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Vesey Street said to make more than 10x on Imedex sale, first full exit

Vesey Street Capital Partners stands to make more than 10x its investment through the sale of Imedex, its first full exit, Buyouts has learned.

Healthcare-services-focused Vesey sold Imedex just two years after buying the provider of medical education for oncologists. The buyer is HMP, a B2B healthcare-education and -events company backed by Susquehanna Growth Equity.

The deal results from exclusive discussions between the parties, as HMP preempted a formal sales process for Imedex, a source familiar with the matter said.

Vesey Street, run by a group of former Lehman Brothers executives, bought Imedex from AmerisourceBergen in July 2015. AmerisourceBergen acquired Imedex in 2004 for $16 million.

Based in New York, Vesey Street invests in middle-market healthcare services companies typically generating EBITDA in the $10 million to $25 million range.

Imedex, which will maintain its Alpharetta, Georgia, headquarters, offers continuing medical education for professionals in oncology, hematology and gastroenterology. In addition to e-learning services, Imedex runs conferences and events including the World Congress on Gastrointestinal Cancer.

For HMP, the deal adds oncology to its current offerings in wound care, primary care, cardiovascular, psychiatry and managed care. HMP earlier this year scooped up EMS World, buying the EMT-focused events company from SouthComm.

Imedex CEO Dan Lowrie, who took the helm in August 2016, will continue to lead the business as president of Imedex.

Founded by Managing Partner Adam Feinstein, Vesey Street bulked up in January when it added Larry Marsh and David De Luca as GPs. Bryan Sekino at the time was appointed CFO.

Vesey Street’s other investments include PathGroup, HRGi and ScribeAmerica. In January the firm recapped ScribeAmerica’s parent, HealthChannels.

Action Item: Email Vesey’s Adam Feinstein at adam@vscpllc.com

Photo courtesy of Steve Debenport/E+/Getty Images