PE firm seeks to leverage technology in diabetes market

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Wednesday, July 3, 2019

LOS ANGELES – With its recent acquisition of Mini Pharmacy, Angeles Equity Partners has a platform to serve a growing diabetes population, says a spokesman for the private equity firm.

Mini, which was launched in 1980 and has been led by the Fox family, specializes in diabetes supplies, insulin pumps and continuous glucose monitors, and also offers enteral nutrition and disposable medical supplies, primarily to the California market.

“Mini has a great reputation in the market and is well known to the physician and care provider networks throughout California,” he said. “They are not just purely about filling scripts or offering products. It’s about the total care experience that’s provided to patients.”

Despite being hit hard by Medicare’s competitive bidding program, which reduced reimbursement for testing supplies by an average of 77%, the diabetes market continues to draw interest due to skyrocketing rates of the disease and advances in technology. In 2018, for example, Linden Capital Partners invested in Chula Vista, Calif.-based Solara Medical Supplies, which has since made two acquisitions.

As part of the transition, a new executive team with expertise in pharmacy will overhaul Mini’s technology infrastructure, says the spokesman.

“Angeles sees the opportunity to modernize the technology, and improve online ordering and tracking,” he said.

The deal, the terms of which were not disclosed, marks Angeles’ first foray into the healthcare market, says the spokesman.

“Angeles is a private equity firm focused on growing portfolio companies to their full potential,” he said. “The result is improved customer experiences and greater employee opportunities.”