October 3, 2008
Waud Capital Partners, (“WCP”) today announced that its portfolio company, CarePoint Partners (“CarePoint”), has acquired the infusion division of Care Partners, Inc. (“Care Partners”). The new company will operate as CarePoint Partners of West Virginia at the same location and with the same team of infusion professionals. Based in Morgantown, West Virginia, CarePoint Partners of West Virginia is a leading specialty pharmacy company offering home infusion therapy services throughout the state of West Virginia. The company provides various in-home infusion therapies including antibiotic, enteral, intravenous immunoglobulin, and chemotherapy. CarePoint Partners of West Virginia is accredited by the Community Health Accreditation Program (“CHAP”).
“I am excited to bring the infusion division of Care Partners into the fold of CarePoint Partners. They have a talented group of individuals that will add value in the Morgantown area as we expand our services throughout the state and into neighboring geographies, while contributing to the deep pool of talent at CarePoint Partners,” said Dana Soper, CarePoint’s CEO. Matt Clary, Partner at Waud Capital Partners, added, “As CarePoint’s third acquisition to date, Care Partners provides an entry to a very attractive market with significant growth potential. We look forward to working with the company to expand in the surrounding area.” Darryl Duncan, COO of Monongalia County General Hospital, commented, “We believe the home infusion therapy niche has tremendous growth opportunities and CarePoint Partners, backed by Waud Capital, has the expertise, funding and drive to expand the excellent service we have been providing statewide and beyond.”
About CarePoint Partners
Dana Soper, CarePoint’s CEO, teamed with WCP to form CarePoint Partners (“CarePoint”) to acquire or develop and operate a network of infusion and specialty pharmacies in North America. Infusion pharmacy therapy involves the administration of medications and nutrients using intravenous (into the bloodstream), subcutaneous (under the skin) and epidural methods (into the membranes surrounding the spinal cord). Unlike pill-form medications, infused medicines require patient-specific mixing, special preparation, supervised administration and patient monitoring. Home therapy allows patients to receive IV medications without the inconvenience or cost of a hospital visit. Specialty pharmacy services require less direct clinical interaction than home infusion, but still require patient monitoring, patient education and training for the administration of specialized pharmaceuticals, biopharmaceuticals and related services.
About Waud Capital Partners
Waud Capital Partners is a private equity investment firm founded in 1993 that partners with exceptional management teams to invest in middle market growth equity investments, buyouts, industry consolidations and recapitalizations. The firm seeks to invest $10 million to $100 million in private companies in the following four areas: healthcare services, business and consumer services, specialty distribution and value-added industrial businesses. Typically, the companies in which WCP invests have enterprise values between $30 million and $300 million. For additional information on Waud Capital Partners, visit the firm’s website at www.waudcapital.com.
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