August 20, 2018 (Boston, MA) – Covington Associates LLC, a leading middle market investment bank announced its role as advisor to Integrated Prescription Management (“IPM” or the “Company”), a full-service pharmacy benefit manager (“PBM”), in its recapitalization by Court Square Capital Partners (“Court Square”), a leading middle market private equity firm.
“This is a significant milestone for our Company,” said W. Troy Collins, founder and CEO of IPM. “Our mission is to improve the lives and health outcomes for our members and clients, and with the support of Court Square we will be able to accelerate our investments in capabilities, services, and infrastructure to better serve our community of members.”
IPM has been recognized eight times on the Inc. 5000 fastest growing private company list and has grown its national presence through offices in California, Texas, and Georgia. The Company is one of the few independent, national PBMs that can service clients of all sizes, including self-insured employers, TPAs, government entities, and health plans. The executive team of IPM will continue to lead the Company.
Tom Cibotti, Managing Director at Covington Associates commented, “We are pleased to have been given the opportunity to work with Troy and represent such a high quality, well-run organization as IPM. Court Square’s growth investment in IPM brings about an exciting time for both companies and we’re looking forward to seeing their continued success.”
About Covington Associates LLC
Covington Associates is an investment banking firm offering mergers and acquisitions (“M&A”) advisory to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals. Founded in 1991, the vision for Covington has been to provide clients with the highest caliber of senior-level attention and to remain an advice driven and results focused organization. Since its inception, Covington Associates has completed more than 300 transactions globally for both private and publicly traded companies totaling over $15 billion. For more information visit www.covllc.com.
About Integrated Prescription Management
Founded in 2009 and based in Fresno, CA, Integrated Prescription Management is a full-service pharmacy benefit manager committed to acting as a catalyst of healthy outcomes for its members and the community through collaboration, data integration, and investment in progressive healthcare solutions. IPM is committed to providing members and clients with the tools they need to create positive change and a lifetime of healthy habits, through treatment adherence initiatives, finding affordable long-term medication options, and encouraging members to become advocates for their own health. Learn more at www.rxipm.com.
About Court Square Capital Partners
Court Square is a middle market private equity firm with one of the most experienced investment teams in the industry. Since 1979, the team has completed over 215 investments, including several landmark transactions, and has developed numerous businesses into leaders in their respective markets. Court Square invests in companies that have compelling growth potential within the business services, general industrial, healthcare, and technology and telecommunications sectors. The firm has $4.4 billion of assets under management and is based in New York, N.Y. For more information, https://www.courtsquare.com.
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