Nautic Partners has acquired ExactCare Pharmacy, a portfolio company of Primus Capital and a provider of medication adherence services to patients that use multiple medications. ExactCare is the eighth investment made by the firm’s seventh fund which closed in June 2014.
ExactCare specializes in helping patients on multiple medications adhere to their daily medication regimens. The company provides in-home patient assessment; medication reconciliation and medication therapy management performed by clinical pharmacists; refill management; multi-dose adherence packaging; and home delivery. ExactCare operates two pharmacies—one in Ohio and one in New Jersey—and is licensed across 49 states nationwide. The company dispenses approximately 2 million prescriptions annually to more than 20,000 patients. ExactCare was founded by Dale Wollschleger in 2009 and is headquartered in Cleveland (www.exactcarepharmacy.com).
ExactCare’s services result in patients being able to single source medications instead of having to manage the use multiple providers – known in the industry as the polypharmacy challenge. ExactCare’s customers – mainly health insurers, home health agencies, and health systems – benefit from better clinical and economic outcomes. “The benefits of medication adherence are well-known, which makes innovative pharmacy models like ExactCare extremely attractive,” said Scott Hilinski, Managing Director of Nautic.
At closing of the transaction, Doug Present, former CEO of Managed Healthcare Associates – a large service provider to independent, regional, and national healthcare providers – was appointed chairman of the ExactCare board of directors. Jim Smith, the former CEO of QoL Meds – an operator of in-house pharmacies in community mental health centers – also joined the board of directors.
“ExactCare provides a service that addresses the core of a very difficult problem in healthcare. By helping patients stay compliant with their medications, ExactCare improves the quality of care to medically complex patients and lowers healthcare costs,” said Chris Corey, Managing Director of Nautic. “ExactCare delivers a compelling value proposition that benefits all healthcare constituents. We are thrilled to be partnering with Dale and the entire ExactCare team during the next phase of the Company’s growth.”
Nautic Partners is a middle-market private equity firm that makes majority equity investments of $25 million to $75 million. Sectors of interest include industrial products, outsourced services, and healthcare. In January, Nautic completed fund raising for Nautic Partners VIII at the hard cap of $900 million. Nautic raised its cap to $900 million after receiving strong demand from both new and existing investors. The firm was founded in 1986 and is headquartered in Providence, RI (www.nautic.com).
Robert W. Baird (www.rwbaird.com) was the financial advisor to ExactCare on this transaction.
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 3-18-16
