RoundTable Healthcare Partners invests in Polymedco alongside owner-Founders

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Jun 06, 2022, 13:49 ET

LAKE FOREST, Ill., June 6, 2022 /PRNewswire/ -- RoundTable Healthcare Partners ("RoundTable"), 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.

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."

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 RoundTable. Goldman Sachs acted as financial advisor and Mclaughlin & Stern served as legal counsel to Polymedco.

About POLYMEDCO

Polymedco, founded in 1980 and based in Cortlandt Manor, NY, is a leading marketer and distributor of diagnostic tests primarily focused on colorectal cancer screening and cardiac conditions including acute myocardial infarctions. The Company's products are sold to leading distributors, hospital systems, payors, and laboratories across the US. Additional detail can be found at www.polymedco.com.

About ROUNDTABLE HEALTHCARE PARTNERS

RoundTable Healthcare Partners, based in Lake Forest, IL, is an operating-oriented private equity firm focused exclusively on the healthcare industry. RoundTable partners with companies that can benefit from its extensive industry relationships and proven operating and transaction expertise. RoundTable has established a successful history of working with owner/founders, family companies, management teams, entrepreneurs and corporate partners who share a vision and believe in the value creation potential of its partnership model. RoundTable has raised $4.25 billion in committed capital, including six equity funds totaling $3.65 billion and three subordinated debt funds totaling $600 million. More information about RoundTable Healthcare Partners can be found at www.roundtablehp.com.

SOURCE RoundTable Healthcare Partners