Chicago, IL, August 26, 2013 –
Waud Capital Partners ("WCP" or "Waud Capital") has completed the previously announced sale of its portfolio company, CarePoint Partners ("CarePoint" or the "Company"), to BioScrip, Inc. (NASDAQ: BIOS) for $223 million in cash, subject to certain adjustments. CarePoint is a leading alternate-site infusion therapy and specialty pharmacy provider that was founded in 2007 by Waud Capital and Dana Soper, a highly accomplished infusion industry executive. The Company was built through organic growth, de novo openings and 16 acquisitions and now operates a network of 28 sites across nine states, serving over 6,800 patients daily.
Matt Clary, Partner at WCP and CarePoint's Chairman, commented, "The sale of CarePoint culminates an exciting ride. Together with Dana and her team, we have built an industry-leading company of significant scale, providing important services to all of its constituents - patients, providers, payors and hospitals."
Dana Soper, Chief Executive Officer of CarePoint, noted, "Waud Capital has been a tremendous partner over the past six years. The team shared my vision of building a first-class infusion business through strategic growth and by providing excellent care for our patients. With their dedication and insight, we have grown CarePoint into a leading company in the industry." Ms. Soper added, "My team and I look forward to working with BioScrip to continue providing the highest quality care for our patients."
Reeve Waud, Founder and Managing Partner of WCP added, "The founding, growth and ultimate sale of CarePoint is a testament to the partnership between WCP, Dana and the Company. The CarePoint story further illustrates how our three phase investment approach leads to the creation of industry-leading companies and great outcomes for our management partners, employees and investors."
Harris Williams & Company and Kirkland & Ellis LLP served as advisors to CarePoint and Waud Capital on the sale.
About CarePoint Partners
Started in 2007, CarePoint Partners operates a network of regional home infusion and specialty pharmacies in the United States. Based in Cincinnati, Ohio, CarePoint provides these services via 28 sites in nine states (Florida, Georgia, Louisiana, Massachusetts, Ohio, Pennsylvania, Rhode Island, Texas and West Virginia). Infusion therapy involves the administration of medications and nutrients using intravenous, subcutaneous and epidural methods. Home infusion therapy allows patients to receive IV medications without the inconvenience or cost of a hospital visit.
For additional information on CarePoint, visit the company website at www.carepointpartners.com.
About Waud Capital Partners
Waud Capital Partners is a private equity investment firm founded in 1993 that partners with exceptional 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 four areas: healthcare services, business, government and consumer services, specialty distribution and value-added industrial. 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.
For additional information on WCP, visit the firm's website at www.waudcapital.com.
For more information, contact:
Matt Clary, Partner
Waud Capital Partners
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