NewSpring Capital Strikes Salveo Specialty Deal–UPDATED

Salveo Specialty Pharmacy, a company formed to acquire and develop specialty pharmacies in the U.S., has struck a deal with NewSpring Capital for investment capital. Specifics of the deal were not publicized. Additionally, the company acquired Echo Specialty Pharmacy Services to enhance its development in the New York marketplace. Brian Murphy, NewSpring General Partner, will be joining the Board of Directors post-financing. Three Arch Partners and Petra Capital Partners also participated in the deal.

PRESS RELEASE:

NewSpring Capital Makes Healthcare Investment in Salveo Specialty Pharmacy Inc.
Co-founded by Jeff Freedman (CEO) and Chuck Brown (COO), Salveo Specialty Pharmacy is a company formed for the acquisition and operation of specialty pharmacies throughout the United States. Focusing on chronic and often underserved disease states, the Company intends to acquire selected pharmacies and integrate them into a leading specialty pharmacy. Salveo will use the Echo Specialty Pharmacy Services acquisition to focus on expanding the customer base within the specialty pharmacy market in the New York City metro market as well as integrating further acquisition targets. The former owners of the Company intend to remain with the Company post-transaction.
“We are excited about our investment in Salveo as the specialty pharmacy industry is seeing dramatic growth as more disease states adopt specialized pharmacy benefits for medical management,” said Brian Murphy, NewSpring General Partner who will be joining the Board of Directors post-financing. “We believe that with this financing, Salveo is well positioned for future growth.”
The former principals of Echo commented, “We are thrilled to have found a partner in Salveo which, while focused on growth, at the same time shares our company philosophy of clinical excellence and overarching attention to the patient and customer. We look forward to a terrific working relationship and the Company’s continued success in the New York market.”
“The Salveo management team welcomes our new partner in NewSpring Capital and, with their support, we have exciting plans to expand and extend our services to meet the complex needs of our patients and customers,” said Jeff Freedman, CEO of Salveo. “Additionally, we look forward to working with Mike, Boris and the entire Echo team who have built an exceptional specialty pharmacy known for its dedicated staff and their superior customer service and commitment to patient care.”
News Source : NewSpring Capital Makes Healthcare Investment in Salveo Specialty Pharmacy Inc.