The Carlyle Group has entered into an agreement to acquire WellDyneRx, a pharmacy benefit manager. WellDyneRx has annual EBITDA of approximately $75 million. The transaction is expected to close before the end of 2016.
WellDyneRx provides prescription drug management services to patients and drug plans through a network of retail providers, prescription drug mail order programs, and specialty drug pharmacies. Customers include small and mid-sized self-insured employers, unions, and municipalities. The company is led by its president Zachary Johnson and has offices in Lakeland, FL and Englewood, CO (www.welldynerx.com).
“We strive as a firm to invest in companies that improve accessibility and affordability of healthcare,” said Stephen Wise, Managing Director and Head of Global Healthcare for The Carlyle Group. “We are pleased to partner with WellDyneRx and look forward to working closely with its management team.”
The Carlyle Group (NASDAQ: CG) invests in buyouts, growth capital, real estate and leveraged finance in Africa, Asia, Australia, Europe, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The firm employs approximately 1,650 people in 35 offices across six continents and is based in Washington, DC (www.carlyle.com).
“WellDyneRx has enjoyed remarkable growth over the past few years as the company has transitioned from a niche player to a full-service pharmacy benefits manager. Carlyle provides the perfect combination of strategic and financial support to enable us to strengthen our commitment to our existing customers while pursuing greater scale in our operations,” said Mr. Johnson.
Equity for the transaction will come from Carlyle Partners VI, a $13 billion fund that closed in November 2013.
J.P. Morgan Securities (www.jpmorgansecurities.com) served as financial advisor to WellDyneRx.
© 2016 Private Equity Professional • 8-2-16
