Orlando, Florida – Triad Isotopes, Inc., a portfolio company of Parthenon Capital Partners, today announced that it has entered into an agreement to acquire the U.S. radiopharmacy network currently owned and operated by Covidien, a leading global healthcare products company based in Dublin, Ireland. This acquisition continues Triads Isotopes’ aggressive growth and investment in the radiopharmaceutical industry.
Under the agreement, Triad will acquire 37 Mallinckrodt radiopharmacies, located in the United States, with net sales of approximately $180 million in fiscal 2009.
“Our purpose, as a company, is to advance the diagnosis and treatment of disease through the use of radiopharmaceuticals,” said Dom Meffe, CEO of Triad. “We are pleased to welcome the Mallinckrodt radiopharmacies with their outstanding pharmacy and support staff to the Triad family. This addition will make Triad the second largest radiopharmacy network in the U.S. and will better allow us to make a difference in the lives of the people we touch.”
The combined radiopharmacy and cyclotron network will have just over 800 employees. Triad expects to double the size of its downtown home office as corporate support services move to Orlando.
Completion of the transaction is subject to customary closing conditions, as well as receipt by Triad of necessary state and federal licenses, with closing expected during the second calendar quarter of 2010.
Triad Isotopes, Inc., headquartered in Orlando, Florida, currently owns and operates 26 radiopharmacies and 6 cyclotron facilities located throughout the southeast. A radiopharmacy, also known as a nuclear pharmacy, is a pharmacy that compounds and distributes radiopharmaceuticals used primarily in imaging procedures for cardiac and cancer diagnosis. Cyclotrons are utilized to produce FDG (Fluorodeoxyglucose) a short-lived positron-emitting isotope suitable for PET (Positron Emission Tomography), an imaging technology that can be used to assess tissue biochemistry. The Triad business model combines the best local radiopharmacies and cyclotrons with the capital and management experience of a nationwide corporation enabling Triad to continually invest in its procedures, equipment and staff. All of these resources are then deployed across the Triad network of facilities so they can focus solely on patient care in the communities they serve. For more information, visit www.triadisotopes.com.
Parthenon Capital Partners is a leading mid-market private equity firm based in Boston and San Francisco. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in business services, financial and insurance services and healthcare, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. Parthenon’s investment team has deep experience in corporate strategy, capital markets and operations, enabling the firm to pursue complex, multi-faceted value creation opportunities. For more information, visit www.parthenoncapitalpartners.com.