Ferrer Freeman & Company has sold its portfolio company Amerita, a provider of home and specialty infusion services, to PharMerica Corporation.
Amerita was formed in 2006 with capital from Ferrer Freeman & Company (FFC) and the Amerita management team. Through de novo development, acquisitions, and organic growth, the company is now one of the nation’s largest independent providers of complex pharmaceutical products and clinical services to patients outside of the hospital, with 12 branches in Colorado, Oklahoma, Tennessee, Texas and Utah. The company is based in Irvine, CA (www.ameritaiv.com).
“FFC is very proud to have been associated with Amerita throughout its growth and development,” said David Freeman, a Founding Member at FFC. “Jim Glynn and the Amerita management team have built an organization with a patient centric approach that has achieved industry leading clinical outcomes and high levels of customer service. This outstanding service record is well recognized in the communities where Amerita operates and has been the driver of the company’s impressive growth.”
Ferrer Freeman & Company makes growth capital investments in the healthcare industry. Since its founding in 1995, the firm has invested over $900 million in 36 portfolio companies. Ferrer Freeman is based in Greenwich, CT (www.ffandco.com). The sale of Amerita to PharMerica represents the 11th exit for FFC since August 2010 and its 25th exit since inception.
“Amerita is representative of our core strategy of partnering with experienced management teams to take advantage of significant growth opportunities,” said Mr. Freeman. “When we invested, demand for home infusion services was high as cost-containment pressures were shifting care from the institutional setting to the home. Amerita has taken full advantage of these market dynamics. We wish Jim and the rest of the Amerita team much success as they continue to grow the business.”
As part of the transaction, Amerita CEO Jim Glynn will become the President of Amerita, a wholly owned subsidiary of PharMerica. “FFC’s experience in building market leading companies and its relationships in the healthcare industry have been instrumental in helping us achieve the scale and success we have to date. We are very excited about the next stage of growth for Amerita as part of the PharMerica organization,” said Mr. Glynn.
CIT Capital Securities acted as the exclusive financial advisor to Amerita. The transaction for CIT was led by Wesley Smith, Chris Schaefer and Robyn Friedman from CIT Healthcare. “CIT drove a sale process that yielded a great outcome for Ferrer Freeman & Company and Amerita’s equity holders,” said Mr. Freeman.
© 2012 PEPD • Private Equity’s Leading News Magazine • 12-14-12
