BOSTON, MA – July 23, 2014 – Parthenon Capital Partners (“Parthenon Capital”), a leading growth-oriented private equity firm, has completed the sale of portfolio company Injured Workers Pharmacy, LLC (“IWP”) to ACON Investments, LLC. President and CEO Ken Martino will continue to lead the company going forward. Terms of the transaction were not disclosed.
Headquartered in Andover, Massachusetts, IWP is the leading national home delivery pharmacy serving patients in the $8 billion workers’ compensation, automobile personal injury protection and personal injury claim markets in the United States. IWP serves chronically injured individuals and 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, 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.
“On behalf of our entire team, I’d like to thank Parthenon Capital Partners for their support and involvement over the last several years,” commented Ken Martino, President and CEO of IWP. “We’re proud of the Company we built and look forward to continuing to excel in the years ahead.”
“We are very pleased we had the opportunity to work alongside Ken and the IWP team since 2011 and are proud of all the Company’s accomplishments,” said David Ament, a Managing Partner at Parthenon Capital. “IWP is a special company and we wish them the best of luck going forward.”
Jefferies & Company advised IWP. Kirkland & Ellis LLP served as legal counsel to IWP.
About Parthenon Capital Partners
Parthenon Capital Partners is a leading mid-market private equity firm based in Boston and San Francisco. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in business services, financial and insurance services and healthcare, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. Parthenon’s investment team has deep experience in corporate strategy, capital markets and operations, enabling the firm to pursue complex, multi-faceted value creation opportunities. For more information, visit www.parthenoncapital.com.