ACON Equity Partners III, L.P., a private equity investment fund affiliated with ACON Investments, L.L.C. announced it has completed the purchase of Injured Workers Pharmacy, L.L.C. , from Audax Group and Parthenon Capital Partners.
IWP is a leading specialty pharmacy serving patients in the $8 billion workers’ compensation, automobile personal injury protection and personal injury pharmacy markets in the United States.
As part of this transaction, ACON partnered with Patrick Keefe and Tracy Finn, two former senior executives of Omnicare, Inc., a Fortune 500 company that is a provider of long-term care and specialty pharmacy services. Also joining ACON in the transaction is Triton Pacific Capital Partners, LLC, an experienced private equity healthcare services investor. The Company will continue to be led by president and CEO Ken Martino and other members of the existing senior management team, who will be meaningful equity partners going forward.
Debt financing for the acquisition is being provided by Citizens Bank, N.A. through syndicated credit facilities. Hogan Lovells US LLP acted as legal adviser to ACON and Kirkland & Ellis LLP acted as legal adviser to the sellers. Jefferies LLC acted as exclusive financial adviser to IWP in the transaction.
Terms of the transaction were not disclosed.
Sources: ACON, Trition Pacific and IWP
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