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Remedi SeniorCare closes USD300m commitment from Centerbridge Partners

Baltimore-based Remedi SeniorCare has closed a USD300 million equity commitment from affiliates of New York-based Centerbridge Partners, LP, of which USD60 million was funded today. The investment will support the continued growth of Remedi’s customer-driven innovations, Paxit and My Remedi, as well as acquisitions and greenfield start-up pharmacies in new markets across the United States.  Remedi’s founding investor, Sterling Partners, will continue to participate in the company’s ongoing growth.  

Through the development and deployment of innovative technologies and web-based solutions, Remedi enables long-term care facility operators and providers to efficiently deliver optimal medication management and unequalled resident safety and accuracy while also significantly reducing drug costs. Enabled by the success of its proprietary Paxit Automated Medication Administration System and My Remedi Web Portal in concert with its RapidResponse customer service offering, Remedi has successfully demonstrated the next generation of service capabilities in the long-term care pharmacy industry. Since deploying Paxit in August 2009, Remedi has dispensed more than 22 million individually blistered medication doses to residents in skilled nursing and assisted living facilities.

"This investment represents a significant milestone for Remedi, and with it comes validation of our technology-enabled service offering, its game-changing abilities and the resulting extraordinary growth potential," says Michael Bronfein, Remedi’s Chairman and CEO. "We have a clear vision for dramatically improving pharmacy services for our nation’s seniors and will do so by significantly expanding our operating footprint and offering our leading edge innovative technology and RapidResponse customer service to more customers in more locations across the United States."

"There is an imminent need for innovative solutions to address our country’s healthcare quality and skyrocketing costs," says Steven Silver (pictured), Centerbridge Partners’ Senior Managing Director. "Paxit is a proven solution that is transformational as it relates to the safety, efficiency and cost of medication. We have the utmost confidence in the Remedi team and their vision, and are eager to participate in Remedi’s growth."  

"Remedi’s executive team is comprised of industry veterans with a deep understanding of this healthcare segment. The team is resolute about providing innovative, world-class customer-focused pharmacy services and solutions that address multiple issues within healthcare today," Silver adds.

"This investment gives Remedi the strength to transform the way long-term care facilities manage medication administration for their residents," says Eric Becker, Sterling Partners’ Senior Managing Director.  "By working with providers in new markets across the country, Remedi is implementing new technologies and services that create efficiencies and cost-savings, further validating Remedi’s stated goal of enabling their customer’s success.  We believe Remedi has the potential to change the long-term care industry as we know it."

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