Private equity firm TPG Capital is buying Envision Pharmaceutical Holdings Inc. for an undisclosed amount.
The PE firm, headquartered in Fort Worth, Texas, plans to expand Envision’s customer base.
Twinsburg, Ohio-based Envision owns and operates Envision Pharmaceutical Services, a pharmacy benefit management company. The company’s subsidiaries include Envision Insurance Co., a provider of Medicare Part D plans, Envision Medical Solutions, an administrator of prescription savings plans, Orchard Pharmaceutical Services Inc., a mail-order specialty drug pharmacy, and Design Rx, which provides fertility-related pharmacy services.
TPG, founded in 1992, has about $56.7 billion of assets under management. Its portfolio companies include Aerie Pharmaceuticals, Caesars Entertainment and Healthscope Ltd. TPG, in June, made a $135 million investment in AV Homes Inc. (Nasdaq: AVHI). The firm recently announced it is selling its stake in Strauss Group Ltd.
The deal is expected to close during the fourth quarter.
J.P. Morgan was Envision’s financial adviser, while BakerHostetler served as legal counsel. Bank of America Merrill Lynch and Credit Suisse acted as TPG’s financial advisers, and Cleary Gottlieg Steen & Hamilton LLP and King & Spalding LLP provided legal advice. J.P. Morgan, BofA Merrill Lynch and Credit Suisse also provided financing to TPG for the transaction.