[April 24, 2014] |
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Consonance Capital Partners Completes Recapitalization of Enclara Health, LLC
NEW YORK & WEST DEPTFORD, N.J. --(Business Wire)--
Consonance Capital Partners, the private equity arm of Consonance
Capital, a leading healthcare-focused investment firm, in partnership
with the Company's Founder and CEO, Andrew Horowitz, announced today
that is has completed the recapitalization of Enclara Health, LLC
("Enclara"), a national hospice-focused pharmacy services provider. The
recapitalization will expand the company's reach in the niche hospice
pharmacy benefit manager ("PBM") sector and enable the company to
capitalize on its innovative service offerings and mail order
infrastructure. Specific financial terms of the deal were not disclosed.
"Enclara was founded by hospice professionals and is dedicated to
providing differentiated pharmacy programs that truly meet our hospice
customers' specific needs," said Mr. Horowitz. "Hospice providers today
face increasing challenges - from cost pressures to escalating
regulatory requirements, and new quality of care measures. At Enclara,
we are developing technology enabled pharmacy solutions to help hospice
providers effectively manage through these changes. The financial and
healthcare-specific industry support that Consonance Capital offers will
allow us to continue to grow, innovate, and, ultimately, o further
solidify our commitment to our hospice industry partners."
Ben Edmands, Managing Partner of Consonance Capital Partners, said,
"Enclara is one of the nation's fastest growing hospice pharmacy
providers and is poised to continue to benefit from strong business and
industry fundamentals. The hospice sector is continuing to grow and is
facing a new set of opportunities and challenges particularly as it
relates to quality of care, regulatory requirements and specific
pharmaceutical needs. Enclara is providing differentiated solutions to
its hospice partners through its unique clinical driven model and
comprehensive mail order and PBM capabilities, which enable tighter
control of drug utilization than the typical PBM model. We are excited
to partner with Enclara to continue to provide its customers with the
country's most innovative pharmacy service solutions."
Consonance Capital Partners was advised by Latham & Watkins, LLP.
Enclara was advised by Houlihan Lokey and Norris McLaughlin & Marcus,
P.A.
About Enclara Health
Enclara Health, LLC ("Enclara") is a national full service mail order
and PBM supplier of medications and clinical services developed
specifically for the hospice and palliative care industry. Enclara was
founded in 2006 and is headquartered in West Deptford, NJ. The Company
employs approximately 50 clinical pharmacists trained in palliative
care, and provides pharmacy benefits to an average daily census of over
27,000 patients across the country. Enclara services some of the largest
hospice providers in the country, helping to reduce pharmacy costs
through a clinically driven model that enables home delivery of
pharmaceuticals, as well as access to a network of over 60,000 retail
and institutional pharmacies.
About Consonance Capital
Consonance Capital is a healthcare investment firm that invests broadly
across the healthcare landscape. Private investments, which include
growth equity, leveraged buyouts, and recapitalizations, are made under
the direction of Consonance Capital Partners, a private equity manager
led by Mitchell Blutt, MD, Benjamin Edmands, Stephen McKenna, and
Nancy-Ann DeParle. Public investments are made under the direction of
Consonance Capital Management, a long/short public equity manager.
Consonance Capital was established in 2005 and is located in New York
City.
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