Triton Pacific Healthcare Partners has closed its sale of BioMatrix Specialty Infusion Pharmacy to Frazier Healthcare Partners.
Triton Pacific and ACON Investments acquired BioMatrix in November 2016. During their ownership term, BioMatrix closed five add-on acquisitions which expanded the company’s geographic footprint, built its management team, and expanded its drug portfolio and infusion operations. In February 2023, BioMatrix sold its lower-margin specialty business – a distributor of specialty oral and self-injectable medications – to CVS Specialty. The combination of these efforts allowed Triton Pacific to earn 3x its invested equity in BioMatrix.
Today, BioMatrix is an independent specialty infusion pharmacy that services patients with chronic, complex, and difficult-to-treat conditions. The company has a diversified base of patients with over 2,500 physician-referral relationships across all 50 states.
BioMatrix’s core products and services include (1) specialty infusion pharmacy services which offer injected and infused medications that are not typically available at regular pharmacies; (2) home infusion services; (3) patient care management including personalized care plans, ongoing support, and education; (4) specialty medication distribution for autoimmune diseases, immune-mediated disorders, neurological disorders, and rare diseases; and (5) insurance and benefits coordination.
BioMatrix, led by CEO Ted Kramm and President Kathee Kramm, was founded in 2001 and is headquartered near Fort Lauderdale in Plantation, Florida.
“Backing best-in-class operators is a core tenet of our investment strategy, and we are thrilled to back Ted and Kathee,” said Philip Zaorski, a partner at Frazier. “As they have done previously, our shared vision for this asset is to build a nationally renowned platform that puts the patient at the center of everything we do.”
“It has been a pleasure to work with Triton Pacific since joining BioMatrix in 2023,” said Ms. Kramm. “The partnership between Triton and the extremely talented, hardworking staff at BioMatrix has been instrumental in our rapid growth over the last 12 months. The culture at BioMatrix truly revolves around the patient and putting their needs above all else. I am extremely proud of where we are today and very excited to watch the organization continue to reach new highs and unprecedented levels of growth.”
Los Angeles-headquartered Triton Pacific Healthcare Partners makes minority and majority equity investments of $50 million to $75 million in middle-market companies that have from $5 million to $15 million in EBITDA. The group invests in a broad spectrum of healthcare services, including physician practices, behavioral health, post-acute care, and pharmacy distribution, among others.
Frazier Healthcare invests from $50 million to $300 million in buyouts, recapitalizations and corporate carve-outs of healthcare services, pharmaceutical services, medical products, and life sciences companies that have between $10 million and $75 million of EBITDA. Target acquisitions can be located anywhere in the United States, Canada and Europe. Frazier Healthcare was founded in 1991 and is headquartered in Seattle.
Houlihan Lokey was the financial advisor to BioMatrix on this transaction with Managing Director Mike Pisani leading its transaction team.
© 2024 Private Equity Professional | July 10, 2024
Triton Pacific Healthcare Partners has closed its sale of BioMatrix Specialty Infusion Pharmacy to Frazier Healthcare Partners.
Los Angeles-headquartered 
