GTCR has made an investment in Transaction Data Systems (DBA Rx30), a provider of pharmacy management software. The investment will be used to fund both new product development and the working capital needs of the company.
Rx30 is a developer and supplier of pharmacy management software used in the independent, hospital, long-term care and specialty pharmacy markets. The company’s software products are used for all pharmacy management activities, including prescription dispensing, automated refills and reminders, workflow management, adherence management, document management, smart phone/web refills, e-prescribing, outbound customer communication, interactive voice response integration, business reporting, and label printing. Rx30 is headquartered near Orlando in Ocoee, FL (www.rx30.com).
Rx30’s CEO, Steve Wubker, and the existing management team will continue to lead the company in partnership with GTCR. “I am excited to welcome GTCR as investors at an important time in the company’s evolution as I continue to build and grow Rx30 through additional products and services,” said Mr. Wubker. “As long-time healthcare and technology investors, GTCR brings significant resources and expertise to our company, and I believe that together we can offer our customers new capabilities in cutting-edge pharmacy software and support.”
GTCR pioneered the investment strategy of identifying and partnering with executives to acquire and build companies through a combination of acquisitions and internal growth. The firm currently has nearly $11 billion in assets under management. Since its inception in 1980, GTCR has invested more than $10 billion in over 200 companies. The firm is based in Chicago (www.gtcr.com).
“We are delighted to partner with Steve Wubker and invest in Rx30,” said Dean Mihas, Managing Director at GTCR. “We believe Rx30’s management team, leading software solutions and strong reputation create a unique position in the pharmacy management software market and provide an attractive platform for continued growth and innovation.”
GTCR’s investment in Rx30 was funded from GTCR Fund XI, a private equity fund raised in 2014 with $3.8 billion of limited partner equity capital commitments. “This transaction highlights GTCR’s continued interest in the healthcare IT industry and demonstrates our continued enthusiasm for investing in software providers with market-leading technology and service,” said Sean Cunningham, Managing Director at GTCR.
Financing for this transaction comes from Macquarie Corporate and Asset Finance Lending, Golub Capital, ORIX Leveraged Finance, Ares Capital Corporation and Business Development Corporation of America.
William Blair & Company served as the financial advisor to Rx30.
© 2015 PEPD • Private Equity’s Leading News Magazine • 6-17-15
