Consonance Capital Partners has completed the recapitalization of Enclara Health, a national hospice-focused pharmacy services provider. The recap will expand the company’s reach in the niche hospice pharmacy benefit manager sector.
Consonance Capital Partners, the private equity arm of Consonance Capital, a leading healthcare-focused investment firm, in partnership with the Company’s Founder and CEO, Andrew Horowitz, announced today that is has completed the recapitalization of Enclara Health, LLC (“Enclara”), a national hospice-focused pharmacy services provider. The recapitalization will expand the company’s reach in the niche hospice pharmacy benefit manager (“PBM”) sector and enable the company to capitalize on its innovative service offerings and mail order infrastructure. Specific financial terms of the deal were not disclosed.
“Enclara was founded by hospice professionals and is dedicated to providing differentiated pharmacy programs that truly meet our hospice customers’ specific needs,” said Mr. Horowitz. “Hospice providers today face increasing challenges – from cost pressures to escalating regulatory requirements, and new quality of care measures. At Enclara, we are developing technology enabled pharmacy solutions to help hospice providers effectively manage through these changes. The financial and healthcare-specific industry support that Consonance Capital offers will allow us to continue to grow, innovate, and, ultimately, to further solidify our commitment to our hospice industry partners.”
Ben Edmands, Managing Partner of Consonance Capital Partners, said, “Enclara is one of the nation’s fastest growing hospice pharmacy providers and is poised to continue to benefit from strong business and industry fundamentals. The hospice sector is continuing to grow and is facing a new set of opportunities and challenges particularly as it relates to quality of care, regulatory requirements and specific pharmaceutical needs. Enclara is providing differentiated solutions to its hospice partners through its unique clinical driven model and comprehensive mail order and PBM capabilities, which enable tighter control of drug utilization than the typical PBM model. We are excited to partner with Enclara to continue to provide its customers with the country’s most innovative pharmacy service solutions.”
Consonance Capital Partners was advised by Latham & Watkins, LLP. Enclara was advised by Houlihan Lokey and Norris McLaughlin & Marcus, P.A.
About Enclara Health
Enclara Health, LLC (“Enclara”) is a national full service mail order and PBM supplier of medications and clinical services developed specifically for the hospice and palliative care industry. Enclara was founded in 2006 and is headquartered in West Deptford, NJ. The Company employs approximately 50 clinical pharmacists trained in palliative care, and provides pharmacy benefits to an average daily census of over 27,000 patients across the country. Enclara services some of the largest hospice providers in the country, helping to reduce pharmacy costs through a clinically driven model that enables home delivery of pharmaceuticals, as well as access to a network of over 60,000 retail and institutional pharmacies.
About Consonance Capital
Consonance Capital is a healthcare investment firm that invests broadly across the healthcare landscape. Private investments, which include growth equity, leveraged buyouts, and recapitalizations, are made under the direction of Consonance Capital Partners, a private equity manager led by Mitchell Blutt, MD, Benjamin Edmands, Stephen McKenna, and Nancy-Ann DeParle. Public investments are made under the direction of Consonance Capital Management, a long/short public equity manager. Consonance Capital was established in 2005 and is located in New York City.