Protegrity Client Acquired by AxelaCare Health Solutions
AxelaCare Health Solutions Acquires Advanced Care of New York
Expands Its Home Infusion Provider Network
October 2, 2014
LENEXA, Kan., Oct. 2, 2014 -- AxelaCare Health Solutions, www.axelacare.com, a leading provider of specialty home infusion services, announced today that it has acquired Advanced Care, a New York based home intravenous therapy provider. Terms of the transaction were not disclosed.
The acquisition increases the numbers of AxelaCare's intravenous solutions pharmacies to 18 nationwide and expands AxelaCare's national home IV therapy network into the New York-New Jersey metro area. AxelaCare has been growing in excess of 40 percent annually since its inception in 2008.
Acute home infusion covers a broad spectrum of therapies for patients discharged from hospitals and receiving infusion therapy at home. These include intravenous antibiotics, hydration, antiemetic, nutrition, inotropes, and other acute and chronic therapies delivered intravenously under a nurse's care. Increasing use of these therapies shortens hospital stays, saves healthcare dollars, and improves recovery, while avoiding costly hospital readmissions. Local pharmacies' ability to offer home infusion services increases responsiveness to acute infusion service needs and broadens market coverage for national managed care accounts.
"We are excited that Advanced Care, a regional industry leader in home infusion, is joining us in building a best-in-class, truly national home infusion company," said Ted Kramm, Chief Executive Officer, AxelaCare. "Their clinical expertise in acute infusion, excellent market coverage in the New York metro area, and ability to implement AxelaCare's platform to provide innovative patient outcomes technology, CareExchange®, makes Advanced Care the ideal partner for New York."
"Advanced Care has been called the home infusion jewel of New York State, evidenced by our 25 year history of providing the finest care possible for our patients, with pharmacy and nursing offices throughout the state," said Advanced Care Chief Executive Officer Stewart Gittelman. "We are pleased to be joining AxelaCare. Both companies have been built on a model of putting patient care first. That philosophy will continue as we build a world class home infusion company."
"AxelaCare continues to make strategic acquisitions to grow its unique platform in the healthcare sector and has shown impressive market growth with its efficient, scalable model that should expand as a larger share of the population seeks access to vital home infusion services," said Jay Wilkins, Managing Director at Harvest Partners, LP. AxelaCare is a Harvest portfolio company.
About AxelaCare Health Solutions
Based in Lenexa, Kansas, AxelaCare is a leading provider of home infusion therapies. Founded by a nurse and pharmacist team and focused on patient care first, AxelaCare is the market leader in supporting outcomes research for immune therapy and has created the industry's first electronic patient outcomes assessment technology, CareExchange®. AxelaCare has experienced tremendous growth, added top-flight management and employee teams in nursing, patient advocacy, pharmacy, sales and customer service. AxelaCare is also actively acquiring regional and local infusion pharmacies to grow its local market presence and deploy CareExchange® nationwide.
About Advanced Care
Founded in 1989, Advanced Care™ enjoys a reputation of providing its patients with exceptional home infusion services. Advanced Care provides discreet, full service home infusion care that includes infusion pharmacy and licensed nursing agency for home visits, available for NYC, NJ Metro Area, Long Island and Upstate NY, with local offices on Long Island, Syracuse and Albany.
About Harvest Partners
Founded in 1981, Harvest Partners, LP (www.harvpart.com) is a leading New York-based private equity investment firm pursuing management buyouts and recapitalizations of middle market companies in North America. Harvest focuses on acquiring profitable companies in the business and industrial services, manufacturing and distribution, healthcare, midstream energy, and consumer products and retail sectors. This strategy leverages Harvest's 31 years of experience in financing organic and acquisition-oriented growth companies.