NewSpring Capital Exits Salveo Specialty Pharmacy
January 26, 2015
RADNOR, PA – January 26, 2015 – NewSpring Capital is pleased to announce that it has successfully exited Salveo Specialty Pharmacy, Inc. (“Salveo”), a portfolio company of its dedicated healthcare fund, NewSpring Health Capital (“NewSpring”). The exit was a result of the previously announced transaction with Catamaran Corporation (“Catamaran”, NASDAQ:CTRX).
Since the initial investment in 2011, Salveo has been able to effectively capitalize on the tremendous growth within the specialty pharmacy market. A robust geographical footprint, intense commitment to service and a well-disciplined commercial growth strategy enabled the Company to capitalize on the dramatic increase in individuals with chronic diseases. As a result, the Company grew revenue from $50 million in 2011 to a run rate in excess of $500 million at exit.
Brian G. Murphy, General Partner of NewSpring Capital and former Board Member of Salveo stated, “The Salveo team has demonstrated exceptional passion and talent for delivering complex medications to individuals with difficult medical conditions such as cancer, organ transplants, hepatitis C and HIV. We are pleased to have been able to work with CEO, Jeff Freedman and COO, Chuck Brown as well as the entire Salveo management team. The Company’s vision was executed flawlessly and produced an attractive outcome for our Limited Partners. We believe Salveo will be a great complement to Catamaran and will continue on its strong growth trajectory.”
“We have worked closely with the team at NewSpring who committed significant strategic resources and provided access to healthcare business leaders in their network to help us grow our business,” said Jeff Freedman, CEO of Salveo Specialty Pharmacy. “Becoming part of Catamaran will enable us to better realize the full potential of our products while complementing the resources NewSpring and our syndicate investors already committed. The entire Salveo team is excited about the prospects of this combination.”
About Salveo Specialty Pharmacy, Inc.
Salveo Specialty Pharmacy, Inc., a private company headquartered in Saint Petersburg, Florida, was formed to create a leading specialty pharmacy organization serving patients and customers across the country. Salveo will acquire, integrate and grow select specialty pharmacy organizations that share its philosophy of providing superior customer service and clinical patient care to the chronically ill population. With its initial acquisition of Echo Specialty Pharmacy Services in New York, Salveo currently serves over 6,500 chronic patients across multiple disease states.