Salveo Specialty Pharmacy was formed to acquire and manage high quality specialty pharmacies throughout the United States servicing patients with chronic conditions. Founders Jeff Freedman and Chuck Brown are industry veterans with over 30 years of combined experience in specialty pharmacy, home infusion and home healthcare. Salveo is headquartered in St. Petersburg, FL, with pharmacies in New York, NY and Los Angeles, CA.
In October 2010, Petra co-led a $30 million financing with Three Arch Partners and NewSpring Capital Partners to finance the founding of Salveo Specialty Pharmacy. In September 2011, Petra closed its initial $6.0 million sub debt investment and $3.45 million Series A equity investment allowing Salveo to acquire Echo Specialty Pharmacy, a New York, NY provider of specialty medications to organ transplant recipients, oncology patients and HIV patients. In November 2012, Petra added an additional $3.0 million in subordinated debt to help complete the acquisition of Mission Road Pharmacy (MRP), completing the platform. MRP focuses on oncology, HIV/AIDS, Hepatitis C, rheumatoid arthritis and mental health therapy. In addition to providing creatively structured capital, David Fitzgerald served on the Board of Salveo, was Chairman of the compensation committee and was instrumental in providing strategic direction to the Company. Petra also brought former CVS Caremark EVP of Specialty Pharmacy Services, Dave Golding, to serve as an industry expert on the Board of Salveo.
In October 2014, Salveo entered into a definitive agreement to be acquired by Catamaran Corp. (NASDAQ: CTRX). On January 2, 2015, Catamaran completed the acquisition of Salveo for a purchase price of $260 million in cash. Salveo’s two pharmacies (Echo and MRP) were originally acquired for a combined $49 million, making the price paid by Catamaran an attractive return for all investors. In 2015, Salveo was named SBIA Portfolio Company of the Year.