Frisco-based Soleo Health, a national provider of specialty pharmacy and infusion services, has been sold to Court Square Capital Partners and WindRose Health Investors.
Court Square is middle-market private equity firm and WindRose Health Investors is a New York-based healthcare private equity firm. Soleo was a portfolio company of Miami-based H.I.G. Capital, a global alternative investment firm with $67 billion of capital under management.
“We’re thrilled to partner with WindRose and Court Square on the next phase of our growth strategy,” Drew Walk, co-founder, president and CEO of Soleo Health, said in a statement. “They share our commitment to excellence, and their expertise and guidance will continue to enhance our reputation as a premier healthcare service provider, helping shape the landscape of the industry with our exceptionally talented team of professionals.”
“Together, we’re dedicated to improving the lives of our patients,” Walk added.
Soleo provides high-touch specialty pharmacy and infusion services to over 22,000 patients annually via a nationwide network of specialty home infusion pharmacies and ambulatory infusion suites. Soleo said that through its omnichannel approach and access to life-saving therapies across a wide range of therapeutic areas, it delivers differentiated care to enhance the lives of patients with complex, chronic, and acute conditions.
New York-based Court Square and WindRose said it partnered with Welk, Craig Vollmer, co-founder and chief commercial officer, and the rest of the Soleo executive team to recapitalize the business and provide additional capital to support future growth.
Scott Zhu, managing director at H.I.G., said in a statement that Walk and the Soleo management team “have done an outstanding job transforming Soleo from a regional infusion player into a national specialty care provider, with a variety of compelling growth opportunities. Soleo is an exceptional infusion platform led by a best-in-class leadership team, and we look forward to watching the company’s continued growth.”
Details of the deal
The firms said the strategic investment will enable Soleo to continue to scale and expand its footprint to care for more patients and serve additional clients across all 50 states.
“We’re excited to be partnering with Drew, Craig, and the Soleo team.” WindRose Partner CJ Burnes said in a statement. “We believe Soleo offers a market-leading and differentiated service to patients across the country. Together with Court Square, we look forward to accelerating Soleo’s expansion while maintaining the high level of care that is core to the company’s mission.”
“Soleo’s founder-led identity and commitment to providing comprehensive, personalized, and patient-centric care aligns perfectly with our investment strategy. We’ve been impressed by Drew, Craig, and the entire Soleo team, and we look forward to working with them and WindRose to support the Company’s continued growth,” added David Nguyen, managing partner at Court Square.
Houlihan Lokey acted as exclusive financial advisor to Soleo while Polsinelli PC served as legal advisor to Soleo and its management team.
Latham & Watkins LLP and Dechert LLP served as legal advisors to WindRose and Court Square. Cantor Fitzgerald served as financial advisor to Court Square and WindRose.
Soleo Health said it optimizes patient care solutions and delivers comprehensive services, leading to quantifiable clinical and economic value, resulting in positive patient experiences.
Soleo Health has 26 pharmacy locations with national nursing coverage and pharmacy licensure in 50 states and is accredited by URAC, ACHC with Distinction in Rare Disease and Orphan Drugs, National Association of Boards of Pharmacy and The Joint Commission. The company also operates more than 30 infusion suites and centers throughout the U.S.
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