April 19, 2018

Waud Capital Teams with Experienced Healthcare Services Operators to Form Pharmacy Partners Holdings

Chicago, April 19, 2018 – Waud Capital Partners (Waud Capital), a leading growth-oriented middle market private equity firm, today announced the formation of a new platform company, Pharmacy Partners Holdings, LLC (Pharmacy Partners or the Company). Waud Capital made a strategic investment in the Company to execute a growth strategy in the $300+ billion specialty pharmacy market1.

Sean Donnelly, who most recently served as President of the Commercial Division at Express Scripts, Inc. (NASDAQ: ESRX), will serve as Chief Executive Officer of Pharmacy Partners. During his tenure at Express Scripts, a Fortune 100 company with multiple service lines across the broader pharmacy benefit management and specialty pharmacy market, Mr. Donnelly helped manage and grow a strategic business unit with annual revenue of approximately $45 billion.

“The specialty drug market continues to expand rapidly,” said Mr. Donnelly. “This growth creates a demand for services across multiple settings of care including physician offices, patients’ homes and other locations. We believe there’s a tremendous opportunity to provide value-added solutions, built upon a foundation of exceptional patient care and customer service, to physicians, provider networks, pharmaceutical manufacturers, health plans and other stakeholders across the broader landscape.”

David Lowenberg, an Operating Partner with Waud Capital, will serve as Chairman of the Board of Managers at Pharmacy Partners. Previously, Mr. Lowenberg served as Chief Executive Officer at CuraScript Specialty Pharmacy and Chief Operating Officer at Express Scripts. In addition, David Bellaire, also an Operating Partner at WCP, will serve as a member of the Board at the Company. Mr. Bellaire previously served as a Board member at Modern Healthcare, a leading independent specialty pharmacy acquired by Kroger in 2016, and as a Senior Partner at Bain & Company where he oversaw the private equity strategy consulting practice within the healthcare services sector, including the medication supply chain.

Today, Pharmacy Partners, through various subsidiaries and affiliates, provides management and support services to a network of infusion clinics and physician practices across the United States. The Company also operates an internal pharmacy focused on non-infused medications for chronic conditions.

Pharmacy Partners represents Waud Capital’s third investment in the pharmacy market, building upon the success of a prior partnership with CarePoint Partners, a leading network of home infusion pharmacies, and a current partnership with Cordant Health Solutions, a provider of medication monitoring and dispensing solutions to the behavioral health and controlled substance markets. In addition to Mr. Lowenberg and Mr. Bellaire, Waud Capital will have three investment professionals appointed to the Board of Managers of Pharmacy Partners:

  • Matt Clary, Partner
  • Chris Graber, Principal
  • Tim Cremieux, Vice President

Mr. Clary commented,”As the market for specialty medications grows, we see tremendous opportunity to build a differentiated business serving the needs of multiple constituents across the pharmacy spectrum.”

In addition to the initial investment into Pharmacy Partners, Waud Capital plans to commit significant capital to support future growth at the Company, including acquisitions, service extensions, site expansions and strategic partnerships.

Mr. Graber added,”We recognize the need to evolve with the market, which includes expanding capabilities across multiple sites of drug administration. Pharmacy Partners will seek to support these needs as the market grows and evolves.”

About Waud Capital Partners
Based in Chicago, Waud Capital Partners is a leading growth-oriented private equity firm with total capital commitments of approximately $2.1 billion since its founding in 1993. Waud Capital partners with exceptional management teams to build market leading companies within two industries: healthcare services and business and technology services. Since its founding, Waud Capital has successfully completed more than 230 investments, including platform companies and follow-on opportunities.

For additional information on WCP, visit the firm’s website at waudcapitalpartners.sg.websolutionsbeta.com.

For Further Information:

Matt Clary, Partner
Waud Capital Partners
(312) 676-8406
mclary@waudcapital.com

Chris Graber, Principal
Waud Capital Partners
(312) 676-8405
cgraber@waudcapital.com

Dave Prendergast, Vice President – Business Development
Waud Capital Partners
(312) 676-8420
dprendergast@waudcapital.com

1 Pembroke Consulting, Inc.,”2018 Economic Report on U.S. Pharmacies and Pharmacy Benefit Managers”