Acquisition Creates Opportunity for Continued Rapid Growth
LOS ANGELES, August 11, 2014 – Triton Pacific Capital Partners, LLC (Triton Pacific) and Washington, D.C.-based ACON Investments, LLC (ACON) have joined forces to acquire Injured Workers Pharmacy, LLC (IWP) from Audax Group and Parthenon Capital Partners. Terms of the transaction were not disclosed. IWP is a leading specialty pharmacy serving patients in the $8 billion workers’ compensation, automobile personal injury protection and personal injury claim markets in the United States.
The company will continue to be led by President and CEO Ken Martino and other members of the existing senior management team. As part of this transaction, Triton Pacific and ACON partnered with Tracy Finn and Patrick Keefe, two former senior executives at Omnicare, a Fortune 500 company that is the market leader in professional pharmacy, consulting and data management services to skilled nursing, assisted living and other chronic care institutions. Moving forward, Finn and Keefe will serve on IWP’s Board of Directors.
“We look forward to rapidly growing IWP through our partnership with such an experienced management team and operating partners, Pat Keefe and Tracy Finn,” said Joe Davis, managing partner of Triton Pacific’s Healthcare Group. “All stakeholders including patients, physicians, and payers see value in IWP’s pharmacy model, and we see continued opportunity to grow through geographic market expansion as well as further penetration into other markets such as those of auto and personal injury claim.” IWP’s unique patient care advocacy program has demonstrated savings as injured workers return to work faster with better outcomes.
Ken Martino, president and CEO of IWP, commented, “The entire management team is eager to embark on this partnership with Triton Pacific and ACON. Under this new ownership IWP will continue to thrive as a patient advocacy group for injured workers in a complex and evolving environment that requires specialized solutions tailored to the unique characteristics of the workers’ compensation marketplace.”
IWP is a national pharmacy service working on behalf of chronically injured individuals. Fully licensed in 48 states, IWP removes the financial burden of the medication process by shipping medications directly to the patient and collecting payment from the insurance company. Through its state-of-the-art facilities located in Andover, Massachusetts and Phoenix, Arizona, IWP offers a full range of pharmaceuticals to ease pain and discomfort caused by injury and meets each patient’s individual needs through a dedicated team of pharmacists. In addition, IWP serves as a powerful resource to those who represent injured individuals. IWP serves attorneys and physicians by minimizing their staff’s time and expenses spent on medication and reimbursement issues. For more information on the company, please visit www.IWPharmacy.com
About ACON Investments
ACON Investments is a Washington, D.C.-based private equity investment firm that manages private equity funds and special purpose partnerships in the United States and Latin America. Founded in 1996, ACON and its principals have managed over $3.5 billion of capital. ACON has offices in Washington, Los Angeles, Mexico City, Sao Paulo and Bogotá. For more information, visit www.aconinvestments.com.
About Triton Pacific
Triton Pacific Capital Partners, LLC, founded in 2001, is a private equity firm that invests in middle-market companies in high growth or rapidly changing industries. Headquartered in Los Angeles, California, Triton Pacific currently manages four private equity funds and is the sponsor ofTriton Pacific Investment Corporation, a non-traded public Business Development Company. For more information, visit
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