Advent International, a global private equity investor, has recapitalized RxBenefits, the first and only technology-enabled pharmacy benefits optimizer, and values the Birmingham-based company at $1.1 billion. The recapitalization will allow RxBenefits to expand its team and technology.
Advent joins Great Hill Partners, which invested in RxBenefits in 2016. Each of these investors own an equal stake in RxBenefits, alongside a significant investment from the current management team.
“RxBenefits is the industry’s only fully independent, client-aligned, multi-PBM platform delivering tangible pharmacy savings, optimized clinical outcomes and a superior customer experience,” said Bryan Statham, CEO of RxBenefits. “We look forward to growing in partnership with Advent and Great Hill as we continue to build out our specialty and clinical programs to deliver additional cost savings to our clients.”
Founded in 1995, RxBenefits serves as a pharmacy adviser to employee benefits consultants and as the pharmacy benefits solution provider for self-insured employers and small to mid-sized businesses. It has more than 500 team members in pricing, technology, data and clinical expertise providing coverage to more than 2 million members.
“Prescription drug costs have seen significant increases in recent years, creating a compelling market opportunity as small and mid-sized employers seek to manage their pharmacy benefit spend,” said John Maldonado, managing partner at Advent. “RxBenefits’ deep relationships with PBMs and high-touch account management service model have enabled it to deliver savings to mid-sized employers and fill a key gap in the market. We are incredibly excited about RxBenefits and believe the company is well-positioned for continued expansion.”
