 |
 |
|
| New user? Register here |
Press Release
Principle Pharmacy Group Completes Transaction with New Investors
5/27/2009 Birmingham, AL
May 27, 2009 – Principle Pharmacy Group, Inc., a leading pharmacy services company providing institutional pharmacy management and specialty pharmacy services for long term acute care hospitals and community hospitals, announced today the completion of its transaction with new investors which will help the company grow and expand its core platform of pharmacy services. Health Enterprise Partners, a New York investment firm, led the investor syndicate. Other investors in the syndicate are Redmont Venture Partners through the Enhanced Capital Alabama Fund II, LLC and Stonehenge Capital Company LLC.
"These investment organizations have proven track records in partnering with innovative healthcare companies to facilitate growth", said William Cash, founder of Principle Pharmacy Group. "The market opportunities being presented today require additional capital and strategic partners to execute effectively. This is an exciting time for our company, customers and employees."
"Principle Pharmacy Group is very well respected by its customers and represents a unique opportunity for growth", said Bob Schulz, a General Partner with Health Enterprise Partners. "The institutional and specialty pharmacy sectors remain highly fragmented. We believe that through Principle Pharmacy Group, we can create value for long term acute care hospitals and community hospitals by better aligning and servicing the pharmacy needs of patients, physicians and providers."
About Healthcare Enterprise Partners
Health Enterprise Partners, L.P. (HEP) is a New York City-based private equity firm focused on profitable or nearly profitable healthcare service and healthcare information technology companies whose customers are generally hospitals or health plans. HEP’s limited partners include 16 hospital systems and health plans representing over 200 hospitals and 50 million insured lives. These strategic investors help HEP target attractive market segments, identify and evaluate investment opportunities, and support the growth of HEP’s portfolio companies. HEP’s four general partners are the fund’s largest investor. Together, they bring more than 75 years of health care private equity experience to HEP. The majority of HEP’s portfolio companies are led by CEOs of past portfolio companies, who have returned to HEP’s general partners as their preferred financial sponsor. For more information, please visit www.hepfund.com.
About Redmont Venture Capital
Redmont Venture Partners is a private equity firm providing capital for early stage and expansion stage opportunities. With a focus on Alabama, Redmont invests in a variety of sectors including: business services, financial services, health care, information technology, and industrial/manufacturing. Redmont currently manages three funds: Paradigm Venture Partners, LLC, Enhanced Alabama Issuer, LLC and Enhanced Capital Partners Alabama Fund II, LLC. For more information, please visit www.redmontvp.com.
About Stonehenge Capital
Stonehenge Capital Company, LLC is a nationwide specialty finance firm with expertise in mezzanine and private equity, tax credit finance and structured finance transactions. Stonehenge manages over $677 million across venture capital, private equity and debt funds, operating out of regional offices across the United States. The fund provides growth equity and debt capital to support growing businesses in a wide range of industries, including information technology, manufacturing, distribution, business services, energy services and others. For more information, please visit www.stonehengecapital.com.
About Principle Pharmacy Group
Principle Pharmacy Group is a pharmacy services company providing institutional pharmacy management and specialty pharmacy services. Principle Pharmacy Group is dedicated to providing superior patient care and outcomes with proven process management solutions for long term acute care hospitals and community hospitals nationwide. For more information, please visit www.principlepharmacy.com.
SOURCE: Principle Pharmacy Group, Inc. 05/27/2009
CONTACT:
Bill Funderburk
Director, Marketing & Communications
bfunderburk@principlepharmacy.com
###
» Powered By FlexDigtal
|