Boyne Capital has acquired a majority stake in Infusion Associates Management Inc, a Midwest-based ambulatory infusion practice. No financial terms were disclosed.
MIAMI, Dec. 17, 2018 /PRNewswire/ — Boyne Capital (“Boyne”) is pleased to announce that it has acquired a majority interest in Infusion Associates Management, Inc. (“IAM”), a newly-formed management services organization that will oversee a network of ambulatory infusion clinics across the Midwestern U.S. In conjunction with the transaction, IAM has entered into a strategic partnership with Infusion Associates, PLLC (“Infusion Associates” or the “Practice”), a leading provider of ambulatory infusion services to patients in the Western Michigan market. IAM will support the continued growth of the Practice both locally and into new markets, as well as enter into future partnerships with leading ambulatory infusion providers in the Midwest region.
Headquartered in Grand Rapids, Michigan, Infusion Associates [http://www.infusionassociates.com] is one of the leading ambulatory infusion practices in the Midwest, administering more than 15,000 treatments annually across various chronic conditions including Crohn’s Disease, ulcerative colitis, multiple sclerosis, rheumatoid arthritis, and a number of rare genetic diseases. The Practice’s specialized team of physicians and advanced practitioners possesses decades of experience with infusion therapy, managing patient cases on a long-term basis and administering treatments on behalf of more than 500 referring physicians.
IAM will be led by CEO Joseph Herrod, a 30-year industry veteran bringing a clear vision for growth of the platform and optimization of the infusion services business model. Regarding the transaction, Herrod said, “Boyne has proven to be a valuable partner in evaluating this opportunity and working through a number of complex deal dynamics throughout the course of the process, and Boyne’s continued support will provide the opportunity for Infusion Associates to dramatically accelerate investment in and expansion of capabilities going forward.”
Infusion Associates’ Founder and Medical Director, Dr. Khan Nedd, holds significant ownership in IAM and maintains his current role with the Practice, overseeing all clinical operations. On the new partnership, Dr. Nedd said, “Infusion Associates is poised for significant growth, with immediate opportunities to expand into new markets and capitalize on pent up demand being driven by cost reduction and demographic trends. Boyne is the right partner to help us take this platform to the next level and bring our unique infusion therapy delivery model to patients across the state of Michigan and beyond.”
Derek McDowell, Boyne’s Managing Partner and CEO, said, “Infusion Associates is a market leader in an emerging healthcare delivery channel with a long track record of providing high quality patient care in a low-cost ambulatory setting. We are pleased to be partnering with Joseph Herrod and Dr. Nedd in building upon an already strong foundation to expand the platform’s service footprint and grow capabilities, reaching more patients that are in need of infusion therapy.”
About Boyne Capital
Boyne Capital [https://www.boynecapital.com] is a Florida-based private equity firm focused on investments in lower middle market companies. Founded in 2006, Boyne has successfully invested in a broad range of industries, including healthcare services, consumer products, niche manufacturing, and business and financial services among others. Beyond financial resources, Boyne provides industry and operational expertise to its portfolio companies and partners with management to drive both company performance and growth. Boyne specializes in providing the capital necessary to fund corporate growth and facilitate owners and shareholders’ partial or full exit.