TPG closes buy of Envision Pharmaceutical Holdings

TPG has completed its previously announced acquisition of Envision Pharmaceutical Holdings, the parent company of Envision Pharmaceutical Services (EnvisionRxOptions). No financial terms were disclosed. Based in Twinsburg, Ohio, Envision Pharmaceutical Services is a provider of pharmacy benefit management solutions.

PRESS RELEASE

Twinsburg, OH – November 5, 2013 – Envision Pharmaceutical Holdings Inc., the parent company of Envision Pharmaceutical Services (EnvisionRxOptions), a national, full-service pharmacy benefit management (PBM) company, today announced that it has completed its previously announced acquisition by TPG, one of the world’s leading private investment firms.
Envision Pharmaceutical Services 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.
“With TPG’s financial support and business acumen, we are confident that we can expand our customer base as more companies look to work with a partner whose interests are aligned with their own,” said Kevin Nagle, CEO of Envision.
Envision’s founders, Chairman James Mindala, CEO Kevin Nagle, and President Barry Katz, as well as other senior managers, are reinvesting in the company.
“Working with Envision’s management, TPG will support the continued growth of the business through building out the platform with continually enhanced products and services,” said Jeff Rhodes, principal at TPG.
“We expect Envision’s proven transparent business model to continue to win over major businesses that are concerned about rising pharmacy benefits costs. TPG will support Envision as it reaches out to those prospective clients,” said Sharad Mansukani, TPG Senior Advisor and former vice chairman at HealthSpring.
EnvisionRxOptions provides full-service, integrated PBM services, including network-pharmacy claims processing, home delivery (mail-order), benefit-design consultation, drug-utilization review, formulary management, disease management, and drug data analysis services. Envision’s complementary businesses also include Envision Insurance Company, a fully insured provider of Medicare Part D Plans, Envision Medical Solutions, Inc., an administrator of prescription savings plans and prescription savings cards, Orchard Pharmaceutical Services, Inc., a full-service mail-order and specialty drug pharmacy, and Design Rx, the market leader in pharmacy services for infertility and fertility.
About Envision Pharmaceutical Services
Established in 2001, Envision Pharmaceutical Services (EnvisionRxOptions) is a national, full-service pharmacy benefit management (PBM) company. The company is part of a group of healthcare management companies owned and operated by Envision Pharmaceutical Holdings, Inc. (EPH), a privately held company with consolidated revenues in excess of $3.5 billion. EPH subsidiaries include Envision Insurance Company, a fully insured provider of Medicare Part D Plans, Envision Medical Solutions, Inc., an administrator of prescription savings plans and Prescription Savings Cards, Orchard Pharmaceutical Services, Inc., a full-service mail-order and specialty drug pharmacy, and Design Rx, the market leader in pharmacy services for infertility and fertility. Envision Pharmaceutical Services, Inc. was founded on a commitment to provide full transparency and disclosure in the PBM marketplace. The Company 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.
About TPG
TPG is a leading global private investment firm founded in 1992 with $55.3 billion of assets under management and offices in San Francisco, Fort Worth, Austin, Beijing, Chongqing, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, São Paulo, Shanghai, Singapore and Tokyo. TPG has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings. The firm’s well-known investments in the healthcare sector include Aptalis Pharma, Biomet, Fenwal, Healthscope, IASIS Healthcare, Immucor, IMS Health, Oxford Health Plans, Par Pharmaceutical, Quintiles Transnational and Surgical Care Affiliates, among others. For more information visit www.tpg.com.