TWINSBURG, Ohio--(BUSINESS WIRE)--Envision Pharmaceutical Holdings LLC, the parent company of Envision Pharmaceutical Services (EnvisionRxOptions), a national, full-service pharmacy benefit management (PBM) company, today announced that it has completed its acquisition of MedTrak Services, L.L.C. an independent, privately-held PBM. The MedTrak acquisition was originally announced on July 30, 2014. Terms of the transaction were not disclosed.
Headquartered in Overland Park, Kansas, MedTrak is among the top 30 PBM companies in the country, managing pharmacy benefits for small to mid-sized self-insured employers and handling more than 3.5 million prescription claims annually. As previously announced, MedTrak will continue to be managed and operated as an independent company.
“With the closing of this acquisition, Envision is proud to offer our existing and new customers even more choices at competitive prices, while maintaining the high quality customer service for which we are known,” said Frank Sheehy, CEO of Envision. “We are committed to stay at the forefront of an ever-evolving healthcare market, and we are excited about the possibilities ahead.”
BakerHostetler and Cleary Gottlieb Steen & Hamilton served as legal counsel to Envision. J.P. Morgan, Bank of America Merrill Lynch, and Credit Suisse provided fully committed financing to Envision. Dentons served as legal counsel, and New Century Capital Partners served as financial advisor to MedTrak.
About Envision Pharmaceutical Services
Established in 2001, Envision Pharmaceutical Services (EnvisionRxOptions) is a national, full-service pharmacy benefit management (PBM) company. A portfolio company of TPG, a leading global private investment firm with $66 billion of assets under management, Envision is part of a group of healthcare management companies owned and operated by Envision Pharmaceutical Holdings LLC (EPH), a privately held company with consolidated revenues in excess of $4 billion. EPH subsidiaries include Envision Insurance Company, a fully insured provider of Medicare Part D Plans nationally, Envision Medical Solutions, LLC, an administrator of prescription savings plans and Prescription Savings Cards, Orchard Pharmaceutical Services, LLC, a full-service mail-order and specialty drug pharmacy, and Design Rx, LLC the market leader in pharmacy services for infertility and fertility. Envision, which was founded on a commitment to provide full transparency and disclosure in the PBM marketplace, employs a transparent, pass-through business model in which 100% of earned rebates, discounts, and incentives are instantly credited at the point of sale to customers, and for which Envision charges a low, flat monthly management fee for most services. This translates into significant savings for the company’s more than 13 million covered individuals. Envision has been awarded the Utilization Review Accreditation Commission (URAC) accreditations for PBM and Drug Therapy Management annually since 2007. Envision is headquartered in Twinsburg, OH, with offices in Fort Lauderdale, FL; Tampa, FL; Canton, OH; El Dorado Hills, CA; and Ogden, UT. For more information about Envision visit www.envisionrx.com or call 800-361-4542.