Harvest Partners’ AxelaCare buys SCPSI from Shore Capital Partners

AxelaCare Health Solutions, which is owned by Harvest Partners, said Tuesday that it has acquired SCP Specialty Infusion from Shore Capital Partners. No financial terms were disclosed. SCPSI is the parent company of Sirona Infusion, a home infusion provider.

PRESS RELEASE

LENEXA, Kan., Nov. 5, 2013 – AxelaCare Health Solutions, a leading provider of specialty home infusion services specializing in IVIg (immune globulin), announced today that it has acquired SCP Specialty Infusion (SCPSI), parent of Sirona Infusion, Inc., a leading acute home infusion provider, from Chicago-based Shore Capital Partners. The combination of AxelaCare and Sirona will create a new top 5 home infusion company with both chronic and acute care service lines and a nationwide pharmacy network. AxelaCare, which has been growing in excess of 40% annually since its inception in 2008, and SCPSI, founded in 2010, are projected to exceed $200 million in sales by year end 2013.
SCPSI and its family of companies, Sirona Infusion, Access IV, HomeCare IV and Infusource, have merged with AxelaCare Holdings, LP, a Harvest Partners, LP portfolio company. The acquisition will double AxelaCare’s number of pharmacies, which are located in Arizona, California, Colorado, Kansas, Louisiana, Maryland, New Mexico, Oklahoma, Oregon, Pennsylvania, with branches scheduled to open in Nebraska, New England, and other states in the next two quarters. Local pharmacies increase responsiveness to acute infusion service needs as well as broaden market coverage for national managed care accounts.
Acute home infusion covers a broad spectrum of therapies for patients discharged from hospitals and receiving infusion therapy at home. These include intravenous antibiotics, hydration, antiemetic, nutrition, inotropes, and other acute and chronic therapies delivered intravenously under a nurse’s care. Increasing use of these therapies shortens hospital stays, saves healthcare dollars, and improves recovery, while avoiding costly hospital readmissions.
“We are excited that Chris (York), an industry leader in home infusion, and the team at Sirona are joining us to build a ‘best in class’ home infusion company,” said Ted Kramm, CEO, AxelaCare. He added, “Their strength in acute infusion, great geographic coverage in the West, and growth profile complements our strengths in IVIg and chronic care and also expands our platform to provide innovative patient outcomes technology, (CareExchange®).”
Chris York, CEO of SCPSI, commented: “I am thrilled to be joining forces with Ted Kramm and the entire AxelaCare team. Both of our companies have been built on a model of putting patient care first. That philosophy will continue as we now work together to build a world class healthcare services company.”
“We are pleased that AxelaCare is already finding strategic acquisitions that will help build its unique platform in the healthcare sector. AxelaCare continues to impress us with its efficient, scalable model that should grow significantly as a larger share of the population seeks access to vital home infusion services,” said Jay Wilkins, Managing Director at Harvest.
About SCP Specialty Infusion and Sirona
SCPSI, founded in 2010 with the acquisition of Sirona Infusion, has grown organically and through acquisitions to be a premier provider of acute home infusion services in the Southwest, West, and Northwestern markets. Its network of pharmacies, infusion centers, and nursing staff spans Arizona, New Mexico, California, Colorado, and Oregon. Therapies delivered include the full spectrum of acute and chronic infusion therapies including anti-infective, oncolytic, total parenteral nutrition (TPN), cardiac, hydration, and other intravenously delivered medicines. Sirona’s patient first focus has led to continued growth in branches and customer satisfaction.
About AxelaCare Health Solutions
Based in Lenexa, Kansas, AxelaCare is a leading provider of specialized immune globulin (IgG) therapy and other intravenous home infusion therapies. Founded by a nurse and pharmacist team and focused on patient care first, AxelaCare is the market leader in supporting outcomes research for immune therapy and has created the industry’s first electronic patient outcomes assessment technology, CareExchange®. AxelaCare has experienced tremendous growth, added top-flight management and employee teams in nursing, patient advocacy, pharmacy, sales and customer service. AxelaCare is also actively acquiring regional and local infusion pharmacies to grow its local market presence and deploy CareExchange® nationwide.
About Harvest Partners
Founded in 1981, Harvest Partners, LP (www.harvpart.com) is a leading New York-based private equity investment firm pursuing management buyouts and recapitalizations of middle market companies in North America. Harvest focuses on acquiring profitable companies in the business and industrial services, manufacturing and distribution, healthcare, midstream energy, and consumer products and retail sectors. This strategy leverages Harvest’s 31 years of experience in financing organic and acquisition-oriented growth companies.