Chicago-based private equity firm Frontenac Company has completed the recapitalisation of Crescent Healthcare, a provider of specialty infusion and injectible pharmacy services.
Terms of the deal were not disclosed.
The investment was made alongside MedEquity Capital, a Massachusetts-based private equity investor in the healthcare industry.
Frontenac installed Bob Funari, former chief executive officer of Syncor International, as CEO at Crescent as part of its “CEO1st” strategy, which entails partnering with industry veterans in portfolio investments.
Crescent, based in California and also operating in Florida, dispenses and administers a variety of specialty pharmaceuticals in both clinic and home settings. The company is the largest provider of IVIG in California and, under the Therafusion trade name, is among the largest providers of IVIG services in the nation. IVIG therapy involves the infusion of immunoglobulins, which are proteins that fight bacteria, viruses and antigens, to treat immune deficiencies and disorders such as muscular sclerosis and lupus.
Frontenac Company manages more than $1 billion in assets. Back in February, Frontenac led a $50 million (€40 million) investment in WNC Insurance Services alongside Chicago-based private equity firms SE Capital and PPM America. California-based WNC provides lender-placed and voluntary property and casualty insurance for financial institutions. Last December, it led a $70 million capital commitment to the startup of Encore Legal Solutions, which provides legal information management services. In that deal, Frontenac invested alongside Milwaukee-based Baird Capital Partners and Cleveland, Ohio-based Primus Venture Partners.