AnewHealth announced new growth investments from Linden Capital Partners and existing investor Nautic Partners on Monday, November 2, with the two private equity firms set to jointly govern the pharmacy care management business. The company did not disclose financial terms.
President and Chief Executive Brian Adams and the current management team will continue leading the company, according to the announcement. Existing shareholder The Vistria Group rolled over a minority stake in the transaction. The release did not disclose the resulting ownership percentages.
AnewHealth said it now serves more than 160,000 patients through pharmacy services nationwide, nearly 50% more than two years ago. Those figures are company-reported measures of its reach, not independently verified patient-outcome results.
The business provides pharmacy services and medication management for people with complex, chronic medical needs. Its customers include risk-bearing and value-based care organizations, including Programs of All-Inclusive Care for the Elderly, known as PACE.
Linden is a new investment partner, while Nautic first invested through ExactCare Pharmacy in 2016. Nautic’s additional investment continues that relationship. The firms said the capital and their pharmacy-services experience would support expansion of clinical services, infrastructure and patient access.
Adams said the partnership would help AnewHealth expand its reach. Those growth and clinical-value expectations are management’s plans, not demonstrated effects of the newly announced investment. The announcement did not provide a timetable or a dollar amount allocated to specific expansion projects.
Cantor Fitzgerald and Morgan Stanley advised AnewHealth, and Houlihan Lokey advised Linden. The transaction adds a new governance partner while retaining management and a minority investment from Vistria; it does not establish a publicly disclosed purchase price or valuation.
JBizNews Desk | New York
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