Triad Isotopes Announces Investment by Parthenon Capital
ORLANDO,FL — Triad Isotopes Inc. announced today the acquisition and merger of three leading nuclear pharmacy operators: Diversified Pharmacy Group, Cox Nuclear Pharmacies and Coastal Nuclear Pharmacies. Triad was funded by Parthenon Capital, a leading middle market private equity fund with offices in San Francisco and Boston. As a combined business, Triad now constitutes one of the largest independent nuclear pharmacy companies in the United States. Triad was formed in partnership with Dom Meffe who will become CEO of the company. The founders of each of the merged companies, Steve Putnal, William Cox, and Ed Fennel, will continue as senior members of Triad's management team.
Dom Meffe, CEO of Triad stated, "We are very excited to build this business in partnership with Parthenon Capital." He added, "Triad will combine the strengths and knowledge of independent operators with the capital and resources of a larger company to provide superior solutions to the customer."
Casey Lynch, the senior member of Parthenon's team who led the 15-month process of simultaneously merging the three companies, said, "After having evaluated the pharmacy space for more than a year previously, we are thrilled to be partnering with Dom Meffe in such a dynamic market." He added, "Nuclear pharmacies provide a critical service to a large and growing segment of healthcare providers. Triad is well positioned to grow through both increases in diagnostic and therapeutic procedures as well as through selected acquisitions. Once again, we were able to leverage the deep resources of the Parthenon team and a long term commitment to building industry expertise to pull off a highly complex transaction."
About Triad Isotopes Inc.
Triad Isotopes, Inc. compounds and distributes radiopharmaceuticals that are used for both diagnostic imaging procedures as well as for treatment of certain diseases. The company has 20 locations located throughout the southeastern United States and will be headquartered in Orlando, Florida.
About Parthenon Capital, LLC
Parthenon Capital, LLC is a private equity firm with over $1.5 billion of capital under management and offices in Boston and San Francisco. The firm provides capital and strategic resources to growing middle market companies for acquisitions, internal growth strategies and shareholder liquidity. Parthenon provides equity to companies with revenues between $50 million – $500 million. The firm invests in a wide variety of industries with a particular expertise in Business and Financial Services, Healthcare, Distribution/Logistics, and IP-Driven Manufacturing, Products and Services. For more information, visit www.parthenoncapital.com.
"Parthenon was instrumental in identifying and transforming the best entrepreneur-owned point solutions into the clear market leader in a rapidly growing segment of healthcare claims. Parthenon had the experience and resources to help us develop the strategic vision, execute acquisitions, help recruit more than 15 senior executives and contribute to a highly functional, cohesive go-to-market strategy under one brand, one vision. Their ability to move quickly and efficiently to build a unique company that addresses the opportunities and challenges in a dynamic healthcare marketplace with a complicated regulatory landscape was impressive and rewarding. It was a pleasure working with such a high quality and energetic group."
Kevin Barrett, CEOAltegra Health