Genstar Capital has recapitalized ConnectiveRx, a provider of technology-enabled biopharmaceutical services. No financial terms were disclosed. As part of the transaction, ConnectiveRx also completed a refinancing of its credit facility. KKR Capital Markets was the sole lead arranger for the refinancing and entities managed by KKR led the investment. Genstar will continue as majority investor while Harvest Partners SCF LP and Blackstone Tactical Opportunities will be minority investors.
SAN FRANCISCO, March 10, 2020 – Genstar Capital, a leading private equity firm focused on investments in targeted segments of the financial services, healthcare, industrial, and software industries, today announced the recapitalization of its portfolio company ConnectiveRx, a leading provider of technology-enabled biopharmaceutical services. Genstar will continue as majority investor and will be joined by funds managed by Harvest Partners SCF, LP and funds managed by Blackstone Tactical Opportunities as minority investors.
The transaction provides ConnectiveRx with enhanced financial flexibility, allowing it to continue its product innovation-driven growth, while also enabling the Company to realize an attractive outcome for its shareholders. As part of the transaction, ConnectiveRx also completed a refinancing of its credit facility. KKR Capital Markets was the sole lead arranger for the refinancing and entities managed by KKR led the investment.
The company has more than doubled in size through organic and acquisition growth since Genstar initially invested in 2015. ConnectiveRx is a market-leading innovator in patient engagement and support, market access and adherence solutions for complex medications. The company partners with hundreds of biopharmaceutical manufacturers to simplify how patients get on and stay on prescribed therapy. The company helps more than 84 million patients and 1.5 million healthcare providers, annually. Genstar invested in the company in 2015 and helped guide the creation of ConnectiveRx with Harry Totonis, a member of Genstar’s Strategic Advisory Board, and ConnectiveRx Chief Executive Officer.
ConnectiveRx is a leading, technology-enabled biopharmaceutical services company that provides patient and provider support, access and adherence solutions for specialty and branded medications. The Company’s services include the industry’s leading patient engagement and support platform (“Hub Services”), patient and provider adherence messaging, patient affordability programs, and the iconic Physicians’ Desk Reference, now known as the Prescribers’ Digital Reference. ConnectiveRx’s wide array of services and innovative solutions accelerate speed-to-therapy and increase access and adherence resulting in improved outcomes for patients and healthcare overall. ConnectiveRx has two main campus locations in Whippany, NJ and Pittsburgh, PA with additional locations in New Jersey, Pennsylvania, Missouri and California. To learn more, visit www.connectiverx.com or follow us on Twitter, LinkedIn and Facebook @ConnectiveRx.
About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $17 billion of assets under management and targets investments focused on targeted segments of the financial services, healthcare, industrial, and software industries.
About Harvest Partners SCF, LP
Harvest Partners SCF (www.hp-scf.com) is a non-control private equity investor. Harvest Partners SCF was founded in 2014 and is led by an experienced team of investment professionals who have, collectively, more than 40 years of private equity investment experience. Harvest Partners SCF provides flexible, non-control equity solutions to business owners and private equity firms that need capital for growth, liquidity, new platform investments or transformative acquisitions.
About Blackstone & Blackstone Tactical Opportunities
Blackstone (www.blackstone.com) is one of the world’s leading investment firms. Blackstone seeks to create positive economic impact and long-term value for their investors, the companies they invest in, and the communities in which they work. They do this by using extraordinary people and flexible capital to help companies solve problems. The Blackstone asset management businesses, with $571 billion in assets under management, includes investment vehicles focused on private equity, real estate, public debt and equity, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Follow Blackstone on Twitter @Blackstone.
Tactical Opportunities (Tac Opps) is Blackstone’s opportunistic investment platform. The Tac Opps team invests globally across asset classes, industries and geographies, seeking to identify and execute on attractive, differentiated investment opportunities. As part of the strategy, the team leverages the intellectual capital across Blackstone’s various businesses while continuously optimizing its approach in the face of ever-changing market conditions.