SAN FRANCISCO & ATLANTA – June 2, 2022 – Francisco Partners (“FP”), a global investment firm that specializes in partnering with technology and healthcare businesses, announced today that it has closed on the sale of Trellis Rx (the “Company” or “Trellis”), a leading technology-enabled specialty pharmacy services provider, to CPS Solutions, LLC (“CPS”), a leading provider of enterprise pharmacy solutions to hospitals and health systems. The terms of the transaction were not disclosed.
In 2016, FP created and launched Trellis to help health systems enter the specialty pharmacy market. Francisco Partners believed that patient care, for which prescription drugs are a critical component, was more effective and efficient when integrated within a hospital system. Today, Trellis partners with health systems to fund, build and operate hospital-based outpatient and retail specialty pharmacies under the health system’s brand. The Company helps hospitals redesign how patients experience pharmacies in a way that drives a significant improvement to both clinical and financial outcomes. Further, Trellis works on behalf of hospitals to gain access to limited distribution drugs, engage payors to negotiate in-network reimbursement and manage clinical outcomes.
"When FP approached me about helping launch Trellis, it was impossible to pass up the opportunity to revolutionize the complex pharmacy-to-health system relationship. This Company, that I am so proud to be part of, creates a seamless relationship with patients, and drives patient engagement, overall satisfaction and health outcomes,” said CEO of Trellis Rx, Andy Maurer. “We are thrilled about the success of the partnership with Francisco Partners over the past six years and excited for the Company’s next phase as a part of CPS.”
“At FP, we rarely build a company from the ground up, but when we identified and developed the opportunity to help thousands of patients in the specialty pharmacy market area, we knew we had to get Trellis up and running. Today, Trellis is a leader in the high touch, value-based care market, while also demonstrating an impressive growth story,” said Deal Partner at Francisco Partners, Chris Adams. “We are so proud of the work Andy and the entire Trellis team has done over the last six years, including partnering with 17 clients supporting more than 60 hospitals and 200 clinics, delivering specialty pharmaceuticals and chronic disease management and providing thousands of patients better access to life-saving or disease-curing care.”
Goodwin Procter LLP served as legal counsel to CPS Solutions, LLC. Kirkland & Ellis served as legal counsel and TripleTree and Cantor Fitzgerald & Co. served as financial advisors to Trellis.
About Francisco Partners
Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 20 years ago, Francisco Partners has invested in over 400 technology companies, making it one of the most active and longstanding investors in the technology industry. With approximately $45 billion in assets under management, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.
About Trellis Rx
Trellis Rx is the complete specialty pharmacy services solution for health systems looking to enhance the medication therapy experience and drive market-leading clinical outcomes for their patients with chronic and complex conditions. Working side-by-side with health systems, Trellis Rx delivers everything required to rapidly build and expand fully-integrated specialty pharmacy services through a performance-based partnership model designed to ensure results. To learn more about Trellis Rx, visit www.trellisrx.com.
About CPS Solutions, LLC
Founded nearly 50 years ago, CPS Solutions, LLC (CPS) is one of the nation’s largest providers of pharmacy and hospital services - employing over 2,000 pharmacy and healthcare professionals and servicing over 800 hospitals and healthcare facilities nationwide. CPS helps clients tackle complex problems through our suite of solutions across the care continuum. CPS solutions include inpatient pharmacy solutions and specialty and ambulatory pharmacy solutions, pharmacy consulting, 340B services, telepharmacy services, supply chain and materials management services, rehabilitation services, and more. CPS empowers healthcare organizations to achieve operational excellence, drive clinical quality, attain continuous regulatory compliance, and improve bottom-line performance – all while supporting staff, caregivers, patients and their communities. For more information, visit cps.com.