Cleveland, OH – March 16, 2016 – Primus Capital (“Primus”) announced today that it has completed a recapitalization of its portfolio company ExactCare® Pharmacy (“ExactCare”) with Nautic Partners, a private equity firm based in Providence, RI. Financial terms of the transaction were not disclosed. Primus previously completed a growth investment in ExactCare in January 2014.
Dispensing 2 million prescriptions and serving 20,000 patients annually, ExactCare works with health insurers, home health agencies, and health systems to help patients on multiple medications adhere to their daily medication regimens. The company provides a high-touch care model, including in-home patient assessments to gather patients’ medication information, medication reconciliation to ensure safe and effective regimens, consistent communication with patients and prescribers to track patients’ medication changes, and innovative multi-dose packaging to simplify daily medication adherence. ExactCare operates two pharmacies—one in Ohio and one in New Jersey—and is licensed across 49 states nationwide. Since its founding, the company has grown rapidly as payers and providers increasingly look to ExactCare as a trusted partner in helping manage their most complex patients. ExactCare was founded in 2009 and is headquartered in Cleveland, OH.
Phil Molner, Managing Partner at Primus, stated: “ExactCare has revolutionized pharmaceutical care for patients with complex medication needs. Non-adherence with prescribed pharmaceuticals is a multi-billion dollar problem in the healthcare industry, and the company’s innovative pharmacy and medication management solutions benefit all key constituents within the healthcare continuum—patients, payors, and providers—improving the quality of life for patients while driving down medical spending. ExactCare is poised for continued rapid growth as it serves this important patient population, and we congratulate the ExactCare management team for their extraordinary success.”
Dale Wollschleger, Founder, President, and CEO of ExactCare, added: “We appreciate our partnership with Primus and the contributions their team has made over the last few years in helping ExactCare achieve success and reach this important milestone. Since investing in ExactCare, Primus has helped us identify strategic priorities, break into new geographic markets, and invest in the scalability of our operating platform. They have been a true partner in helping us build our business.”
Robert W. Baird acted as the exclusive financial advisor to ExactCare on the recapitalization.
Primus is a growth-oriented private equity firm focused on investing in leading health care, software, and technology-enabled companies. We partner with exceptional management teams to accelerate growth, improve the operating performance, and increase the value of the companies in which we invest. The types of transactions we pursue include buyouts, control and minority recapitalizations, secondary share purchases and expansion financings. This flexible approach enables us to engage with business owners and design tailored investment structures to meet the particular needs of the transaction. For more about Primus, visit www.primuscapital.com.
About ExactCare® Pharmacy
ExactCare is a full-service pharmacy that specializes in medication management for patients with multiple disease states and on multiple medications. The company’s comprehensive pharmacy solution includes a unique in-home patient assessment; medication reconciliation and medication therapy management performed by clinical pharmacists, refill management; multi-dose adherence packaging, and home delivery. ExactCare’s approach to pharmacy helps patients overcome the challenges of polypharmacy and healthcare providers and payers achieve better clinical and economic outcomes. For more about ExactCare, visit www.exactcarepharmacy.com.