Thu, 24/07/2014 - 12:00
ACON Equity Partners III has completed the purchase of Injured Workers Pharmacy (IWP) from Audax Group and Parthenon Capital Partners.
IWP is a specialty pharmacy serving patients in the USD8 billion workers' compensation, automobile personal injury protection and personal injury pharmacy markets in the US.
As part of this transaction, ACON partnered with Patrick Keefe and Tracy Finn, two former senior executives of Omnicare, a provider of long-term care and specialty pharmacy services.
Also joining ACON in the transaction is Triton Pacific Capital Partners, a private equity healthcare services investor.
The company will continue to be led by president and CEO Ken Martino and other members of the existing senior management team, who will be meaningful equity partners going forward.
"We are excited to partner with the management of IWP as well as with Pat and Tracy to build value in a business that is very well positioned for continued growth," says Daniel Jinich, managing partner of ACON. "IWP has developed a patient care advocacy program that results in demonstrated savings as injured workers experience better recovery outcomes and return to work faster. Patients, physicians, attorneys and payers see value in IWP's pharmacy model, and we see continued opportunity to grow through geographic market expansion as well as further penetration into the auto and personal injury claim markets”.
Martino says: "The entire management team is excited about our partnership with ACON, Triton Pacific, Pat and Tracy. Under this new ownership, IWP will continue to thrive as a patient advocate for injured workers in a complex and evolving environment that requires specialized solutions tailored to the unique characteristics of the workers' compensation marketplace. On behalf of our entire team, I'd like to thank Parthenon Capital Partners and Audax Group for their support over the last few years. We're very proud of the company we've built together and I look forward to continuing to build on this momentum with our new sponsors."
Debt financing for the acquisition is being provided by Citizens Bank through syndicated credit facilities. Hogan Lovells US acted as legal adviser to ACON and Kirkland & Ellis acted as legal adviser to the sellers. Jefferies acted as exclusive financial adviser to IWP in the transaction.
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