Moneyline: TwelveStone draws $3.5M in funding, ARI sells to PE firm for $140M

MURFREESBORO, Tenn. - TwelveStone Health Partners, a provider of pharmacy, infusion and enteral, respiratory and DME services, has secured $3.35 million in funding from Nashville, Tenn.-based private-equity firm Claritas Capital.

“We have been wanting to accelerate our expansion plans for some time, and Claritas Capital offers the smart money, speed to market and accountability we had been looking for,” said Shane Reeves, CEO of TwelveStone.

TwelveStone plans to use the funds to expand from its primary base in middle Tennessee into Chattanooga, where it plans to open a pharmacy and infusion center. The company also plans to add an infusion center to its company headquarters here.

Additionally, TwelveStone plans to take its MEDIpack packaged medication offering nationwide and to invest in an end-to-end tech platform to support post-acute chronic care management. “TwelveStone understands the post-acute care market like no other, and it's where the growth of healthcare is heading,” says John Chadwick, a partner and founder at Claritas, which represents more than 50 companies and oversees $6 billion in aggregate financing.

TwelveStone was formed in 2016 when Reeves-Sain retail pharmacy and Entrust, its specialty pharmacy, were purchased for $66 million by Fred's, a rural retail pharmacy organization. TwelveStone emerged from the remainder of the Reeves-Sain businesses.

ARI sells to PE firm for $140M

MILWAUKEE - ARI Network Services has entered into a definitive agreement to be acquired by an affiliate of True Wind Capital Management, a San Francisco-based private equity firm that focuses on investing in tech companies.

ARI provides website solutions and digital marketing services to dealers in a number of markets, including HME.

“The investment by True Wind positions ARI to accelerate our pace of innovation and better positions ARI to capitalize on future growth opportunities,” said Roy Olivier, president and CEO of ARI.

Under the terms of the agreement, ARI shareholders will receive $7.10 in cash for each share of ARI common stock they own. The purchase price represents a premium of about 33% to ARI's average closing price for the period of 60 trading days ending June 20. The all-cash transaction represents an enterprise value of about $140 million and has been unanimously approved by ARI's board of directors.

The deal is expected to close in the third calendar quarter of 2017.