Sterling Partners and the Remedi SeniorCare (“the Company”) management team completed the partial sale of Remedi/Artromick to New York-based Centerbridge Partners, securing a $300 million equity commitment, of which $60 million was funded today. The investment from Centerbridge will support the continued growth of Remedi’s customer-driven innovations, Paxit™ and My Remedi™, as well as acquisitions and greenfield start-up pharmacies in new markets across the United States. Sterling will continue to participate in the ongoing growth of the business via a minority ownership position and will maintain a seat on the board.
“This investment represents a significant milestone for Remedi, and with it comes validation of our technology-enabled service offering, its game-changing abilities and the resulting extraordinary growth potential,” said Michael Bronfein, Remedi’s Chairman and CEO. “We have a clear vision for dramatically improving pharmacy services for our nation’s seniors and will do so by significantly expanding our operating footprint and offering our leading edge innovative technology and RapidResponse customer service to more customers in more locations across the United States.”
“This investment gives Remedi the strength to transform the way long-term care facilities manage medication administration for their residents,” said Eric Becker, Sterling Partners’ Senior Managing Director. “By working with providers in new markets across the country, Remedi is implementing new technologies and services that create efficiencies and cost-savings, further validating Remedi’s stated goal of enabling their customer’s success. We believe Remedi has the potential to change the long-term care industry as we know it.”
Through the development and deployment of innovative technologies and web-based solutions, Remedi enables long-term care facility operators and providers to efficiently deliver optimal medication management and unequalled resident safety and accuracy while significantly reducing drug costs. Enabled by the success of its proprietary Paxit Automated Medication Administration System and My Remedi Web Portal in concert with its RapidResponse℠ customer service offering, Remedi has successfully demonstrated the next generation of service capabilities in the long-term care pharmacy industry. Since deploying Paxit in August 2009, Remedi has dispensed more than 22 million individually blistered medication doses to residents in skilled nursing and assisted living facilities.