Nautic Partners has invested in ExactCare Pharmacy. Financial terms weren’t announced. In conjunction with the deal, Doug Present, former CEO of MHA, has been named chairman of board, and Jim Smith, former CEO of QoL meds, also has joined the board. Buyouts Insider reported March 9 that Nautic was investing in ExactCare; the deal was valued at $150 million, the story said. Cleveland-based ExactCare is a pharmacy that targets patients that need multiple medications.
CLEVELAND (March 16, 2016) – ExactCare® Pharmacy, a leading pharmacy focused on improving medication adherence for patients with chronic conditions and on multiple medications, today announced an investment by Nautic Partners, a middle-market private equity firm with a specialized focus in health care. In conjunction with the Nautic investment, Doug Present, former CEO of MHA, has been named chairman of board, and Jim Smith, former CEO of QoL meds, also has joined the board.
The partnership with Nautic will be key for ExactCare as the company continues to expand its care model and patient reach nationwide through strategic collaborations with providers, payers and other specialized health care organizations.
“We are excited to partner with Nautic as we enter this next phase of growth,” said Dale Wollschleger, R.Ph., Founder and CEO of ExactCare. “Nautic brings meaningful health care and pharmacy experience that will be a significant asset as we continue to expand our national footprint to help more patients achieve better health. Beyond that, the addition of Doug and Jim to our board of directors is invaluable. They are accomplished health care executives with a tremendous amount of expertise that will be instrumental as ExactCare continues to evolve to support the industry, our patients and our health care partners.”
Over the last 18 months, ExactCare has invested heavily in growth initiatives to drive the evolution of the business, including a 75,000-square-foot corporate facility, proprietary pharmacy automation and technology, enhanced patient care processes, and new service features. ExactCare will be expanding its employee base to support continued growth, with plans to hire a significant number of pharmacy technicians and other positions in the coming months.
“ExactCare’s high-touch model stands apart from others, helping to bridge a gap in patient care by aligning members of the patient’s health care team. This provides a strong foundation for enabling patients to overcome the challenges of polypharmacy while driving better health care outcomes. It’s a win for patients, their providers and their insurers. I look forward to working with ExactCare in my new capacity on the board, helping to guide the next phase of the company’s growth and development,” Present said.
“ExactCare provides a service that addresses the core of a very difficult problem in health care. By helping patients stay compliant with their medications, ExactCare improves the quality of care to medically complex patients and lowers health care costs,” said Chris Corey, Managing Director of Nautic. “ExactCare delivers a compelling value proposition that benefits all health care constituents. We are thrilled to be partnering with Dale and the entire ExactCare team.”
ExactCare is licensed to serve patients in 49 states and Washington D.C. The company operates two pharmacies, one in Cleveland, Ohio, and one in Lakewood, New Jersey.
About ExactCare Pharmacy
ExactCare is a full-service pharmacy that specializes in medication management for patients with multiple disease states, on multiple medications. Our comprehensive pharmacy solution includes a unique in-home patient assessment; medication reconciliation and medication therapy management performed by clinical pharmacists; monthly refill management; customized adherence packaging; and home delivery. ExactCare’s approach to pharmacy helps patients overcome the challenges of polypharmacy and health care providers and payers achieve better clinical and economic outcomes.
About Nautic Partners
Nautic is a middle-market private equity firm that focuses on three industries: healthcare, industrial products, and outsourced services. Nautic has completed over 120 platform transactions throughout its 30-year history. Nautic’s strategy is to partner with management teams to accelerate the growth trajectory of its portfolio companies via add-on acquisitions, targeted operating initiatives, and increased management team depth. Nautic generally makes equity investments of $25 to $100 million. For more information, please visit www.nautic.com.