Gauge Capital said Monday it has invested in Veridicus Health. Financial terms weren’t announced. Leavitt Equity Partners also invested. Salt Lake City-based Veridicus provides pharmacy benefit management (PBM), medication therapy management, clinical care management, and Medicare PDP services to self‐ funded employers and plan sponsors.
SOUTHLAKE, TX – June 2015 – Gauge Capital announced that it has partnered with the owners and management team of Veridicus Health to recapitalize and make a strategic investment in the Company. Founded in 2009 and headquartered in Salt Lake City, Veridicus Health provides pharmacy benefit management (PBM), medication therapy management, clinical care management, and Medicare PDP services to self‐ funded employers and plan sponsors.
“Gauge Capital’s investment in Veridicus Health provides additional resources, capital, and strategic guidance that will enable us to strengthen and expand our service offering to even better serve our customers,” said Doug Burgoyne, PharmD, Chief Executive Officer at Veridicus Health. Jeff Dunn, PharmD, Senior Vice President of Clinical Programs at Veridicus Health, added that, “We are very excited about the partnership with Gauge Capital and the shared vision we have for the next stage of growth.”
Drew Johnson, Co‐ founder and Managing Partner at Gauge Capital said, “Veridicus Health is a leading PBM that differentiates itself by providing transparent pricing and a high‐ touch service delivery approach. We look forward to partnering with Doug, Jeff, and the rest of the Veridicus Health team to continue to grow the business organically and through strategic add‐ on acquisitions.”
As part of the investment, Drew Johnson and Whitney Bowman from Gauge Capital have joined the Veridicus Board of Directors. The Company has also named Terry Rogers to its Board. Mr. Rogers brings over 25 years of experience in the pharmaceutical and PBM industries to the Board, having served most recently as President of the Health Plan Division at Express Scripts (Nasdaq: ESRX).
Leavitt Equity Partners (LEP), a strategic healthcare co‐ investor, participated in Gauge’s investment in Veridicus Health. LEP is an affiliate of Leavitt Partners, the healthcare intelligence business founded by Michael O. Leavitt, who served in the Cabinet of President George W. Bush (as Secretary of Health and Human Services and Administrator of the Environmental Protection Agency) and as a three‐ time elected governor of Utah.
About Veridicus Health (www.veridicushealth.com )
Veridicus means speaking truth. Veridicus Health was founded in 2009 to bring clarity and full‐ transparency to healthcare services for self‐ funded employers and regional health plans. This focus, which reduces the overall cost of healthcare while increasing the quality of care for clients’ employees and families, has been Veridicus’ mission from the beginning. Its unique pass‐ through model of pharmacy benefit management (PBM) and patient‐ focused outreach performed by nurse care managers sets Veridicus apart from the usual approach to healthcare. The results of lower cost and improved care speak for themselves. Veridicus Health’s family of companies includes VRx Pharmacy Services (PBM), VRx Pharmacy, Veridicus CareManagement, and Granite Alliance Insurance Company.
About Gauge Capital (www.gaugecapital.com )
Gauge Capital is a private equity firm that partners with owners, managers and equity stakeholders of successful middlemarket companies to maximize their potential. Gauge Capital focuses on investing in growing businesses in the business and consumer services, healthcare services, and food services sectors. For more information, please contact Andrew Peix, Principal and Director of Business Development at firstname.lastname@example.org or Whitney Bowman, Partner at email@example.com .
About Leavitt Partners (www.leavittpartners.com )
Leavitt Partners is a health care intelligence business. The firm delivers collaborative, high‐ value intelligence that helps clients transition to new models of care. Leavitt Equity Partners is an affiliated value‐ add private equity fund that seeks to invest capital into growth and lower mid‐ market opportunities that align with the firm’s core beliefs about the future of health care.