Nautic to invest in ExactCare Pharmacy: source

Nautic Partners LLC is investing in ExactCare Pharmacy, according to a source and an FTC filing.

Nautic’s investment in ExactCare is valued at $150 million, the source said. It’s unclear how much of a stake Nautic will have in ExactCare. No bankers were involved in the deal, the source said.

Cleveland-based ExactCare targets patients that need multiple medications. The company provides individual patient assessment, sorts and packages patient doses by date and time, and provides free home delivery, according to the company website. Dale Wollschleger founded ExactCare in 2009; he is listed as the company’s president.

The Nautic deal isn’t the first time ExactCare has sold a stake. In January 2014, Primus Capital acquired a minority holding in the company.

News of Nautic’s investment was first reported by the FTC on its website.

Nautic invests in three sectors: healthcare, industrial products and outsourced services. Investments typically range between $25 million to $75 million equity per deal, the firm’s website said.

The Providence, Rhode Island-based PE firm is using its seventh fund to invest in ExactCare, the FTC site said. Nautic Partners VII LP collected $530 million in 2014, Pitchbook said.

Nautic closed its eighth pool in January, raising $900 million.

Fund VII is producing an average IRR of 121.9 percent and a 1.62x average multiple as of Sept. 30, according to data provider Bison.

Executives for Nautic, ExactCare and Primus could not immediately be reached for comment.

Action Item: To contact ExactCare call (877) 355.PACK

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