Salveo Specialty Pharmacy Inc., which is backed by Three Arch Partners, NewSpring Capital and Petra Capital Partners, has completed a second round of equity and debt funding. The company has also acquired Mission Road Pharmacy, a pharmacy based in Los Angeles. Terms of the deal were not released.
Salveo Specialty Pharmacy, Inc., a specialty pharmacy company backed by Three Arch Partners, NewSpring Capital and Petra Capital Partners, recently announced the completion of a second round of equity and debt funding, and its subsequent acquisition of Mission Road Pharmacy, a pharmacy based in Los Angeles, California focused on Oncology, HIV/AIDS, Hepatitis, Rheumatoid Arthritis and Mental Health therapies.
The Braff Group (TBG) served as exclusive merger and acquisition advisor for Mission Road.
Co-founded by Jeff Freedman (CEO) and Chuck Brown (COO), Salveo Specialty Pharmacy is a specialty pharmacy company focused on the acquisition and operation of selected specialty pharmacies throughout the United States. With the Mission Road Pharmacy acquisition, Salveo now has clinically-focused specialty pharmacy operations based in New York and Los Angeles, the two largest markets in the nation. Salveo will continue to focus on expanding its current customer base in these and new markets as well as integrating further acquisition targets. The former owners of Mission Road Pharmacy intend to remain with Salveo post-transaction.
“We look forward to working with the former owners of Mission and their entire team, who together have built an exceptional specialty pharmacy known for its clinical expertise, dedicated staff and their superior customer service and commitment to patient care” commented Jeff Freedman, CEO of Salveo.
The former principals of Mission added, “We are thrilled to have found an ideal partner in Salveo. The Salveo team shares our same philosophy of always prioritizing superior patient care, customer service and clinical excellence. We are look forwarding to an excellent working relationship with the Salveo team and the continued growth of our business.”
“We felt that Salveo’s acquisition of Mission was a natural fit for both companies,” commented Reg Blackburn, TBG Managing Director for Pharmacy Services that headed up the deal team representing Mission Road. “We are thrilled to have participated in a transaction like this which creates value for the former principals of Mission, provides continued opportunities for the company’s employees and staff, and better positions Salveo as a leading specialty pharmacy.”
About Salveo Specialty Pharmacy
Salveo Specialty Pharmacy, Inc., a private company headquartered in Saint Petersburg, Florida, was formed to create a leading specialty pharmacy organization serving patients and customers across the country. Salveo acquires, integrates and grows select specialty pharmacy organizations that share its philosophy of providing superior customer service and clinical patient care to the chronically ill population. With this latest acquisition, Salveo further enhances its ability to deliver targeted and cost-effective therapy management services to an expanding base of chronic patients and their physicians, healthcare providers, and insurance plans.
About The Braff Group
The Braff Group is the leading merger and acquisition advisory firm specializing in the specialty pharmacy, infusion therapy, hospice, home health care, behavioral health and social services, home medical equipment, and health care staffing market sectors. The firm provides an array of transactional advisory services including sell side representation, debt and equity recapitalizations, strategic planning, and valuation.
Since being founded in 1998, The Braff Group has completed more than 200 transactions. From 2008-2010, based upon deals completed, the firm was ranked number 1 in US Healthcare Services transactions (Source: Thomson Reuters).
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