Audax Group has completed the sale of Injured Workers Pharmacy, LLC (“IWP”) to ACON Investments, LLC. Headquartered in Andover, Massachusetts, IWP is the leading national home delivery pharmacy serving patients in the $8 billion workers’ compensation, automobile personal injury protection and personal injury claim markets in the United States. IWP serves chronically injured individuals and removes the financial burden of the medication process by shipping medications directly to the patient and collecting payment from the insurance company. Through its state-of-the-art facilities, IWP offers a full range of pharmaceuticals to ease pain and discomfort caused by injury, and meets each patient’s individual needs through a dedicated team of pharmacists. In addition, IWP serves as a powerful resource to those who represent injured individuals. IWP supports physicians and attorneys by minimizing their time and expense spent on medication and reimbursement issues.
Geoffrey S. Rehnert, Co-Chief Executive Officer, Audax Group, said: “The IWP management team did a terrific job working with us to grow the company through sales force expansion and end market diversification. These initiatives positioned IWP to become the leading pharmacy serving workers’ compensation patients. We wish Ken and his team continued success.”
** Ken Martino, **President and CEO, Injured Workers Pharmacy, said: “Audax Group was a great partner for us. Their experience supporting multi-faceted organic growth strategies was essential as we built IWP into the leading player within our market.”
Jefferies & Company advised IWP. Kirkland & Ellis LLP served as legal counsel to IWP.