PE-owned Healthcare Solutions buys Modern Medical

Healthcare Solutions, a portfolio company of Brazos Private Equity Partners, has acquired Modern Medical. No financial terms were disclosed for the transaction, which closed September 13, 2013. Based in Lewis Center, Ohio, Modern Medical is a provider of pharmacy management and health services for the workers’ compensation market.

PRESS RELEASE

DALLAS–(BUSINESS WIRE)–Brazos Private Equity Partners, LLC, a leading Dallas-based private investment firm, announced today that its portfolio company, Healthcare Solutions, Inc. (“Healthcare Solutions” or the “Company”), has acquired Modern Medical, a pharmacy management and specialty health services company serving the workers’ compensation market. The investment is Healthcare Solutions’ third add-on acquisition. Terms of the transaction were not disclosed.
Healthcare Solutions is the parent company of Cypress Care, Procura Management and ScripNet. The Company completed the acquisition of Modern Medical on September 13. The acquisition brings together two highly successful organizations with specialized expertise that provides customers of all sizes a clinically focused, end-to-end cost containment solution.
“We are excited about completing this strategic add-on acquisition,” said Jeff Fronterhouse, Co-Founding Partner and Co-CEO of Brazos. “Consistent with our initial investment thesis, the containment of medical costs within the workers’ compensation and auto liability markets is of critical importance to payors. Healthcare Solutions is uniquely positioned to serve this growing need and the addition of Modern Medical further strengthens the Company’s pharmacy and specialty product offerings, which will further contribute to the strong growth of the Company going forward. We look forward to working with David George and his team to continue to grow and strengthen Healthcare Solutions.”
Healthcare Solutions, through organic growth and strategic acquisitions, has evolved from a prominent workers’ compensation pharmacy management company to a market leader in the provision of product and service offerings across the entire medical spectrum in both the workers’ compensation and auto insurance markets. Serving the largest and most sophisticated buyers in these markets, the company also provides specialty healthcare services, including durable medical equipment and supplies, prosthetics and orthotics, diagnostic imaging, physical medicine, and transportation and language services, as well as managed care products including PPO networks, medical bill review and case management.
“The acquisition of Modern Medical further strengthens Healthcare Solutions’ capabilities in the management and delivery of pharmacy and specialty healthcare services to an increasingly broad array of customer segments,” said David A. George, CEO of Healthcare Solutions. “The addition of Modern Medical, with its strong cultural values and long-standing reputation for superior customer service, enhances the company’s capabilities to develop and expand its innovative solutions within both the workers’ compensation and auto markets and reinforces the company’s unique position as the premier technology-based platform company serving these markets.”
About Healthcare Solutions
Healthcare Solutions, Inc. is the parent company of Cypress Care, Procura Management, ScripNet and Modern Medical. Through its subsidiary companies, Healthcare Solutions delivers integrated medical cost management solutions to over 800 customers in workers’ compensation and auto/PIP markets. The company’s clinical- and technology-based services include pharmacy benefit management, specialty healthcare services, PPO networks, medical bill review, case management and Medicare Set-Aside services. Healthcare Solutions has twice been recognized as one of the Fastest Growing companies in Georgia by Georgia Trends magazine and has received recognition by the Technology Association of Georgia for technology innovation. Utilizing market-leading technology, Healthcare Solutions delivers demonstrated benefits and savings complemented by deep industry expertise. For more information, please visit www.healthcaresolutions.com.
About Brazos Private Equity Partners, LLC
Brazos Private Equity Partners is a Dallas-based private equity firm that has managed investment funds with approximately $1.4 billion of equity capital since inception. Brazos focuses on investments in leading middle-market consumer, healthcare, commercial & industrial, and business services companies, and partners with outstanding management teams and/or owners of closely-held businesses to maximize growth and shareholder value. Brazos has been one of the most active middle-market private equity investment firms, having completed in excess of 80 transactions over the past decade. For additional information about Brazos, please visit the firm’s website at www.brazospartners.com.