Envision Pharmaceutical, a portfolio company of TPG, said Wednesday that it has agreed to acquire MedTrak Services. No financial terms were disclosed for the transaction, which is expected to close in the third or fourth quarter of this year. Headquartered in Overland Park, Kansas, MedTrak is a pharmacy benefit management firm.
Twinsburg, OH – July 30, 2014 – Envision Pharmaceutical Holdings LLC, the parent company of Envision Pharmaceutical Services (EnvisionRxOptions), a national, full-service pharmacy benefit management (PBM) company, today announced that it has agreed to acquire MedTrak Services, L.L.C. an independent, privately-held PBM. Terms of the transaction were not disclosed.
Founded in 1999, MedTrak is among the top 30 PBM companies in the country, managing pharmacy benefits for small to mid-sized self-insured employers and handling more than 3.5 million prescription claims annually. MedTrak is headquartered in Overland Park, Kansas.
MedTrak will continue to be managed and operated as an independent company, led by current CEO C. Larkin O’Keefe. In addition, the current management team has retained a substantial investment in the company. Envision is a portfolio company of TPG, the global private investment firm, which acquired Envision in November 2013.
“MedTrak has an outstanding reputation for customer satisfaction, and its diverse customer base complements Envision’s existing customers, which makes it an ideal acquisition for our company,” said Frank Sheehy, CEO of Envision. “Larkin and his excellent management team have done a terrific job of containing costs and creating value for customers. With added resources, we believe we can help MedTrak continue to grow beyond its Midwest base.”
“Teaming with Envision provides us with an opportunity to offer additional products and services that meet the needs of our existing and future clients in the ever changing health care market,” said Larkin O’Keefe, CEO, MedTrak. “I look forward to working with Frank, and the teams at Envision and TPG, to expand MedTrak’s services to its existing clients, and reach new clients that are looking for flexible, customized solutions to manage costs, combined with excellent customer service.”
The transaction is expected to close in the third or fourth quarter of 2014, and is subject to customary closing conditions and regulatory clearances.
About MedTrak Services
Founded in 1999, MedTrak Services is an independent pharmacy benefit management (PBM) company, and ranks among the top 30 PBM companies in the country. Managing pharmacy benefits for small to mid-sized self-insured employers, MedTrak processes more than 3.5 million claims annually. Headquartered in Overland Park, Kansas, MedTrak offers turnkey PBM services, from custom plan design to proactive plan management including data security and access to numerous pharmacy networks, including retail, mail order and specialty. With a vigilant eye on prescription drug industry trends and a strong belief in the value of consumer education, MedTrak is continually developing innovative solutions designed to control both pharmacy benefit and total health care benefit costs. For more information, please go to www.medtrakservices.com or call 913.262.2187.
About Envision Pharmaceutical Services
Established in 2001, Envision Pharmaceutical Services (EnvisionRxOptions) is a national, full-service pharmacy benefit management (PBM) company. A portfolio company of TPG, a leading global private investment firm with more than $59 billion of assets under management, Envision is part of a group of healthcare management companies owned and operated by Envision Pharmaceutical Holdings LLC (EPH), a privately held company with consolidated revenues in excess of $4 billion. EPH subsidiaries include Envision Insurance Company, a fully insured provider of Medicare Part D Plans nationally, Envision Medical Solutions, LLC, an administrator of prescription savings plans and Prescription Savings Cards, Orchard Pharmaceutical Services, LLC, a full-service mail-order and specialty drug pharmacy, and Design Rx, LLC the market leader in pharmacy services for infertility and fertility. Envision, which was founded on a commitment to provide full transparency and disclosure in the PBM marketplace, employs a transparent, pass-through business model in which 100% of earned rebates, discounts, and incentives are instantly credited at the point of sale to customers, and for which Envision charges a low, flat monthly management fee for most services. This translates into significant savings for the company’s more than 13 million covered individuals. Envision has been awarded the Utilization Review Accreditation Commission (URAC) accreditations for PBM and Drug Therapy Management annually since 2007. Envision is headquartered in Twinsburg, OH, with offices in Fort Lauderdale, FL; Tampa, FL; Canton, OH; El Dorado Hills, CA; and Ogden, UT. For more information about Envision visit www.envisionrx.com or call 800-361-4542.