Three Arch Partners, Petra Capital and New Spring Capital have exited their investment in Salveo Specialty Pharmacy through a sale of the company to Catamaran Corporation.
Salveo Specialty Pharmacy, headquartered in Saint Petersburg, was formed by Three Arch, Petra and New Spring in September 2011 to acquire specialty pharmacies serving patients and customers across the country. Salveo’s first acquisition, made simultaneous with its formation, was the buy of Echo Specialty Pharmacy Services, a New York-based metropolitan market pharmacy focused on transplant, oncology, and HIV/AIDS therapies (www.echospecialty.com) (www.salveospecialty.com).
Catamaran Corporation (formerly SXC Health Solutions) is a Schaumburg, IL based pharmacy benefit management company (www.catamaranrx.com) (NASDAQ: CTRX).
Three Arch Partners was formed in 1993 to invest in early-stage healthcare companies. The firm is based near San Jose in Portola Valley, CA (www.threearchpartners.com).
Petra provides subordinated debt and preferred stock to companies for expansion, acquisition, buyout, refinancing or recapitalization. The firm invests up to $20 million in companies that possess a minimum of $10 million in revenue and positive EBITDA at the time of investment. Sectors of interest include business, healthcare and information technology services companies. The firm is based in Nashville (www.petracapital.com).
NewSpring Capital is a provider of private equity capital through a family of funds including NewSpring Ventures, NewSpring Health, and NewSpring Mezzanine. The firm has offices in Radnor, PA; Short Hills, NJ; and Washington, DC (www.newspringcapital.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 1-27-15