Regions Provides Credit Facility to Salveo
Salveo Specialty Pharmacy, a specialty pharmacy company backed by Three Arch Partners, NewSpring Capital and Petra Capital Partners, announced the completion of a second round of equity and debt funding, and its subsequent acquisition of Mission Road Pharmacy, a pharmacy based in Los Angeles, focused on Oncology, HIV/AIDS, Hepatitis, Rheumatoid Arthritis and Mental Health therapies.
The additional equity financing was led by new investor, Sofinnova Ventures of Menlo Park, CA. The debt financing included additional subordinated debt provided by Petra, as well as a new senior credit facility provided by Regions Bank.
Co-founded by Jeff Freedman (CEO) and Chuck Brown (COO), Salveo Specialty Pharmacy is a specialty pharmacy company focused on the acquisition and operation of selected specialty pharmacies throughout the United States. Focusing on chronic and often underserved disease states, the company acquires pharmacies that share its commitment to improving chronic disease management and complement its existing operations, and then integrates them into a leading and unified specialty pharmacy organization.
Added Greg Ratliff, SVP of Regions’ Healthcare Group, “We are very pleased about the opportunity to partner with Salveo and enhance its capital position as it continues to grow both organically and through acquisition. Regions has an extensive lending background within healthcare services and specialty pharmacy, and we look forward to providing debt capital to Salveo as it continues to execute on its strategic goals and initiatives.”
“The Salveo management team welcomes our new partners in Sofinnova Ventures and Regions Bank. Sofinnova brings to Salveo a wealth of experience in healthcare investing, providing capital and expertise to support the growth of emerging pharmaceutical and biotech companies. Additionally, Regions has a strong healthcare lending practice and a proven track record assisting growth-oriented companies like Salveo fund their expansion plans. With the continued support of Three Arch, NewSpring and Petra, and the addition of Sofinnova and Regions to the Salveo team, we have exciting plans to expand and extend our services to meet the complex needs of our patients and customers,” said Jeff Freedman, CEO of Salveo. “And we look forward to working with the former owners of Mission and their entire team, who together have built an exceptional specialty pharmacy known for its clinical expertise, dedicated staff and their superior customer service and commitment to patient care.”