- Acquisition complements existing CPS portfolio, delivering a broader range of offerings, providing greater flexibility of services, structure, and support across inpatient, outpatient and specialty pharmacy settings, and ultimately accelerating growth for the benefit of patients and customers.
- Both companies share a collective commitment to timely services, expanding access to critical medications, driving improved clinical performance, and creating a more streamlined and effective inpatient, outpatient and specialty pharmacy experience.
DUBLIN, Ohio, June 02, 2022 (GLOBE NEWSWIRE) -- CPS Solutions, LLC (“CPS”), a leading provider of enterprise pharmacy solutions to hospitals and health systems, today announced it has closed its acquisition of Trellis Rx, LLC (“Trellis”), a leading technology-enabled specialty pharmacy services provider. The combined company will offer a broader range of offerings and provide greater flexibility of services, structure and support to better support patients and health and hospital systems alike. Financial terms of the transaction were not disclosed; the transaction was subject to customary closing conditions.
“We are excited to welcome Trellis to the CPS family,” said Chairman and CEO of CPS, Frank Segrave. “The opportunity to combine two successful, mission-driven organizations and deliver a broader range of end-to-end services for the betterment of patients, providers and payors is tremendous, and we look forward to delivering on customer needs, improving pharmacy performance, and delivering innovative solutions to more patients.”
Together, the companies will offer an end-to-end suite of products and solutions, provide access to a wider range of medications, leverage innovative software, analytics and services to support a more seamless pharmacy experience for patients, and drive improved efficiencies and cost savings for more customers. The combined entity will be uniquely positioned to support more clients of all sizes and types, ranging from small and midsize independent hospitals and academic health systems to large independent hospitals and health systems, helping create a more seamless operating experience, and driving improved pharmacy performance.
“Trellis and CPS complement each other and together, we can create a more diverse offering across inpatient, outpatient and specialty pharmacy settings for health and hospital systems serving communities of all sizes,” said Trellis Co-founder and CEO, Andy Maurer. “This is an exciting opportunity for Trellis and CPS and I look forward to joining CPS’ management team to help drive our success as a combined organization positioned for continued growth.”
“The combination of CPS and Trellis advances us toward our goal of becoming the leading end-to-end pharmacy services provider for hospitals and health systems nationwide,” said Phil Zaorski, partner at Frazier Healthcare Partners and member of CPS' Board of Directors. “Trellis’ specialty pharmacy management offering and technology are an excellent addition to CPS’ growing specialty pharmacy services segment. We will continue to invest in the combined organization to further strengthen the Company’s leadership position.”
Transaction Details
The transaction was subject to regulatory review and customary closing conditions. The parties closed the transaction on June 1, 2022.
Both companies will continue to operate under their respective brands for the near-term.
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 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.
About Trellis Rx
Trellis Rx is a 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.
Media Contacts
CPS Solutions, LLC
Edelman for CPS Solutions, LLC
CPS@edelman.com
Trellis Rx
Laurice Lambert, General Counsel
TrellisRx@edelman.com
