Shore Capital Partners announces sale of Sirona Infusion, LLC, Access I.V., LLC, HomeCare IV, and InfuSource
November 25, 2013 – Shore Capital Partners (“Shore”), a healthcare-focused private equity firm, is pleased to announce the sale of its home infusion therapy portfolio company, SCP Specialty Infusion, to AxelaCare Health Solutions, a leading provider of specialty home infusion services specializing in IVIg (immune globulin).
In November 2009, Shore partnered with Chris York, CEO, and Mitch Friedman, CFO, long time home infusion industry veterans, to complete a roll-up strategy in the space. In July 2010, the management team and Shore made their platform investment in Arizona-based Sirona Infusion, LLC. Over the next three and a half years, Shore and management completed three add-on acquisitions and built three de novo pharmacies to become one of the largest privately-owned home infusion platforms in the country. Shore and management integrated these distinct and regionally diverse companies by standardizing operations with weekly and monthly metric management, a unified IT platform, and consolidated HR, corporate compliance, accounting and finance.
“We are pleased to have partnered with management to build SCP Specialty Infusion into one of the preeminent home infusion providers in the country,” said Justin Ishbia, Founder and Managing Partner of Shore Capital Partners. “Further, the successful execution of our value creation plan has allowed us to complete the sale of SCP Specialty Infusion on favorable terms for our investors.”
“Over the last three and a half years, we’ve built a company on the model of putting the patient first,” said Chris York, CEO of SCP Specialty Infusion. “We are confident that this model, combined with aggressive business development and an intense focus on metric management, enabled us to build a scarce asset in the home infusion industry. Shore’s operational oversight and financial support coupled with management’s industry expertise were highly complementary and helped facilitate the platform’s growth.”
The transaction closed on October 31, 2013. Terms of the transaction are not disclosed. Bass, Berry & Sims PLC provided legal counsel to SCP Specialty Infusion.
The sale of SCP Specialty Infusion marks the second successful realization for Shore, which was founded in 2009. In August, the firm announced in a press release the sale of its physical therapy platform, SCP Physical Therapy, to ATI Physical Therapy. Shore has completed 11 investments across the home infusion, lab services, physical therapy, and urgent care sectors.
About SCP Specialty Infusion
SCP Specialty Infusion, founded in 2010 with the acquisition of Sirona Infusion, LLC, is the premier provider of acute home infusion services in the Western U.S. Its network of pharmacies, infusion centers, and nursing staff spans Arizona, New Mexico, California, Colorado, and Oregon. Therapies delivered include the full spectrum of acute and chronic infusion therapies including anti-infective, oncolytic, total parenteral nutrition (TPN), cardiac, hydration, and other intravenously delivered medicines.
