West Deptford, NJ and New York, NY (PRWEB) August 18, 2014
Enclara Health, LLC (“Enclara”), a national hospice-specialty pharmacy services provider, in partnership with Consonance Capital Partners (“Consonance”), a leading healthcare private equity firm, announced that they have acquired excelleRx, Inc. and PBM Holding Company, Inc. Terms of the transaction were not disclosed.
The combined companies service approximately 475 hospice providers and 84,000 hospice patients per day nationwide, through both a direct-to-patient mail order model, as well as a local pharmacy benefit manager (PBM) network model, which provides access to approximately 65,000 participating pharmacies across the country. Mail order services are supported by multiple, state of the art, dispensing locations and pharmacist-staffed call centers. In addition, PBM Plus processes over 8 million transactions per year and reaches approximately 500,000 eligible members through an array of customized pharmacy benefit service programs.
Highlights of Transaction
Andy Horowitz, Chief Executive Officer of Enclara, said, “We believe the combination of Enclara and Hospice Pharmacia and PBM Plus will provide a compelling service and technology platform for the hospice provider community. We have always strived to provide our hospice partners with exceptional clinical expertise, customer service, and the tools necessary to best manage their patients’ pharmaceutical needs. Enclara’s ability to be forward thinking has allowed us to get in front of many of the challenges facing the industry today. We are very excited to leverage the best practices of each company to further enhance our offering.”
Tom Stieritz, General Manager, and Senior Vice President of excelleRx, Inc, said, “This transaction will create substantial value for the hospice community. Hospice Pharmacia is focused on providing exceptional customer service, and we believe Enclara is the right partner for our business as we move forward. The increased operational scale and efficiency of the combined company will create an even stronger platform to support the evolving needs of the hospice provider and patient community. Given the complementary nature of our businesses and product portfolios, we expect this to be a seamless transition for customers and patients.”
Ben Edmands, a Managing Partner of Consonance Capital Partners, said, “We are excited to partner with Andy Horowitz and his management team to bring together these exceptional companies. The combination of Enclara Hospice Pharmacia and PBM Plus will provide our hospice customers with a comprehensive offering that puts their needs at the forefront. By maximizing the service and clinical excellence that these companies are known for and adding operational efficiencies through leveraging the respective technologies and dispensing infrastructure of each company, the combined business is uniquely positioned to deliver high value added, cost effective pharmacy support, direct to patients’ homes and through a local pharmacy PBM network.”
About Enclara Health
Enclara Health, LLC is a national full-service mail order and PBM supplier of medications and clinical services developed specifically for the hospice and palliative care industry. Enclara was founded in 2006 and is headquartered in West Deptford, NJ. Enclara services some of the largest hospice providers in the country, helping to reduce pharmacy costs through a clinically driven model that enables home delivery of pharmaceuticals, as well as access to a network of over 65,000 retail and institutional pharmacies.
About Consonance Capital Partners
Consonance Capital Partners invests in private companies in the lower middle market of the U.S. healthcare industry with an emphasis on businesses driving efficiency, cost containment and high-quality clinical care to patients. Consonance Capital Partners founders, Mitchell Blutt, MD, Benjamin Edmands, Stephen McKenna, and Nancy-Ann DeParle, partnered together for over a decade while at JPMorgan Partners and its successor and predecessor entities, and have over 65 years of combined experience in private equity investing, primarily within healthcare. Consonance Capital Partners participates in growth equity, leveraged buyout, and recapitalization transactions and is currently investing out of a $500 million fund. The private equity fund is associated with Consonance Capital Management, a healthcare-focused long/short public equity manager, and together Consonance Capital has over a billion dollars of assets under management. For more information, Consonance Capital.