TwelveStone Health Partners, a provider of chronic care medication services, has secured $4.3 million in funding. The investor was Claritas Capital.
MURFREESBORO, TENNESSEE (PRWEB) JULY 24, 2018
TwelveStone Health Partners, a premier provider of comprehensive chronic care medication services, will receive an additional $4.3 million investment from Claritas Capital, a Nashville-based private equity firm, to fuel expansion efforts with its packaged pharmacy, infusion center and technology platform business lines.
“This is a significant vote of confidence in our team,” says Shane Reeves, chief executive officer of TwelveStone. “Post-acute care is rapidly expanding and with Claritas we have the ability to scale and achieve the speed to market necessary for rapid growth.”
This is the second round of investment from Claritas; the investor committed $3.35 million to the healthcare provider in June 2017, for a total investment of $7.65 million.
“Someone once said that at the end of the day, you bet on people, not strategies,” says John Chadwick, Claritas Capital partner and founder. “I couldn’t agree more. When we added TwelveStone to our portfolio of investments last year, we were confident in Shane’s leadership, and in the amazing team he has assembled. We are delighted to support them further in their efforts to deliver comprehensive medication services to chronic care patients in the post-acute environment.”
The Claritas investment comes after a flurry of expansion activity by TwelveStone. The company announced earlier this month that it had added a Pulmonary Independence Center in Rutherford County. In June, it opened an Infusion Center at its Murfreesboro headquarters, and a new pharmacy, providing infusion and enteral services in Ringgold, GA to serve the greater Chattanooga market.
According to the National Council on Aging, 80 percent of the US population that is 65 years or older have one chronic illness, and 68 percent have one or more. Chronic obstructive pulmonary disease and heart failure – two of the chronic illnesses TwelveStone’s PICs aim to improve – account for two of the top 10 chronic conditions in the US.
About TwelveStone Health Partners
TwelveStone Health Partners incorporates the objective of glorifying God into its mission by delivering a higher level of service to partners and patients. As an organization, TwelveStone supports the transition from acute to post-acute care environments and the transition from sickness to health. This is the third evolution in the company’s history, beginning in 1980 when Richard Reeves and Ronald Powell created a single retail pharmacy location then called Reeves Powell Saveway Drug Store. In 1994 Shane Reeves and Rick Sain launched Reeves-Sain and over 20 years grew the organization to include seven companies. In 2015 Reeves Sain Drug Store, Inc., a retail pharmacy, and its specialty pharmacy, EntrustRx were sold to Fred’s, Inc. In 2016 Shane Reeves launched TwelveStone Health Partners with the objective of continuing to pursue the highest professional, business and community goals set forth by its founders. For more information visit http://www.12stonehealth.com.
About Claritas Capital
Claritas Capital, a Nashville-based private equity firm, is an active investor in health care, technology, business services and real estate. The investment partners support high quality management teams by providing minority capital for growth and expansion. The firm has made equity investments in over 50 companies that have collectively raised over $6 billion of financing.