary of AdaptHealth Corp. (NASDAQ: AHCO), with which a joint venture relationship was also structured, a debt refinancing with Twin Brook Capital Partners, and the launch of the combined platform known as ReDream Brands.
ReDream Brands is a leading direct-to-consumer platform providing comprehensive solutions for the diagnosis and treatment of obstructive sleep apnea and other sleep-related conditions. The platform brings together four of the industry's most recognized direct-to-consumer brands in obstructive sleep apnea and sleep health: cpap.com, The CPAP Shop, Lofta and sleeping.com. Together, the acquisitions create a leading provider of comprehensive solutions for the diagnosis and treatment of obstructive sleep apnea and other sleep-related conditions. The companies ship more than 700,000 customer orders annually from three warehouses across the East, Central and Western United States.
ReDream Brands is positioned for continued organic growth and further strategic expansion as sleep health becomes a growing focus within preventive healthcare.
The Haynes Boone Mergers and Acquisitions team was led by Partner Brent Beckert and Associate Josh Reisman, with support from Associates Ryan Ward and Ethan Moore. Finance Partners Sakina Rasheed Foster and Cody Cravens led the refinancing with Twin Brook, with support from Associates Brooke Reichardt and Sydni Daniels.
The deal team was further supported by a cross-disciplinary group of Haynes Boone lawyers, including:
- Healthcare Partner Jennifer Kreick and Associate Thomas Tanabe
- FDA Counsel Kayla Cristales and Associate Luke Nguyen
- Partnership and Tax Partners Lauren White and Danielle Marr
- Intellectual Property and Data Privacy Partner Gavin George
- Employee Benefits Partner Scott Thompson
- Labor and Employment Partner Raquel Alvarenga
“Completing these acquisitions within such a condensed timeframe required significant coordination among the parties involved,” said Beckert. “We were pleased to support ReDream Brands and its stakeholders in advancing the Company’s growth strategy in the competitive sleep health market.”
The firm’s M&A Practice Group has comprehensive experience handling middle-market deals, having helped clients close more than 500 transactions in the last five years, with an aggregate value exceeding $50 billion.
Haynes Boone’s Healthcare and Life Sciences Practice Group advises clients across the healthcare, biotechnology, pharmaceutical, medical device and health IT sectors on a wide range of matters, including business transactions, regulatory and compliance issues, Medicare/Medicaid reimbursement, HIPAA/HITECH privacy and data security and healthcare investigations.
The firm’s Finance Practice Group advises lenders and borrowers on a broad range of sophisticated financing transactions, including asset-based lending, senior bank debt, subscription financings, project finance, energy finance, prime brokerage, public finance and restructuring, workouts and recapitalizations. The group’s lawyers are recognized for their successful work for more than 200 commercial lending institutions and other capital providers, as well as for U.S. and foreign companies and their sponsors.
