Navigation Links
ACON Investments Acquires Injured Workers Pharmacy
Date:7/23/2014

WASHINGTON, July 23, 2014 /PRNewswire/ -- ACON Equity Partners III, L.P., a private equity investment fund affiliated with ACON Investments, L.L.C. ("ACON") announced it has completed the purchase of Injured Workers Pharmacy, L.L.C. ("IWP" or the "Company"), 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 ("Triton Pacific"), 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.

"We are excited to partner with the management of IWP as well as with Pat and Tracy to build value in a business that is very well positioned for continued growth," said Daniel Jinich, Managing Partner of ACON. "IWP has developed a patient care advocacy program that results in demonstrated savings as injured workers experience better recovery outcomes and return to work faster. Patients, physicians, attorneys and payers see value in IWP's pharmacy model, and we see continued opportunity to grow through geographic market expansion as well as further penetration into the auto and personal injury claim markets," added Jinich.

Ken Martino commented, "The entire management team is excited about our partnership with ACON, Triton Pacific, Pat and Tracy. Under this new ownership, IWP will continue to thrive as a patient advocate for injured workers in a complex and evolving environment that requires specialized solutions tailored to the unique characteristics of the workers' compensation marketplace. On behalf of our entire team, I'd like to thank Parthenon Capital Partners and Audax Group for their support over the last few years. We're very proud of the company we've built together and I look forward to continuing to build on this momentum with our new sponsors."

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.

About IWP
IWP is a specialty home delivery pharmacy serving patients injured in accidents covered by Property Casualty insurance. Fully licensed in 48 states, IWP enhances patient access and alleviates administrative and financial burdens by shipping medications directly to the patient and managing complex reimbursement processes. Through its state-of-the-art facilities located in Andover, Massachusetts and Phoenix, Arizona, IWP offers a full range of therapeutic options to ease pain and discomfort caused by injury, and meets each patient's individual needs through a dedicated team of pharmacists. In addition, IWP serves as a powerful resource to those who represent injured individuals. IWP serves attorneys and physicians by minimizing their staff's time and expense spent on medication and reimbursement issues. For more information on the company, please visit www.IWPharmacy.com.

About ACON Investments
ACON Investments, L.L.C. is a Washington, DC-based international private equity investment firm that manages private equity funds and special purpose partnerships that make investments in the United States and Latin America. Founded in 1996, ACON and its principals have managed over $3.5 billion of capital. ACON has professionals in Washington, DC, Los Angeles, Mexico City, São Paulo, Rio de Janeiro and Bogotà. For more information, visit www.aconinvestments.com.

About Triton Pacific
Triton Pacific Capital Partners, LLC, founded in 2001, is a private equity firm that invests in middle-market companies in high growth or rapidly changing industries. Headquartered in Los Angeles, California, Triton Pacific currently manages four private equity funds and is the sponsor of Triton Pacific Investment Corporation, a non-traded public Business Development Company. For more information, visit www.tritonpacific.com.

CONTACTS:

Daniel Jinich
ACON Investments, L.L.C.
(202) 454-1108

John Morgan Barr
ACON Investments, L.L.C.
(310) 788-5713


'/>"/>
SOURCE ACON Equity Partners III, L.P.
Copyright©2014 PR Newswire.
All rights reserved

Related medicine technology :

1. Pre-Market Update: MGT Capital Investments, National American University Holdings and Actinium Pharmaceuticals
2. Collaborative Medical Technology Corporation Secures Investments from Two Prominent Medical Specialists
3. Lilly Announces Significant Global Insulin Manufacturing Capacity Investments in Response to Growing Diabetes Epidemic
4. Hospira Unveils New Quality Laboratory and Investments at Rocky Mount, N.C., Plant
5. Drip Drop Inc. closes $3.0M Series A-1 round with investments from John Elway, Ronnie Lott, and Sam Nazarian.
6. Chinas Strong Economic Growth and Healthcare Investments Generate Success for CPhI
7. Partnerships, Licensing, Investments and M&A Deals and Trends for May 2013 in Pharmaceuticals
8. MGT Capital Investments, Inc. Announces Sale of Medicsight Patents
9. MGT Capital Investments, Inc. To Present At The Second Annual Marcum LLP MicroCap Conference
10. Medical Equipment Annual Deals Analysis: M&A and Investments Trends - 2012
11. Frost & Sullivan: Government Support Vital to Encourage Venture Capital Investments in the North American Healthcare Industry
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:9/25/2017)... , Sept. 25, 2017   Montrium ... Master File solutions, today—from the IQPC Trial Master ... , NL)—announced that EastHORN Clinical Services has ... clinical programs and TMF management. EastHORN, a leading ... eTMF platform to increase transparency to enable greater ...
(Date:9/19/2017)... a venture-backed medical device company developing a non-invasive, robotically assisted, platform therapy that uses pulsed ...   ... Jim Bertolina, ... Tom Tefft ... medical device executive Josh Stopek , PhD, who has led R&D and business development ...
(Date:9/12/2017)... NEW YORK , Sept. 12, 2017   EcoVadis ... global supply chains, has published the first annual edition of its Global ... more than 20,400 companies evaluated by EcoVadis, based on Scorecard Ratings that ... ... Risk & Performance Index ...
Breaking Medicine Technology:
(Date:10/13/2017)... NJ (PRWEB) , ... October 13, 2017 , ... Global ... at scenic Alexandria Park in Milford, NJ. This free event, sponsored by Global ... physical activity. The fun run is geared towards children of all ages; it ...
(Date:10/13/2017)... ... ... “The Journey: From the Mountains to the Mission Field”: the story of ... Philippines. “The Journey: From the Mountains to the Mission Field” is the creation of ... taught all ages and currently teaches a class of ladies at her church, which ...
(Date:10/12/2017)... ... ... Planet Fitness, one of the largest and fastest growing franchisors and operators ... location in Covington, LA at 401 N. U.S. Highway 190, in January of 2018. ... in the Holiday Square shopping center. Its location allows it to serve both Covington ...
(Date:10/12/2017)... ... 12, 2017 , ... Asante, a nationally recognized health system ... their existing home health joint venture through an agreement, effective October 1, 2017, ... venture home health company with Asante, delivering clinically integrated care, for the past ...
(Date:10/12/2017)... (PRWEB) , ... October 12, 2017 , ... Leading pediatric ... peers in Washington, D.C., for the 49th Congress of the International Society of ... Vice President of the Center for Cancer and Blood Disorders at Children’s ...
Breaking Medicine News(10 mins):