Dispensing Solutions Sells to PSS World Medical
Santa Ana, CA & Tampa, FL – January 19, 2011 – After over four years of successful ownership, HealthEdge Investment Partners, LLC (“HealthEdge”), a Tampa, Florida-based private equity fund focused exclusively on healthcare, sold Santa Ana, California-based Dispensing Solutions, Inc. (“DSI”), a national pharmaceutical re-packaging and in-office medication dispensing company, to PSS World Medical (“PSS”).
DSI is the industry leader in prepackaged medications and re-packages and re-labels various drug formulations. The Company is licensed by the U.S. Food and Drug Administration, by the state of California as a drug manufacturer, and throughout the United States as a wholesale distributor. As the provider of the DispenseQuick in-office dispensing program, DSI packages over 1,600 SKU’s of brand and generic drugs, controlled substances, injectables, creams, ointments, liquids, and suspensions, and provides web-based software dispensing applications to thousands of physician dispensing programs across the nation. As a provider of medications to First Response programs, DSI supplies government agencies of all levels with prophylactic antibiotics medication in ready to deploy “push packs.” DSI also fulfills the needs of companies of all sizes in search of a scalable, dependable, quality-centric packaging partner. DSI’s FDA/DEA registered, NAPB/VAWD certified, state-of-the-art packaging facility is located in Santa Ana, CA and has regional offices in Atlanta, Chicago, and St. Louis.
HealthEdge acquired DSI in 2006 and promptly hired Guy Bryant as its Chairman and Chief Executive Officer. Prior to joining DSI, Mr. Bryant served as Executive Vice President of Priority Healthcare Corporation, a publicly traded company that was purchased by Express Scripts, Inc. (NASDAQ: ESRX). Together, HealthEdge and Mr. Bryant built a management team that has grown the business to become a leading provider of pharmaceutical repackaging, relabeling, and turnkey dispensing programs and services.
The management team of DSI supported the transaction, recognizing PSS’s track record with similar business and its thorough understanding of the government re-packaging and point of care dispensing industries. This announcement represents PSS’s second transaction in the point of care market in the past few months, following the acquisition of Jacksonville-based Linear Solutions, Inc. in November.
Guy Bryant, CEO of DSI, said, “Dispensing Solutions is a well managed business that has grown significantly since HealthEdge made their investment in September 2006, and it has been rewarding building this business into one of the market leaders. This acquisition for PSS strengthens their position as a leading distributor of products and services to the physician marketplace.”
Brian Anderson, Managing Partner of HealthEdge, said, “Since investing in DSI, our focus has been building an industry leading pharmaceutical repackaging business. Having accomplished many of our original goals, the sale of DSI to PSS is a natural evolution of the business to its next stage. DSI will be a key component to PSS’s strategic growth strategy and creates much greater long- term value for DSI’s customers and employees.”
About HealthEdge Investment Partners, LLC
HealthEdge Investment Partners, LLC is an operating-oriented private equity firm founded in 2005 that focuses exclusively on the healthcare industry. HealthEdge seeks to achieve superior returns by investing in businesses that benefit from the knowledge, experience and network of relationships of its partners. HealthEdge’s partners have more than 100 years of combined operating experience in healthcare as CEOs and investors. For more information on HealthEdge, visit www.healthedgepartners.com.
About PSS World Medical, Inc.
Based in Jacksonville, Florida, PSS World Medical, Inc. is a distributor of medical products and equipment, pharmaceutical products, healthcare information technology and billing services to alternate-site healthcare providers, including physician offices, long-term care and assisted living facilities, home healthcare and hospice providers. The Company has 40 full-service distribution centers, which serve all 50 states throughout the United States. It conducts business through two operating segments: the Physician Business and the Elder Care Business. The Physician Business, or the Physician Sales & Service division, is a distributor of medical supplies, diagnostic equipment, pharmaceutical related products and healthcare information technology to alternate site healthcare providers in the United States. The Elder Care Business, or the Gulf South Medical Supply, Inc. division, is a distributor of medical supplies and solutions to the long-term and elder care industry in the United States.