Harvest Partners has completed the acquisition of AxelaCare Holdings Inc., buying the company from Denver-based buyout shop Excellere Partners. Terms were not disclosed. Harvest Partners is based in New York.
Harvest Partners, LP (“Harvest”), a New York-based private equity firm, and the management team of AxelaCare Holdings, Inc. (“AxelaCare” or the “Company”) have completed the acquisition of the Company from Excellere Partners, a Denver, CO-based private equity firm. Terms of the transaction were not disclosed.
Based in Lenexa, Kansas, AxelaCare is a full-service home infusion therapy provider. Therapies provided range from immune globulin (IG) therapy to antibiotics and nutrition therapy for patients across the United States. The Company also provides real value to practitioners, insurers and manufacturers through its proprietary outcomes management technology called CareLogix that monitors and measures the efficacy of IG therapy based on real-time outcomes and therapy response data.
AxelaCare’s management team, including CEO Ted Kramm and President Kathee Kramm, will continue to lead the Company.
“Healthcare is a key area of interest for Harvest and we have been impressed by AxelaCare’s rapid rise to become the fifth largest provider of IG therapy in the U.S. in just four years,” said Ira Kleinman, Senior Managing Director at Harvest Partners. “The company’s investment in processes, technology and people has led to an efficient, scaleable model with opportunity for continued growth as a larger share of the population seeks access to these vital services.”
“We are pleased to partner with Ted and his team to guide the company’s organic growth as well as to pursue strategic acquisitions that will build on AxelaCare’s success,” added Jay Wilkins, Managing Director at Harvest.
“We are proud of our proprietary technology, CareLogix, which will ensure a positive patient experience and superior medical outcome in a home setting. CareLogix has been a key factor in our ability to attract new referral sources, manufacturers, insurers and patients, and we look forward to further developing the technology in conjunction with our partners at Harvest,” said Ted Kramm, Chief Executive Officer.
Senior debt was arranged by GE Capital, Ares Capital Corporation and BMO Capital Markets. Oaktree Capital Management and Northwestern Mutual Capital provided mezzanine debt financing. Jefferies and White & Case LLP advised Harvest. Houlihan Lokey and Greenberg Traurig LLP advised the Company.
Ira D. Kleinman (Senior Managing Director), Jay Wilkins (Managing Director) and Paige Daly (Principal) of Harvest will be joining AxelaCare’s Board of Directors.
Founded in 2008, AxelaCare is a leading high-growth technology-enabled provider of home infusion services for chronic and acute conditions. The Company, based in Lenexa, Kansas, is the fifth largest and one of the fastest growing national providers of immune globulin (IG) treatment, supported by its patient-centric approach and clinical leadership. AxelaCare has leveraged its expertise to develop CareLogix, an innovative and proprietary outcomes technology to assess the impact of IG treatment, which helps optimize therapy management for patients and provides value to practitioners, insurers and manufacturers.
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.