Salt Lake City-based growth investor Mercato Partners has led a $30 million Series B round for Ingram Medical, provider of a distribution platform for chronic care products.
The full announcement is below:
MERCATO PARTNERS LEADS $30M FINANCING FOR INGRAM MEDICAL
Ingram Medical continues rapid customer acquisition and sales growth through strategic financing.
SALT LAKE CITY, UT – September 5, 2013 – Mercato Partners, a trusted growth capital partner for high growth companies has led an oversubscribed $30M Series B round of financing in Ingram Medical, a technology-enabled healthcare distribution business. Mercato brought together a group of strategic investors including Intermountain Healthcare, an internationally recognized healthcare system, StepStone Group, a global private equity firm and other limited partners.
At its core, Ingram Medical is a chronic care product and sales platform. This financing and
partnership will enable the company to continue its rapid growth and expand in other chronic care groups. The company has generated over 400% growth in its customer base over the past two years, driven by a highly automated sales process and exceptional customer service approach. This year Ingram Medical was named one of Utah’s fastest growing companies by Utah Business magazine and the founders were awarded the Ernst and Young Entrepreneur of the Year in the Utah region.
“By nearly every measurement from net margin to customer satisfaction, Ingram Medical is the
most effective and efficient consumer healthcare distribution business we have ever seen. We are always searching for companies that have a blend of experienced teams, strong sales execution and differentiated technology platforms. Ingram Medical has all three,” commented Alison Wistner, Mercato Director and Ingram Medical board member.
Jeff Smith, Ingram Medical CEO added, “At this stage in our business we had several financing options. We chose Mercato because of its reputation building market leading companies and its ability to assemble a valuable investor group. The Mercato team’s unique sales and marketing perspective provides valuable insight into our sales process and growth strategy. We simply want to help even more customers save money and stay healthy.”
ABOUT INGRAM MEDICAL
Since 2010, Ingram Medical has helped improve the management of diabetes by providing
customers with quality testing supplies and oral medications and then shipping them every month right to their home. Ingram Medical helps diabetics nationwide make sure proper supplies are being used for optimal savings. The company’s online Diabetes Health Center offers quality information developed by a staff of expert nurses, nutritionists, educators, and physicians.
Please visit www.IngramMedical.com to learn more.