Paragon doubles revenues and increases the
number of infusion centers by 400% during Peak Rock's
ownership
AUSTIN, Texas,
Jan. 5,
2024 /PRNewswire/ -- An affiliate of Peak Rock
Capital ("Peak Rock"), a leading middle-market private investment
firm, announced today it has signed a definitive agreement for the
sale of Paragon Healthcare, Inc. ("Paragon" or the "Company") to
Elevance Health (NYSE: ELV).
Paragon is a leading provider of ambulatory and home infusion
services as well as specialty pharmacy services. The Company
provides comprehensive, high quality infusion services to patients
with chronic health conditions and those in need of post-acute
care. Headquartered in Plano,
Texas, with more than 70 infusion and pharmacy locations in
12 states, the Company has built an excellent reputation in the
industry for its service to patients across lower-cost settings of
care, including infusion centers and patients' homes.
Since acquiring Paragon from its founders, Peak Rock supported
the Company's strategic growth and operational initiatives. This
included a significant expansion of the Company's ambulatory
infusion center and pharmacy footprint, creating hundreds of jobs
and expanding access to infusion care across multiple states. The
Company also invested heavily in additional corporate
infrastructure, including new team members, information technology
systems, and enhanced operational capabilities. Paragon more than
doubled revenue and increased the number of infusion centers by
more than 400% during Peak Rock's ownership.
Spencer Moore, Managing
Director of Peak Rock, said, "Working with
the team at Paragon has been a tremendous experience. By
supporting the Company with strategic and operational resources,
Paragon has substantially grown its infusion footprint,
patient-treatment capabilities, and organizational talent. These
investments have enabled the business to support a rapidly growing
patient-base, while helping to lower the cost of healthcare."
Anthony Mollica, Chief Executive
Officer of Paragon, added, "Peak Rock has been an invaluable
partner to Paragon and has played a critical role in
supporting our ambitious growth plans through investments in the
Company's capabilities and people. We are excited to join Elevance
Health and look forward to continuing to support our patients with
high quality infusion care. In particular, I would like to
thank the entire Paragon organization, without whom we
could not have achieved our success to date."
Anthony DiSimone, Chief Executive
Officer of Peak Rock, said, "This transaction is another great
example of Peak Rock's expertise in providing resources and
strategic guidance to support the rapid growth and development of
family and founder-owned businesses. We look forward to
partnering with additional leading healthcare businesses that can
benefit from Peak Rock's capabilities to achieve transformational
outcomes."
Jefferies LLC acted as the financial advisor and Kirkland &
Ellis LLP acted as the legal advisor to the Company
on the transaction.
ABOUT PARAGON HEALTHCARE, INC.
Founded in 2002, Paragon Healthcare, Inc. is a leading provider
of infusion services to patients through its network of ambulatory
infusion centers, home infusion pharmacies, and other specialty
pharmacy services. The Company provides high quality, convenient,
comfortable, and lower cost care to patients with chronic and acute
conditions. Paragon is based in Plano,
Texas. For more information visit
www.paragonhealthcare.com.
ABOUT PEAK ROCK CAPITAL
Peak Rock Capital is a leading middle-market private investment
firm that makes equity and debt investments in companies in
North America and Europe. Peak Rock's equity investment platform
focuses on opportunities where it can support senior management to
drive rapid growth and performance improvement, with expertise in
corporate carve-outs and partnering with families and founders
seeking first-time institutional capital. Peak Rock's credit
platform invests across capital structures, with a broad mandate to
provide flexible, tailored capital solutions to middle-market and
growth-oriented businesses. Peak Rock's real estate platform makes
equity and debt investments in small to mid-sized real estate
assets in attractive, growing geographies. For further information
about Peak Rock Capital, please visit www.peakrockcapital.com
Media Contact:
Daniel Yunger
Kekst CNC
(212) 521-4800
daniel.yunger@kekstcnc.com
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SOURCE Peak Rock Capital LLC