Salveo Specialty Pharmacy, Inc. Acquires
Echo Specialty Pharmacy Services
Pittsburgh, PA, November 28, 2011. Salveo Specialty Pharmacy, a portfolio company of NewSpring Capital, Three Arch Partners, and Petra Capital Partners recently announced the acquisition of Echo Specialty Pharmacy, a diversified specialty pharmacy provider based out of New York.
The Braff Group (TBG) served as exclusive merger and acquisition advisor for Echo Specialty Pharmacy.
Co-founded by Jeff Freedman (CEO) and Chuck Brown (COO), Salveo Specialty Pharmacy is a company formed for the acquisition and operation of specialty pharmacies throughout the United States. Focusing on chronic and often underserved disease states, the Company intends to acquire selected pharmacies and integrate them into a leading specialty pharmacy. Salveo will use the Echo Specialty Pharmacy Services acquisition to focus on expanding the customer base within the specialty pharmacy market in the New York City metro market as well as integrating further acquisition targets. The former owners of the Company intend to remain with the Company post-transaction.
"We are excited about our investment in Salveo as the specialty pharmacy industry is seeing dramatic growth as more disease states adopt specialized pharmacy benefits for medical management," said Brian Murphy, NewSpring General Partner who will be joining the Board of Directors post-financing. "We believe that with this financing, Salveo is well positioned for future growth."
The former principals of Echo commented, "We are thrilled to have found a partner in Salveo which, while focused on growth, at the same time shares our company philosophy of clinical excellence and overarching attention to the patient and customer. We look forward to a terrific working relationship and the Company's continued success in the New York market."
"The Salveo management team welcomes our new partner in NewSpring Capital and, with their support, we have exciting plans to expand and extend our services to meet the complex needs of our patients and customers," said Jeff Freedman, CEO of Salveo. "Additionally, we look forward to working with Mike, Boris and the entire Echo team who have built an exceptional specialty pharmacy known for its dedicated staff and their superior customer service and commitment to patient care."
“Based on proprietary Braff Group research, this deal marks the fourth private equity sponsored acquisition of a specialty pharma platform provider thus far in 2011,” commented Chuck Gaetano, TBG Managing Director for Pharmacy Services who headed up the deal team representing Echo. “With new biologics in the development pipeline and increased utilization of these drugs to pro-actively manage acute and chronic disease, we anticipate continued investment activity in this growing niche.”
About Salveo Specialty Pharmacy, Inc.
Salveo Specialty Pharmacy, Inc., a private company headquartered in Saint Petersburg, Florida, was formed to create a leading specialty pharmacy organization serving patients and customers across the country. Salveo will acquire, integrate and grow select specialty pharmacy organizations that share its philosophy of providing superior customer service and clinical patient care to the chronically ill population. With its initial acquisition of Echo Specialty Pharmacy Services in New York, Salveo currently serves over 6,500 chronic patients across multiple disease states.
About The Braff Group
specialty pharmacy, infusion therapy, home health care, hospice, behavioral health and social services, home medical equipment, and health care staffing market sectors. The firm provides an array of transactional advisory services including sell side representation, debt and equity recapitalizations, strategic planning, and valuation. Since being founded in 1998, The Braff Group has completed more than 180 transactions. From 2008-2010, based upon deals completed, the firm was ranked number 1 in US Healthcare Services transactions (Source: Thomson Reuters).
Contact
Salveo Specialty Pharmacy, Inc. The Braff Group
Jeff Freedman Karen Vechter
727-643-4277 412-833-5733
