Diabetes supplier gains funding
BRENTWOOD, Tenn. - Simplex Diabetic Supply secured $50 million in funding from private equity firm New Enterprise Associates (NEA), the company announced Oct. 8. Simplex will use the money to further its growth. Started in 2007, Simplex has more than 24,000 diabetic patients, making it the 12th largest out of 52,083 Medicare diabetes suppliers, the company said in a release. "The U.S. market of diabetic supply providers is fragmented and consists of small- to medium-sized players," stated Chip Linehan, NEA general partner. "NEA's investment reflects our belief that Simplex's experienced management team has the vision and skill to build one of the largest diabetic supply organizations in the country."