Buyer: Celerity Partners
Seller: Total Care Rx
Keywords: Specialty pharmacy, organ transplant, Cystic Fibrosis, HIV, oncology
Queens, New York: Celerity Partners completed an investment in Total Care RX, Inc., a New York-based pharmacy servicing specialty and long-term care patients including for organ transplant, Cystic Fibrosis, HIV and oncology.
Celerity partnered with Rick Katz, the founder and former CEO of ModernHealth, to expand the platform into additional geographies, therapeutic areas and services both organically and through add-on acquisitions. Rick built ModernHealth to over $200 million in revenue with a focus on organ transplant, Cystic Fibrosis and HIV patient populations, among others. Rick recapped his business with Altamont Partners. Ultimately, ModernHealth generated $1 billion in run rate revenue and was sold to Kroger.
White Oak Healthcare Finance, LLC acted as sole lender and administrative agent on the funding of a $20.65 million senior credit facility to finance the acquisition of Total Care Rx, Inc. (Total Care) by Celerity Partners. The company provides specialty, transplant, and long term care pharmacy services to over 4,000 patients in New York. Total Care is one of the largest organ transplant pharmacies in New York, dispensing medication to over 1,000 unique transplant patients.
“Total Care’s focus on chronic care and the transplant market is critical,” said White Oak’s Managing Director Ross Eldridge. “It is vital that patients follow all medication regimens following a transplant and we are very excited to partner with a company that is setting a new standard for personalizing a pharmacy.”
Total Care serves as an extension of a patient’s medical team to monitor medication compliance, provide education, and other value-added services not offered by retail pharmacies. Total Care filled more than 366,000 prescriptions in 2017, including wholesale generic and branded drugs. The company provides same-day deliveries within 50 miles of its location for over 90% of its prescriptions.
What does this transaction mean for the strategic options for your healthcare business? Contact Paragon Ventures for more information. www.paragonventures.com 800-719-1555