Vesey Street Capital Partners L.L.C. said Monday that it has acquired Imedex LLC. AmerisourceBergen is the seller. Financial terms weren’t announced. Alpharetta, Georgia-based Imedex provides Continuing Medical Education (CME) to industry professionals via in-person conferences and online education forums.
New York, July 13, 2015— An affiliate of Vesey Street Capital Partners L.L.C. (VSCP), a private equity firm dedicated to middle market health care services investments, today announced the acquisition of Imedex, LLC (“Imedex”), a provider of accredited, independent Continuing Medical Education (CME) to industry professionals via in-person conferences and online education forums. Located in Alpharetta, Georgia, Imedex was previously a subsidiary of AmerisourceBergen, a global pharmaceutical sourcing and distribution service company.
“Imedex plays a critical role educating physicians in key specialty areas within the healthcare spectrum, including oncology, hematology, and gastroenterology. The Company’s leading industry presence and world class content will provide significant growth over the long-term. We view this as an excellent platform acquisition and hope to deploy additional capital through industry consolidation opportunities,” said Adam Feinstein, Founder and General Partner of Vesey Street Capital Partners.
Andrew “Andy” Schutt, the former General Manager and Vice President of Imedex, was named as the Company’s Chief Executive Officer. Mr. Schutt, said, “We welcome VSCP as a partner and look forward to expanding our market presence through strategic investments. VSCP’s vast experience operating in the physician, payor and hospital markets will provide valuable insight as we move forward as an independent provider.”
Steve Geringer has been named Chairman of Imedex Holdco, LLC. Mr. Geringer is Chairman of AmSurg Corporation (NASDAQ: AMSG), a nationwide provider of ambulatory surgery centers and outsourced physician services; a Director of Addus HomeCare Corp. (NASDAQ: ADUS), a provider of home and community-based services; and a Director of a variety of other companies in the health care industry, successfully building shareholder value throughout his career. “Imedex is a strategic platform with a significant opportunity to grow its accredited physician-oriented CME programs which serve the global pharmaceutical market. We are confident that under Andy’s leadership, the Imedex team will further enhance its leadership position and realize its growth potential,” said Mr. Geringer.
ABOUT VESEY STREET CAPITAL PARTNERS L.L.C. Vesey Street Capital Partners (VSCP) is a private equity firm founded in 2014 with a dedicated focus on middle market health care services. VSCP’s focused strategy is centered upon investing primarily in founder owned businesses and corporate carve-outs that create value for hospitals, physicians, payors and post-acute care providers by enhancing operating efficiencies, improving quality of care, reducing costs and increasing revenue. VSCP has significant experience in healthcare services and creates value for portfolio companies by leveraging its vast network of industry relationships and its distinguished investor group consisting of healthcare leaders, health care companies and family offices. The acquisition of Imedex, LLC through its affiliate Imedex Holdco, LLC represents the firm’s second investment following last year’s recapitalization of ScribeAmerica, the nation’s leading provider of medical scribe services, www.scribeamerica.com. For more information on Vesey Street Capital Partners, visit www.vscpllc.com.
ABOUT IMEDEX, LLC Imedex is an established leader in the independent accredited health care education industry. The Company’s programs focus on improving patient care around the world through live events and online courses. CME credits are required for practicing physicians and the conferences provide a forum for physicians to interact and exchange ideas and best practices. Since its inception in 2001, Imedex has organized 50,000 e-learning experiences annually and more than 97,000 live meeting attendees in 29 countries. The Company has a global footprint and operates in the United States, Europe and Asia. The Company recently hosted the ESMO 17th World Congress on Gastrointestinal Cancer in Barcelona, Spain, which was attended by ~3,300 physicians.