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Waud seals $223m healthcare exit

The firm has sold infusion therapy business CarePoint Partners, which it founded in 2007, to hospice provider BioScrip.

Waud Capital Partners has sold its portfolio company CarePoint Partners to home healthcare and hospice provider BioScrip for about $223 million, according to a statement.

CarePoint is a Cincinnati-based specialty pharmacy provider founded in 2007 by Waud and infusion therapy executive Dana Soper, who is the chief executive officer of CarePoint. Over the course of six years, CarePoint was built through 16 acquisitions and now operates on 28 sites in nine states. The company serves more than 6,800 patients each day, according to the statement.

“Together with Dana and her team, we have built an industry-leading company of significant scale, providing important services to all of its constituents—patients, providers, payors and hospitals,” partner at Waud Matt Clary said in the statement. 

Harris Williams & Company and Kirkland & Ellis advised Waud and CarePoint on the sale.

Chicago-based Waud focuses on making $20 million to $100 million investments in the healthcare services, specialty distribution, and business and consumer services industries. The firm’s latest vehicle, Fund III, closed on $463 million in April 2011. Fund III surpassed its $350 million target about three months after it launched, Private Equity International previously wrote. Waud’s prior funds raised $315 million in 2005 and $100 million in 1999.

The mid-market private equity firm currently has about $1 billion in capital under management and is led by founder and managing partner Reeve Waud.