Cyprium Backs Pharmacy Services Provider

Cyprium has made a subordinated debt and minority equity investment in OneroRx, a provider of pharmacy services.

OneroRx provides retail, specialty and tele pharmacy services and medical supplies to individuals, regional hospitals, senior living facilities, long-term care facilities and group homes in rural counties and urban areas across the Midwest that have historically been underserved by the large national chains. The company fills over 3 million prescriptions annually to patients in 6 states through 65 locations.

OneroRx has grown through both greenfield expansion and add-on acquisitions of single- and multi-locations including several during the past year. The company, led by President and CEO Joseph Dunham II, is headquartered in West Des Moines, Iowa.

“We strongly believe in the importance of providing continued local access to comprehensive pharmacy services,” said Mr. Dunham. “Our strategy is to continue expanding our footprint to combat the increasing number of pharmacy deserts in the US, and this transaction provides us with the capital needed to execute our growth plan.”

“I was incredibly impressed by the skill and dedication of OneroRx’s management team and employees,” said Beth Haas, a partner at Cyprium. “The company’s ability to offer vital services at affordable prices is an essential component of improving patient outcomes and we are thrilled to support them in this endeavor.”

Cyprium provides subordinated debt, preferred and common stock as a minority investor to family, founder, and entrepreneur-owned companies for growth, shareholder dividends and buyouts, ESOPs, and minority recapitalizations. The firm invests from $5 million to $60 million per transaction in North American-based companies that at least $4 million in EBITDA.

Cyprium – with offices in Cleveland, New York, and Chicago – was formed in 2011 when the investment team of Key Principal Partners – which was formed in 2008 – spun out from financial services firm KeyCorp to form Cyprium. In April 2020, Cyprium closed its fifth fund, Cyprium Investors V LP, with $445 million of committed capital.

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