RoundTable Healthcare Partners, an operating-oriented private equity firm focused exclusively on the healthcare industry, announced today the completion of a majority investment into Polymedco (“Polymedco”). Terms of the transaction were not disclosed.
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Polymedco is a leading marketer and distributor of diagnostic tests primarily used for colorectal cancer (“CRC”) screening and the diagnosis of cardiac conditions including acute myocardial infarctions. Founded in 1980 and based in Cortlandt Manor, NY, the Company’s products are sold to leading distributors, hospital systems, payors, and laboratories across North America.
According to the American Cancer Society, CRC is the second most common cause of cancer deaths in the United States with more than 50,000 deaths annually. The increasing prevalence of colorectal cancer led the U.S. Preventative Services Task Force to recently lower the recommended age for initial CRC screening, including non-invasive fecal immunochemical tests (“FIT”), to 45 years old. Polymedco’s OC-AUTO product line enables high-volume FIT screening for hemoglobin in stool for the early detection of blood that may be associated with colorectal cancer.
“We are extremely proud of Polymedco’s position as the market leader in FIT screening for colorectal cancer and believe RoundTable is the ideal partner as we transition the business,” said Drew Cervasio and Pete Welsh, the co-founders of Polymedco. “The firm’s core values align with the culture we have built, and RoundTable’s deep operating expertise will help Polymedco continue to drive increased awareness of CRC screening and cardiac testing.”
“We are excited to partner with Drew, Pete and the entire Polymedco management team,” said Tom Kapfer, Managing Partner of RoundTable and Chairman of Polymedco’s board. “Under Drew and Pete’s leadership, Polymedco has established an outstanding reputation in supporting clinicians in the diagnosis of a range of serious conditions. The Company is well-positioned as cost-effective diagnostics continue to play an important role in our evolving healthcare system. We look forward to supporting the continued growth of the business.”
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Polymedco represents RoundTable’s sixth equity investment from the firm’s $700 million Equity Fund V. Senior debt financing was provided by Capital One, CIBC Bank USA, CIT, Stifel and First Horizon and senior subordinated notes were provided by RoundTable Capital Partners III, RoundTable’s captive subordinated debt fund.
Paul Hastings served as legal counsel to . Goldman Sachs acted as financial advisor and Mclaughlin & Stern served as legal counsel to Polymedco.