Media Contact
Kelly Zitlow, 847-858-5230
kelly.zitlow@waterstreet.com

Access MediQuip Promotes Key Executives

Access MediQuip, the nation’s largest and leading innovator in surgical and implant management solutions, today announced that it has appointed Executive Vice President Jon Buffa as interim president and chief growth officer. In addition, the company has promoted Jorge Amaro to chief operating officer.

The appointments are part of a leadership transition that allows Prakash Patel, M.D. to step down as CEO on December 31, 2014 and begin his new role as chief operating officer of GuideWell Mutual Holding Corporation, which includes Florida Blue, and president of GuideWell Health. Access MediQuip’s board of directors has commenced a national search for a CEO.

“On behalf of the board, I would like to thank Prakash for his service to Access MediQuip. He has led the organization through a period of rapid growth and strategic investments that have positioned Access MediQuip as a leader in surgical and implant management solutions,” said Steve Shulman, chairman of the board, Access MediQuip. “Jon and Jorge have been instrumental in working with Prakash to expand the company’s customer base and extend its capabilities. They will continue to lead this charge, as the Board focuses on identifying a new CEO who can build on Access MediQuip’s positive momentum in the marketplace.”

Since joining Access MediQuip’s management team four years ago, Mr. Buffa has partnered with Dr. Patel and others on the Access team to help drive the company’s growth with the nation’s largest health insurers. Previously, he held senior positions focused on strategic partnerships and product development with specialty benefits management companies including National Imaging Associates and CareCore National. Mr. Amaro has spearheaded Access MediQuip’s initiative to develop and introduce technology-driven products. Prior to joining the company as chief information officer in 2010, he led business process and IT management for organizations such as DaVita and Genentech.

Dr. Patel, who will continue to serve as a member of Access MediQuip’s board of directors, commented, “It was a difficult personal decision to leave Access MediQuip and one that was driven by an extraordinary professional opportunity. I am very proud of our team and the innovative services that Access MediQuip provides to customers. I look forward to staying involved with Access MediQuip as it continues to deliver leading analytics, cost savings and quality enhancements around surgical and implant procedures to make a measurable difference for patients, surgeons, facilities and payers.”

About Access MediQuip

Access MediQuip is the only company in the country that provides an integrated, comprehensive surgical and implant management solution (SIMS) program. With more than 17 years of experience, Access MediQuip provides payers, facilities, physicians and accountable care organizations with analytics to understand their implant spend, manage and control the high costs of implants and surgeries, and improve the quality and safety of surgical procedures, while maintaining full access and choice of implants for facilities, surgeons and, ultimately, patients. The company was founded in 1997 and is headquartered in Lake Mary, Florida. Access MediQuip is a company of Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry. For more information, visit www.accessmediquip.com.

Expand

CHS & Take Care Announce New Name

CHS Health Services (CHS) and Take Care Employer Solutions, LLC today launched the new name and brand of their combined company: Premise Health.

The brand is designed to reflect the company’s commitment to advancing worksite health, increasing patient engagement and improving health outcomes for employers and their workforces.

“The brand Premise Health captures the core of our mission, which is to engage employees and their families in meaningful ways that change behavior and improve health, so they and their employers can be at their best every day,” said Stuart Clark, CEO, Premise Health. “We will transform worksite health to improve patient, provider and client experiences. To that end, we are investing in technologies that sustainably engage patients, improve the efficiency and satisfaction of providers, and allow employers to track outcomes. We believe the worksite health center can and should be a platform that delivers more.”

Premise Health was formed earlier this year when CHS and Take Care, a former subsidiary of Walgreen Co., merged to create a leading worksite health company. With 85 years of experience, Premise Health manages more than 500 worksite health and wellness centers for more than 200 of the nation’s leading employers. The company provides organizations and their employees with a range of onsite health services including primary care, pharmacy, occupational health, wellness and condition management, physical therapy and fitness center management.

The company’s team members, customers and partners provided input throughout the naming and branding process. More than 1,000 names were reviewed before the company’s associates selected Premise Health. Premise Health will showcase its new brand at the 12th Annual Congress on On-Site Employee Health Clinics in Las Vegas, January 22-23, 2015.

About Premise Health

Premise Health is a leading worksite health company dedicated to improving the cost and quality of employee healthcare. With 85 years of experience, Premise Health manages more than 500 worksite-based health and wellness centers across the country. The company serves more than 200 of the nation’s leading employers, including a significant number of the Fortune 1000. Premise Health is a company of Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry. For more information on Premise Health, visit www.premisehealth.com.

Expand

BioClinica Appoints CEO

BioClinica®, Inc., a leading provider of specialty outsourced clinical trial services, announced today that it has appointed John Hubbard, Ph.D., FCP, as chief executive officer and a member of the board of directors.

A seasoned pharmaceutical executive, Dr. Hubbard, 58, will join the company from Pfizer Inc., where he has served as senior vice president and worldwide head of development operations. Dr. Hubbard will assume the CEO position on January 5, 2015 from Mark Weinstein.

“John is ideally suited to lead BioClinica. His breadth of experience in virtually every aspect of the drug development process gives him a unique understanding of our customers’ needs, and how BioClinica can support them in efficiently managing the complexities of their trials,” said Jeffrey McMullen, chairman, BioClinica.

He added, “On behalf of the board, I’d like to thank Mark for his years of service to BioClinica. He has done an outstanding job of bringing together BioClinica and CCBR-SYNARC’s capabilities following their merger earlier this year. The company is strongly positioned to offer customers a comprehensive suite of clinical trial solutions, including imaging services, patient recruitment, cardiac safety and eClinical services.”

During his 30-year career, Dr. Hubbard has spearheaded pharmaceutical research and development initiatives for some of the industry’s premier organizations. At Pfizer, he was responsible for more than 450 Phase 1-4 clinical projects per year. He also served on the taskforce that redesigned Pfizer’s research and development organization. Prior to Pfizer, Dr. Hubbard was group president of ICON plc’s clinical research services business, the company’s largest business division. During his tenure, ICON was named one of the country’s fastest growing companies by FORTUNE. Dr. Hubbard also has held management positions at PAREXEL International Corporation, Revlon Health Care Group and Hoechst Marion Roussel Pharmaceuticals (now owned by Sanofi).

“I am delighted to become part of the BioClinica organization. We have a unique opportunity to partner with pharmaceutical companies and contract research organizations as they navigate unprecedented pressures, which I have experienced firsthand, and to improve the efficiency and effectiveness of drug development,” said Dr. Hubbard. “BioClinica has exceptional scientific acumen, sophisticated technologies and specialized services that I believe will be instrumental in helping customers overcome these challenges and achieving their goals for bringing new products to market.”

Dr. Hubbard is a member of the Society of Clinical Pharmacology and Therapeutics, Drug Information Association and has served on its Special Interest Advisory Committee on Project Management. He is a board certified diplomat in applied pharmacology and was elected as a fellow of the American College of Clinical Pharmacology (ACCP). Dr. Hubbard has authored and co-authored articles and chapters on biopsychology, cardiovascular, clinical pharmacology and global drug development. He received his bachelor’s degree in biopsychology from the University of Santa Clara and a doctorate from the University of Tennessee. Dr. Hubbard was a National Institute of Health postdoctoral fellow in cardiovascular and clinical pharmacology at the University of Texas Health Sciences Center.

About BioClinica, Inc.

BioClinica accelerates the development of new medical therapies by delivering expertise and technologies that enhance clinical research, worldwide. Our industry-leading medical imaging services, cardiac safety, patient recruitment and management, and enterprise eClinical platform bring a new level of quality and efficiency to every phase of clinical development. Our experience spans three decades and includes thousands of studies in all therapeutic areas, from design and management, through submission and post-approval. BioClinica serves more than 400 pharmaceutical, biotechnology, and device companies – including all the top 20 - through a network of offices in the U.S., Europe and Asia.

Expand

Breg and UOG Merge to Create Sports Medicine Leader

Breg, Inc. and United Orthopedic Group, Inc. (“UOG”) announced today that they have merged to create a leading U.S. provider of sports medicine, rehabilitative orthopedic products and services.

Brad Lee, president of Breg, has been appointed president of the newly combined company.

Together, Breg and UOG will offer one of the industry’s most comprehensive suites of products and services to support orthopedic providers with preventing and rehabilitating orthopedic injuries.  Their combined product portfolio will feature four major product brands of orthopedic braces, cold therapy devices and deep vein thrombosis prophylaxis products: Breg, Bledsoe Brace Systems, Hope Orthopedics and Cothera.  In addition, customers will have access to an expanded menu of services to support the operations of their orthopedic practices with the addition of Viscent LLC, a UOG company specializing in billing.

“This merger brings together two leaders who are highly regarded for their patient-centric product design and commitment to serving customers from every angle,” said Mr. Lee.  “As one company, Breg and UOG offer a unique portfolio of innovative, world-class quality products and services that meet most every need of orthopedic providers and their patients. Together we have the opportunity to shape new frontiers in orthopedic care.”

Breg and UOG’s merger comes as demand for rehabilitative products is growing, driven by the aging U.S. population, rising prevalence of chronic conditions and the health care industry’s focus on containing costs through non-surgical treatments. With nearly 60 years of combined experience in developing and manufacturing bracing and cold therapy products, Breg and UOG plan to leverage their research and development capabilities to develop new devices in collaboration with orthopedic providers.

“I am very pleased to have completed this merger with Breg,” said Gary Henley, chief executive officer, UOG. “The combination of our design expertise and operational capabilities puts the company in a much stronger position to support customers with achieving their goals for improving patient outcomes and enhancing the overall patient experience.”

Mr. Henley will serve as an advisor to the combined company and be part of the executive steering committee that will lead the integration of Breg and UOG. Together, Breg and UOG will employ approximately 1,000 people and operate in 47 countries. UOG will operate as a wholly-owned subsidiary of Breg. The combined company will be headquartered in Carlsbad, Calif.

Financial terms of the merger are not being disclosed.

About Breg, Inc.

Breg provides premium, high-value sports medicine products and services that advance orthopedic patient care. From pioneering cold therapy and innovative bracing to caring customer service and award-winning orthopedic practice business solutions, Breg delivers a 360⁰ customer experience unmatched in the industry. Founded in 1989, Breg is based in Carlsbad, Calif., and is a company of Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry. For more information, visit www.breg.com.

About United Orthopedic Group, Inc.

United Orthopedic Group (UOG) is a global orthopedic company with diverse operations all designed to provide outstanding service to orthopedic physician customers. In addition, its manufacturing subsidiaries produce some of the highest quality non-invasive orthotic rehabilitation products available today to thousands of satisfied patients worldwide. UOG is a rapidly growing company with strong financial backing and an active acquisition program to add new partner companies to its team.  For more information, visit www.unitedorthogroup.com/

Expand

Water Street Company to Acquire Corgenix

Corgenix Medical Corporation (OTC QB: CONX.OB), a worldwide developer and marketer of diagnostic test kits, today announced that it has entered into a definitive merger agreement to be acquired by Orgentec Diagnostika, a leading specialty diagnostics company headquartered in Mainz, Germany.

The strategic acquisition will extend both companies’ global distribution network and broaden their portfolio of specialty diagnostic assays.

Under the terms of the agreement, which has been approved unanimously by Corgenix’s Board of Directors, Corgenix shareholders will receive $0.27 in cash for each share of common stock they own, in a transaction valued at approximately $16 million. The per-share price represents a 29% premium to the Corgenix average share price of $0.21 over the 90-day period prior to the Company’s announcement on March 12, 2014, that it was exploring strategic alternatives.

Together, Orgentec and Corgenix will offer more than 350 tests, primarily enzyme-linked immunosorbent assays (ELISA), that diagnose a range of conditions, including autoimmune, vascular, infectious disease and organ function. As a combined company, they will serve thousands of hospitals and reference laboratories throughout Europe and the U.S., as well as the emerging markets of Asia, Latin America and the Middle East.

“The Corgenix brand is very respected in our industry space, and this transaction provides excellent value to Corgenix shareholders,” said Corgenix President and CEO Douglass Simpson.     “After a robust auction process and a thorough review of all alternatives, including staying as an independent company, the Company’s Board of Directors strongly believes that acceptance of the Orgentec offer is the best choice to maximize our shareholders’ value.”

Werner Hofacher, CEO of Orgentec, added, “Our agreement with Corgenix is an important step toward achieving our strategy of building Orgentec into a global specialty diagnostics leader.  It will give us an immediate direct presence in the United States, where Corgenix is highly regarded for its quality and innovation.  Together, we will offer a unique portfolio of complementary tests and automated instruments that help health care providers diagnose rare conditions and diseases across key medical specialties.”

The agreement to acquire Corgenix is Orgentec’s first significant step toward expanding its position in the global specialty diagnostics market since partnering with Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry. Orgentec, which was founded in 1988, announced its partnership with Water Street in May 2014.

“Corgenix is a key component of Water Street’s strategic plan to build Orgentec into a global specialty diagnostics leader,” said Scott Garrett, a senior operating partner with Water Street and chairman of Orgentec.  “We will continue to invest in targeted acquisitions, and research and development initiatives that will further expand Orgentec’s strong platform of highly specialized diagnostic solutions.”

The transaction is subject to approval by Corgenix shareholders and other customary closing conditions, and is expected to close in the fourth calendar quarter of 2014.

Inverness Advisors, a division of KEMA Partners LLC, acted as financial advisor to Corgenix in connection with the transaction.

About Corgenix Medical Corporation

Corgenix is a leader in the development and manufacturing of specialized diagnostic kits for immunology disorders, vascular diseases (including the world’s only non-blood-based test for aspirin effect), bone and joint disorders and a line of unique detection products for viral hemorrhagic disease. Corgenix diagnostic products are commercialized for use in clinical laboratories throughout the world. The company currently sells over 50 diagnostic products through a global distribution network and has significant experience in product submissions to the FDA and other worldwide regulatory authorities. Additionally, Corgenix contract develops and manufactures products for key medical and life science companies in state-of-the-art facilities in Colorado. The company operates under a Quality Management System that is ISO 13485:2012 certified and compliant with FDA regulations. More information is available at www.corgenix.com (Corporate website) and www.corgenix.net (Contract Services website).

About Orgentec

Orgentec offers a portfolio of more than 300 tests, primarily enzyme-linked immunosorbent assays (ELISA), that help diagnose rheumatology, thrombosis and gastroenterology disorders, as well as infectious diseases. It also offers a fully automated instrument and associated test kits that enable laboratories to complete multiple assays and deliver faster results than traditional ELISA tests.  Orgentec has a well-established position in Europe and a growing presence in Asia, Latin America and the Middle East.  Orgentec is a company of Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry.  For more information, visit www.orgentec.com.

Expand

HealthPlan Services CEO Receives Leadership Award

Jeff Bak, president and CEO of HealthPlan Services (HPS), was named Ernst & Young’s Florida Entrepreneur Of The Year in Health Care Services.

Under Bak’s guidance, HPS has become the nation’s leading technology, sales, retention and administrative services provider for the insurance and managed care markets, including the top administrator of public and private health insurance exchange members.

The Entrepreneur Of the Year Award recognizes outstanding high-growth individuals who demonstrate excellence and extraordinary success in such areas as innovation, financial performance and personal commitment to their businesses and communities. Selected by an independent judging panel made up of previous award recipients, leading CEOs and other regional business leaders, award recipients were recognized at a special gala at the Hilton Orlando.

During his acceptance speech Bak acknowledged those who have helped him along the way. “It is a real honor to be selected as a recipient of this prestigious award and to represent the State of Florida,” he said. “It was not a solo accomplishment. It took the support and hard work of my executive leadership team and all the employees at HPS whose hard work and dedication made us an industry leader and one of Tampa’s fastest growing companies.”

EY’s Entrepreneur Of The Year is the world’s most prestigious business award for entrepreneurs, recognizing the significant contributions of those who inspire others with their vision, leadership and achievement. As a regional award recipient, Bak is eligible for consideration for the EY Entrepreneur Of The Year National Program. Winners of the National Program will be announced at the annual awards gala in Palm Springs, Calif. on Nov. 15, 2014.

HealthPlan Services (HPS) is the largest independent provider of sales, service, retention and technology solutions to the insurance and managed care industry. Since 1970, HPS has offered customized administration and distribution services to insurers of individual, small group, voluntary and association plans, as well as valuable solutions to thousands of brokers and agents. HPS’ proprietary, scalable technology provides innovative consumer-facing solutions that are turnkey self-service tools for insurance carriers and distribution partners. HPS offers an ever-expanding array of services to a diverse and growing client base, and administers products that include medical (PPO, HMO, indemnity, consumer-driven), dental, vision, life, disability, cancer, critical illness, accident, long-term care, limited medical, as well as various other ancillary insurance. HPS is committed to providing extraordinary service to its customers.

HPS is a company of Water Street Healthcare Partners, a strategic private equity firm focused exclusively on the health care industry. For more information about HPS, visit www.healthplan.com.

Expand

Water Street Completes New Investment

Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry, announced today that it has simultaneously invested in and merged CHS Health Services (CHS) and Take Care Employer Solutions, LLC, a subsidiary of Walgreen Co.

The combination creates a leading worksite health company dedicated to improving the cost and quality of employee health care.

With more than 85 years of combined experience, the new company will manage nearly 500 worksite health and wellness centers across the country.  It will serve more than 200 corporations, including a significant number of the Fortune 1000.  Stuart Clark, who has led CHS for the past eight years, has been appointed CEO of the combined company, which will maintain its headquarters in the greater Nashville, Tenn. area.

“This merger brings together two of the most experienced and highest quality providers in the onsite health care industry.  CHS and Take Care have been instrumental in establishing worksite health care as a primary tool for employers to effectively manage employee health care.  As one company, we offer unparalleled expertise and capabilities that will drive innovation and transform onsite care to play a much larger role in maximizing companies’ return on their health investment,” said Mr. Clark.

Water Street has years of experience and a broad network of relationships in health care services, which it will engage to support the new company with developing and implementing programs and technologies that will expand its offering to employers.  Walgreens, as a strategic investor, will support relationships with employers and continue to manage its existing worksite pharmacies in collaboration with the new company.

“We are pleased that Walgreens and CHS selected Water Street as their strategic partner to build this new company,” said Max Mishkin, principal, Water Street.  “Our team has a strong track record of partnering with global health care corporations to transform their businesses into successful, independent companies, as well as collaborating with middle-market businesses to accelerate growth.  This is a unique opportunity to collaborate with both types of organizations to create a leading provider of employer health care services.”

Water Street’s partnership with CHS and Walgreens is the firm’s eighth investment in the health care services sector.  Over the past nine years, Water Street has invested in a range of services companies specializing in benefits outsourcing, diagnostics, and physical therapy and rehabilitation.  Water Street currently owns a group of 14 health care companies that are leaders in specialty distribution, medical and diagnostic products, health care services, and pharmaceutical products and services.

Expand

Water Street Announces New Investment

Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry, announced today that it has invested in Orgentec Diagnostika, a specialty diagnostics company headquartered in Mainz, Germany.

The investment expands Water Street’s global presence in the growing specialty diagnostics sector, particularly in Europe and emerging markets.  Scott Garrett, former chairman and CEO of Beckman Coulter, Inc. and senior operating partner with Water Street, will serve as chairman of Orgentec.

Water Street has committed equity to both acquire a majority position in Orgentec and invest in future acquisitions that will build the company into a global leader in its field.  Orgentec currently specializes in diagnostic assays for autoimmune and infectious diseases.  It offers a portfolio of more than 300 tests, primarily enzyme-linked immunosorbent assays (ELISA), that help diagnose rheumatology, thrombosis and gastroenterology disorders, as well as infectious diseases. It also offers a fully automated instrument and associated test kits that enable laboratories to complete multiple assays and deliver faster results than traditional ELISA tests.  Orgentec has a well-established position in Europe and a growing presence in Asia, Latin America and the Middle East.

Dr. Wigbert Berg, who co-founded Orgentec in 1988, said, “I’m excited to partner with Water Street to expand Orgentec into new areas of testing and increase our presence in emerging markets.  Water Street has incredibly deep knowledge and extensive relationships in our industry.  Its team has worked closely with us to create a plan that supports our goal of thoughtfully growing Orgentec into a global leader that will bring greater value to our customers and employees.”

Dr. Berg will maintain an ownership position in Orgentec and serve on the company’s board of directors.  He and Water Street have appointed Werner Hofacher, an executive with more than 30 years of experience in the diagnostics industry, to serve as CEO.  Mr. Hofacher most recently led European operations for Beckman Coulter, Inc. and previously held leadership positions at Baxter and Dade Behring.

“It is an honor to be selected by Water Street and Dr. Berg to build on Orgentec’s history of success.  For more than 25 years, the company has led the industry in developing new tests for complex diseases that were previously difficult to diagnose,” said Mr. Hofacher.  “With Water Street’s support, we have a unique opportunity to expand Orgentec’s global position and to grow its portfolio of tests in order to help providers detect rare conditions and positively impact millions of lives.”

In the past three years, Orgentec has launched more than 30 new assays. The company recently was awarded a grant to participate in EuroTeam, a joint research project for arthritis management, to develop new approaches to predict the onset of rheumatoid arthritis.  It also has new technology in development that will allow labs to simultaneously run multiple tests and turn around results more quickly than they can today.

“Water Street is focused on collaborating with strong industry players who want to build their businesses into market leaders,” said Mr. Garrett.  “We are pleased that our ongoing discussions with Dr. Berg on new strategies to grow Orgentec helped lead to this partnership.  We are excited to use Orgentec as a platform to build a significant player in the global specialty diagnostics market through investments in research and development initiatives and targeted acquisitions.”

Orgentec is Water Street’s third investment in a European-based business and its second new transaction announced in the past six weeks.  Last month, Water Street signed agreements to acquire and merge CHS Health Services and Take Care Employer Solutions, LLC, a subsidiary of Walgreens.  Since Water Street was founded in 2005, the firm has completed nearly 50 transactions to create and grow a diverse group of market-leading health care companies.

Water Street is continuing to seek new opportunities to partner with middle-market companies interested in achieving next-level growth and corporations considering divesting non-core health care businesses.  The firm targets investments ranging from $50 to $500 million in four health care sectors: specialty distribution, medical and diagnostic products, health care services, and pharmaceutical products and services.

About Orgentec

Since its inception in 1988, Mainz-based ORGENTEC Diagnostika has been a world market leader in the development, production and marketing of test systems for laboratory autoimmune diagnostics.  ORGENTEC has developed more than 300 highly specific ELISA test systems, as well as blot and immunofluorescence tests for diagnosing autoimmune diseases (autoimmune disease diagnostics) and infection serology (infectious disease diagnostics).  Many of these are protected by patent rights.  For more information about Orgentec, visit orgentec.com.

Expand

Walgreens Signs Agreement with Water Street

Walgreen Co. (NYSE: WAG) (Nasdaq: WAG) announced today that it has signed a definitive agreement with Water Street Healthcare Partners (Water Street), a strategic investor focused exclusively on the health care industry, in which Water Street will acquire a majority interest in Take Care Employer Solutions, LLC. Take Care Employer Solutions is a Walgreens subsidiary that manages more than 360 worksite health centers nationwide.

Water Street also has signed an agreement to simultaneously invest in CHS™ Health Services (CHS), a premier provider of more than 130 worksite health centers. Water Street will merge Take Care Employer Solutions and CHS to form a new company dedicated to providing worksite health centers that improve the cost and quality of employee health care. The new company will have more than 85 years of combined experience in employer health solutions and will serve more than 200 leading corporations through nearly 500 worksite health and wellness centers located across the country.

“Walgreens, CHS and Water Street share a goal of maximizing employers’ return on their health care investment,” said Dr. Jeffrey Kang, Walgreens senior vice president of health and wellness services and solutions. “This strategic decision to bring together our organizations’ expertise, capabilities and resources to create a leading worksite health and wellness company provides us an opportunity to play an even greater role in improving the cost and quality of workforce health care. Through our continued involvement in the business and as a preferred strategic partner with Water Street, Walgreens expects to accelerate tighter connections with employers – an important stakeholder in the health care delivery system.”

“CHS and Take Care Employer Solutions are both deeply committed to finding new ways to drive positive health care outcomes for our clients and their employees. This merger will provide us with a significant opportunity to transform onsite health care. Together, we will have the experience and resources to create innovative strategies that will improve patient engagement and positively impact health outcomes,” said Stuart Clark, CEO, CHS.

Water Street will own a majority interest in the new company, and Walgreens will own a significant minority interest and have representatives on the new company’s board of directors. The new company will be led by Stuart Clark, CEO. Trent Riley, divisional vice president, Take Care Employer Solutions Group, will serve as COO. The name of the new company will be determined during the integration process.

“We are pleased that Walgreens and CHS have selected Water Street to collaboratively and strategically grow their businesses. We will leverage our team’s experience and network of relationships in health care services to expand the new company’s capabilities and create greater long-term value for the business and clients,” said Steve Cosler, an operating partner with Water Street who has more than 20 years of experience in outsourced health care.

Walgreens will continue to manage its existing worksite pharmacies in collaboration with the new company.

Healthcare Clinic at select Walgreens, with more than 400 in-store clinic locations that formerly operated under the Take Care Clinic name, is not part of this transaction. Walgreens will continue to manage these clinics.

Comprehensive Health Services, Inc. (CHSi), an entity related to CHS that specializes in government contracting health services and logistics, is not part of this transaction. It will remain an independent organization with no changes to its ownership structure or leadership team.

Financial terms of the agreement were not disclosed. Walgreens anticipates the transaction will not have a material impact on earnings per share in fiscal year 2014. The transaction is subject to satisfaction of regulatory requirements and other conditions, and is expected to close by mid-calendar year 2014. Until the close of the transaction, Take Care Employer Solutions and CHS will operate business as usual and as separate companies.

About Walgreens

As the nation's largest drugstore chain with fiscal 2013 sales of $72 billion, Walgreens (www.walgreens.com) vision is to be the first choice in health and daily living for everyone in America, and beyond. Each day, Walgreens provides more than 6 million customers the most convenient, multichannel access to consumer goods and services and trusted, cost-effective pharmacy, health and wellness services and advice in communities across America. Walgreens scope of pharmacy services includes retail, specialty, infusion, medical facility and mail service, along with respiratory services. These services improve health outcomes and lower costs for payers including employers, managed care organizations, health systems, pharmacy benefit managers and the public sector. The company operates 8,210 drugstores in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Walgreens also manages Healthcare Clinic at select Walgreens, with more than 400 locations throughout the country.

About Take Care Employer Solutions

Since its formation through the combination of CHD Meridian, Whole Health Management and Walgreens workplace pharmacy operations in 2008, Take Care Employer Solutions has built its business to become the nation’s premier provider of employer-based health care services. Take Care Employer Solutions serves 180 clients across multiple industries, and has more than 360 health centers, pharmacies and fitness centers located across 45 states, the District of Columbia and Guam. Take Care Employer Solutions has received AAAHC Medical Home accreditation, recognizing that all of its primary care worksite health centers meet AAAHC requirements to be considered a patient-centered medical home – embodying best practices and operating in compliance with nationally-recognized standards of care.

About CHS

Founded in 1975, CHS is one of the largest providers of worksite health centers for employers in the United States. The company operates more than 130 employer-based worksite health centers that focus on patient engagement and behavioral change to improve health and mitigate costs. CHS customizes its programs to align with each employer’s benefits strategy and goals. The company is headquartered in Brentwood, Tennessee.

Expand

Temptime Announces Strategic Alliance

Temptime Corporation, the world’s leading provider of time-temperature indicators to the health care industry, today announced a strategic alliance with Thin Film Electronics ASA (“Thinfilm”) (OSE: THIN.OL), a leader in the development of printed electronics.

The companies will collaborate to develop the health care industry’s first temperature indicators featuring electronic technology that will alert people through digital display if medical products have been exposed to potentially damaging temperatures.

“Temptime is highly regarded as the pioneer and leading authority on the science behind temperature monitoring technology. The company serves the world’s largest healthcare organizations and leading manufacturers,” stated Davor Sutija, CEO of Thin Film. “I’m delighted Temptime has selected Thinfilm technology to deliver new and leading-edge products to its customers.”

The proper storage of temperature-sensitive medical products such as pharmaceuticals, vaccines and medical devices is critical to a product’s efficacy and patient safety profile.  The digital display on Thinfilm’s smart labels eliminates any ambiguity around temperature readings and clearly indicates if an excursion has occurred. Temptime is the first company that will invest in adding the smart labels with integrated electronic sensing and digital display technology to its portfolio of devices that support the world’s leading health organizations with their efforts to safely distribute medical products around the world.

“This agreement is another initiative that supports Temptime’s mission of improving global health and patient safety through solutions that alert people to the risk of using medical products damaged by extreme temperatures,” said Renaat Van den Hooff, president, Temptime. “We are pleased to align with Thinfilm, an equally innovative company, to develop and produce cost-effective, electronic temperature indicators that accurately communicate critical temperature threshold data.”

Terms of the deal include a development-related investment from Temptime and commercial pre-orders for samples that can be shared with customers, the timing for which is still to be determined.

In addition to Thinfilm’s own technology and logic, key components of the smart labels will be provided by several Thinfilm ecosystem partners, including thermistors from PST and electrochromic displays from Acreo.

About Temptime

Temptime is the world leader in time-temperature indicators to the health care industry. The company plays a vital role in improving global health by providing solutions that monitor temperature-sensitive medical and biological products and devices. The world’s largest health organizations and manufacturers use Temptime’s indicators to support them with safely distributing medical products and supplies around the world. Temptime is a company of Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry. To learn more about Temptime, please visit www.temptimecorp.com.

About Thin Film Electronics ASA

Thin Film Electronics ASA (Ticker: THIN.OL) is a leader in the development of Printed Electronics. The first to commercialize printed rewritable memory, Thinfilm is creating printed system products that will include memory, sensing, display and wireless communication-at a cost-per-functionality unmatched by any other electronic technology. Thinfilm’s roadmap of system products integrates technology from a strong and growing ecosystem of partners to enable the Internet of Things by bringing intelligence to disposable goods. Company headquarters are in Oslo, Norway, with product development in Linköping, Sweden, sales offices in San Francisco, USA, and Tokyo, Japan, and manufacturing in Pyongtaek, South Korea. www.thinfilm.no

Expand