ORLANDO, FL—Triad Isotopes, Inc., a portfolio company of Parthenon Capital Partners, announced today that it closed the previously announced acquisition of the U.S. radiopharmacy network owned and operated by Covidien, a leading global healthcare products company based in Dublin, Ireland. This transaction continues Triad Isotopes’ aggressive growth and investment in the radiopharmaceutical industry.
Under the terms of the agreement, Triad has acquired the 37 Mallinckrodt radiopharmacies located in the United States, with net sales of approximately $180 million in fiscal 2009. With this acquisition, Triad becomes the second largest radiopharmacy network in the United States with over $300 million in annual revenue, strengthening a national footprint and adding facilities located in 24 of the top 30 metropolitan areas in the United States.
“We are pleased to welcome the Mallinckrodt network of radiopharmacies and new team members to Triad. This transaction is the next logical step in allowing us to better serve our customers and build value for our shareholders while making a positive impact in the communities we serve,” said Dom Meffe, President and CEO of Triad.
“Closing on the Covidien transaction transforms Triad into a national leader in the cardiology and cancer diagnostics business. The transaction is further validation of the original investment thesis and opportunity in nuclear medicine that we developed with Dom and the management team when we initially formed Triad in 2006. We are excited about the many future growth opportunities it brings,” said Brad Sloan, a Vice President at Parthenon Capital Partners.
As a result of the transaction, Triad owns and operates 63 radiopharmacies and 6 cyclotron facilities located nationwide and employs over 800 individuals. A radiopharmacy, also known as a nuclear pharmacy, is a pharmacy that compounds and distributes radiopharmaceuticals used primarily in imaging procedures for cardiac and cancer diagnosis. Cyclotrons are utilized to produce FDG (Fluorodeoxyglucose), a short-lived positron-emitting isotope suitable for PET (Positron Emission Tomography), an imaging technology that can be used to assess tissue biochemistry.
ABOUT TRIAD ISOPTOPES
The Triad business model provides customers flexible and creative solutions, choice of product through an open formulary and quick decision making at the local level. The Triad team is the customers’ trusted advisor, by supporting their clinical and operational needs, while living in and improving the communities they serve. For more information, visitwww.triadisotopes.com.
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