MIAMI, July 9, 2024
/PRNewswire/ -- Boyne Capital ("Boyne") a Miami, FL based private equity firm focused on
lower middle market companies, announced today the sale of its
portfolio company, Infusion Associates ("IA" or the
"Company") to Vivo Infusion ("Vivo"). Boyne acquired IA in November
of 2018.
Infusion Associates, headquartered in Grand Rapids, Michigan, is a leading provider
of ambulatory infusion services across the Midwest U.S. The Company
specializes in long-term treatment of chronic health conditions
across a range of therapeutic areas including neurology,
gastroenterology, rheumatology, and immunology. With an extensive
formulary of more than 160 therapies, and a dedication to clinical
research that has kept IA at the forefront of emerging treatment
pathways, the Company has developed a reputation for high quality
patient care and management of complex conditions in an affordable
and accessible setting.
Since investing in IA and partnering with Founder and Chief
Medical Officer Dr. Khan Nedd, Boyne has worked closely with
management to support the Company's development, overseeing revenue
and EBITDA growth in excess of 5x. This included expansion from a
single location in Grand Rapids to
14 locations across Michigan,
Minnesota, Ohio, and Wisconsin, facilitated by a refined de novo
buildout playbook and seven targeted acquisitions since 2020. To
support this growth plan, the Company invested significantly in
corporate infrastructure, including the recruitment of a seasoned
leadership team and holistic systems upgrades to establish
industry-leading data tools and operational visibility.
Chuck Jett, CEO of Infusion
Associates, said, "Boyne has been a valuable partner to Infusion
Associates, taking a hands-on and collaborative approach to help us
establish the team, systems and capabilities that have been
foundational to our success. Together we have positioned the
Company for continued growth as part of the Vivo Infusion platform,
and I am grateful to Boyne for their support. I would also like to
thank the amazing Infusion Associates team that has helped us
continuously reach greater heights while maintaining a
best-in-class patient experience every step of the way."
Derek McDowell, Boyne's Managing
Partner and CEO, said "We thank the Infusion Associates management
team for their tremendous efforts building the Company over the
past five years, and Dr. Nedd for choosing Boyne Capital as his
partner to realize his entrepreneurial dream. The Company's growth
of more than 400% exemplifies how Boyne Capital can help drive
founder-owned businesses to realize their full potential. This
transaction is an amazing outcome for Infusion Associates
shareholders, and we wish the team continued success."
Scott Bartnick, Boyne Principal,
added "Our partnership with the Infusion Associates team has been
an incredibly rewarding experience, and we are grateful to
Chuck Jett, COO Lindsey Savickas, Dr. Nedd, and the entire
Infusion Associates team for their dedication and leadership.
Together, we have dramatically increased the breadth and depth of
the Company's market presence across the Midwest, establishing the
Company at the forefront of an industry with extraordinary momentum
while playing a critical role in lowering the cost of chronic
disease treatment."
Adam Herman, Boyne's COO, said
"The Infusion Associates story is a great example of Boyne's
multi-faceted operational model in action. At the time of our
initial investment, the Company had already established an
outstanding patient-first culture, but the infrastructure to
support an ambitious expansion plan was not yet in place.
Leveraging Boyne's unique operations and human capital resources,
we established the capabilities and leadership that enabled
significant growth while preserving the culture and patient
experience that differentiate Infusion Associates in the
market."
Khan Nedd, Founder and CMO of Infusion Associates, said "I
selected Boyne as a partner due to their expertise in team and
business-building, which has been instrumental in evolving Infusion
Associates into a leading chronic disease management platform
serving communities across the Midwest. Our collaboration has been
incredibly fruitful and has created great momentum heading into
this exciting next chapter with Vivo."
TripleTree served as exclusive financial advisor and DLA Piper
served as legal advisor to Infusion Associates.
About Boyne Capital
Boyne Capital is a Florida-based private equity firm focused on
investments in lower middle market companies. Founded in 2006,
Boyne has successfully invested in a broad range of industries,
including healthcare services, consumer products, niche
manufacturing, and business and financial services among others.
Beyond financial resources, Boyne provides industry and operational
expertise to its portfolio companies and partners with management
to drive both company performance and growth. Boyne specializes in
providing the capital necessary to fund corporate growth and
facilitate owners and shareholders' partial or full exit.
Contact Scott Bartnick
at sbartnick@boynecapital.com or 786.539.2247 with
inquiries related to the sale.
Media Contact
Natalia
Cosio
ncosio@boynecapital.com
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SOURCE Boyne Capital