Healthcare Solutions, a portfolio company of Brazos Private Equity Partners, has acquired Modern Medical, a pharmacy management company. The investment is Healthcare Solutions’ is the third add-on acquisition for Healthcare Solutions since being acquired by Brazos in November of 2006.
Modern Medical is a pharmacy management and specialty health services company serving the workers’ compensation market. The company is based in Lewis Center, OH (www.modernmedical.com).
“The acquisition of Modern Medical further strengthens Healthcare Solutions’ capabilities in the management and delivery of pharmacy and specialty healthcare services to an increasingly broad array of customer segments,” said David George, CEO of Healthcare Solutions. “The addition of Modern Medical, with its strong cultural values and long-standing reputation for superior customer service, enhances the company’s capabilities to develop and expand its innovative solutions within both the workers’ compensation and auto markets and reinforces the company’s unique position as the premier technology-based platform company serving these markets.”
Healthcare Solutions is the parent company of Cypress Care, Procura Management, ScripNet and Modern Medical. Through its subsidiary companies, Healthcare Solutions delivers medical cost management services to over 800 customers in workers’ compensation and auto/PIP (personal Injury protection) markets. The company’s services include pharmacy benefit management, specialty healthcare services, PPO networks, medical bill review, case management and Medicare Set-Aside services. The company is headquartered in Duluth, GA (www.healthcaresolutions.com).
“We are excited about completing this strategic add-on acquisition,” said Jeff Fronterhouse, Co-Founding Partner and Co-CEO of Brazos. “Consistent with our initial investment thesis, the containment of medical costs within the workers’ compensation and auto liability markets is of critical importance to payors. Healthcare Solutions is uniquely positioned to serve this growing need and the addition of Modern Medical further strengthens the company’s pharmacy and specialty product offerings, which will further contribute to the strong growth of the company going forward. We look forward to working with David George and his team to continue to grow and strengthen Healthcare Solutions.”
Brazos Private Equity Partners makes equity investments of $25 million to $100 million in middle-market companies with enterprise values from $50 million to $500 million. Sectors of interest include consumer, healthcare, commercial & industrial, and business services. Brazos has approximately $1.4 billion of equity capital under management and is based in Dallas (www.brazospartners.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 9-24-13