Lee Equity Partners has sold PDR Network – a distributor of drug labeling information for regulatory and compliance purposes – to Genstar Capital.
PDR Network was created by Lee Equity in 2009 when it capitalized the company and merged two corporate carve outs – Physician’s Desk Reference and Healthcare Notification Network – and subsequently acquired LDM Group in 2014. Through these acquisitions and the launch of new products, the company transitioned from a legacy print-based platform to a digital information services network. PDR Network is led by Mark Heinold, Chief Executive Officer, and is based in Montvale, NJ (www.pdrnetwork.com).
According to the company, The Physicians’ Desk Reference suite of services is the most-recognized drug information reference in the US—available in the a classic print edition, on PDR.net, via mobilePDR, as well as through prescriber workflow in eRx, EMR, and EHR applications.
“Under Mark Heinold’s leadership, the business has transformed into a high-growth healthcare information services company. The company’s strong competitive position and growth trajectory provides a solid foundation for the company’s next stage of development,” said Dave Morrison, Partner at Lee Equity.
Lee Equity Partners focuses on control buyouts and growth capital financings, typically investing $50 million to $150 million of equity per transaction. Target companies have enterprise values of $100 million to $500 million and are located in the United States. Sectors of interest include financial; healthcare and business services; retail and consumer products; media; and industrial. The firm is based in New York (www.leeequity.com).
“Lee Equity provided tremendous strategic, operational and financial support as we integrated add-on acquisitions and created a technology enabled communications network for the pharmaceutical industry,” said Mr. Heinold. “We appreciate their partnership and are excited about the resulting opportunities ahead.”
Piper Jaffray (www.piperjaffray.com) was the financial advisor to PDR Network.
© 2015 PEPD • Private Equity’s Leading News Magazine • 12-8-15
