Waud Capital Partners Exits CarePoint

Waud Capital Partners has sold CarePoint Partners to BioScript for $223 million. The transaction closed August 23, 2013. Harris Williams & Co. advised CarePoint in the transaction. Based in Cincinnati, Ohio, CarePoint is a provider of infusion therapy.


Richmond, VA, August 27, 2013 – Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of CarePoint Partners, LLC (CarePoint), a leading alternate site infusion therapy and specialty pharmacy provider, to strategic buyer BioScrip, Inc. (BioScrip) for $223 million. Harris Williams & Co. acted as the exclusive advisor to CarePoint, a portfolio company of Waud Capital Partners, LLC (WCP). The transaction closed on August 23, 2013 and was led by Turner Bredrup, Cheairs Porter and Whit Knier from Harris Williams & Co.’s Healthcare & Life Sciences (HCLS) Group.
“Founded upon values that promote positive outcomes and an enhanced quality of life for all patients served, CarePoint’s management team has fostered a culture of commitment and empowerment that is the driving force behind the company’s high quality patient care and strong financial results,” said Cheairs Porter, a managing director at Harris Williams & Co. “The critical nature of CarePoint’s infusion therapy services, combined with its leading reputation for quality, customer service, compliance and superior patient care, has led to long-term, entrenched relationships with referral sources, patients, payors and manufacturers.”
“CarePoint has established a reputation for delivering cost-effective, innovative and high quality care while maintaining exemplary patient satisfaction ratings,” added Turner Bredrup, a managing director at Harris Williams & Co. “BioScrip’s acquisition of CarePoint solidifies its leadership position in the home and alternate site infusion therapy market and positions the combined company to further accelerate growth and improve patients’ quality of life in the markets it serves.”
CarePoint is a market-leading provider of home and alternate site infusion therapy and specialty pharmacy services for patients with complex, acute and chronic illnesses. The company serves more than 20,500 patients annually through its expanding base of 28 sites of service across nine states within the East Coast and Gulf Coast regions. The company’s local and regional presence, clinical excellence, collaborative approach to patient care, national reputation and outstanding customer service have resulted in strong, recurring referral source relationships and position CarePoint as the provider of choice in its markets.
Founded in 1993, WCP is a private equity investment firm that partners with management teams to invest in middle market growth equity investments, buyouts, industry consolidations and recapitalizations. The firm seeks to invest $20 million to $100 million in private companies in the following areas: healthcare services, business and consumer services, government services, specialty distribution and value-added manufacturing companies. Typically, the companies in which WCP invests have enterprise values between $30 million and $300 million. The firm has successfully completed more than 150 investments since its founding and currently has approximately $1 billion of capital under management.
BioScrip is a leading national provider of infusion and home care solutions. BioScrip partners with physicians, healthcare payors, government agencies, hospital systems and pharmaceutical manufacturers to provide patients access to post-acute care services. BioScrip operates with a commitment to bring customer-focused pharmacy and related healthcare infusion therapy services into the home or alternate-site setting. By collaborating with the full spectrum of healthcare professionals and the patient, BioScrip provides cost-effective care that is driven by quality, customer service and values that promote positive outcomes and an enhanced quality of life for those it serves. BioScrip provides its infusion and home care services from 108 locations across 29 states.
Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.
The firm’s HCLS Group has experience across a broad range of sectors, including alternate site care; healthcare IT; managed care and cost containment services; medical devices, products and distribution; outsourced clinical and practice management services; and outsourced pharma services. For more information on the HCLS Group and other recent transactions, visit the HCLS Group website.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.