Healthcare · Realised
Hospital Pharmacy Services
Outsourced hospital pharmacy services.
At a glance
Sector
Health
Invested
March 2015
Realised
May 2017
Status
Realised
Acquired by
EBOS
The headline
35→43%
Share of the private hospital market
4
Pharmacies given robotic dispensing
2yrs
Held, 2015 to 2017
Background.
- Market leading provider of outsourced pharmacy services to the private hospital and oncology market in Australia.
- The Fortitude team invested in 2015, providing an exit for two retiring shareholders and facilitating a partial sell down by others.
- Sourced through a process. We secured exclusivity immediately following indicative bids.
Our investment thesis.
- Expand market share in the core private hospital market, through the most comprehensive national coverage model and a superior service built on proprietary IT.
- Grow into adjacent segments including day surgeries, veterinary hospitals, hospital in the home and offshore.
- Invest in pharmacy automation to improve service delivery and reduce operating costs.
- Exit via trade sale to a pharmaceutical wholesaler, or an IPO.
Our results.
- Market share in the core private hospital market grew from thirty-five per cent at entry to forty-three per cent at exit.
- The business expanded successfully into IVF, day surgery and hospital in the home.
- Robotic dispensing was delivered into four major pharmacies.
- The business was sold to EBOS in May 2017.
Past performance is not a reliable indicator of future performance, and figures drawn from individual deals executed on a deal-by-deal basis are not representative of a pooled fund. Wholesale investors can request the full record.
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