Norwest Mezzanine Partners Invests $37.0 Million in Pentec Health
June 12, 2012
Minneapolis, Minnesota – Norwest Mezzanine Partners (NMP) today announced that it has invested $37.0 million in subordinated debt and equity to support Norwest Equity Partners’ (NEP) recent investment in Pentec Holdings, Inc., a leading national provider of specialty infusion services to patients who require access to complex pharmaceutical products and services outside of the hospital setting. This investment was made out of NMP III, a $750 million limited partnership.
“With solid leadership by CEO Joe Cosgrove and his management team, Pentec is poised for continued growth and performance. On behalf of the NMP team, we are excited to support NEP’s investment and participate in this transaction,” stated Carter Balfour, NMP Partner and Pentec board member.
For nearly 30 years, Pentec has been a leading specialty infusion pharmacy focused on providing innovative and proprietary nutritional therapies for patients suffering from chronic renal failure and highly complex therapies for patients with intrathecal pumps. The Company operates two primary divisions, Renal and Specialty Infusion (“SI”).
The Renal division delivers proprietary and patent-pending therapies, including PROPLETE, which are designed to address issues of protein malnutrition in patients suffering from End Stage Renal Disease. With the introduction of PROPLETE in 2008, Pentec has become the innovation leader in the renal nutrition therapy market, offering a product which delivers superior clinical outcomes compared to those achieved by traditional therapies, which have remained virtually unchanged through the years.
Pentec’s Joint-Commissioned-accredited SI division is the largest and most sophisticated provider of pain and spasticity management home infusion therapy. Employing a highly differentiated nursing model and 24-hour support services 365-days a year, the SI division positions Pentec as the only provider in the U.S. to offer this level of patient care and physical support for patients with intrathecal pumps. In addition to patient-direct support, the SI division also partners with physicians to help them better care for their patients, offering real-time patient interaction and feedback via robust technology systems.
With nearly $5 billion of combined capital under management, NEP and NMP are affiliated investment vehicles with strategies focused on providing capital to middle market businesses. Both firms possess flexibility and breadth in their investment charters, giving them a unique advantage over similar entities.
Pentec employs nearly 300 people and is headquartered in Boothwyn, Pennsylvania. More information can be found on www.pentechealth.com.