June 7, 2018 (Boston, MA) – Covington Associates LLC, a leading middle market investment bank announced its role as exclusive advisor to Solara Medical Supplies, LLC (“Solara”), a leading direct-to-patient supplier of advanced diabetic devices, including continuous glucose monitors, insulin pumps and other supplies for the intensively managed diabetic in Chula Vista, CA, in the recapitalization of its business by Linden Capital Partners (“Linden”), a Chicago-based healthcare private equity firm. Linden Operating Partner, Ron Labrum, and Linden advisor, Keith Crawford, have been named Chairman and CEO, respectively.
“Linden looks forward to building upon Solara’s commitment to patient service, manufacturers and payors,” said Mr. Labrum, who brings a wealth of experience to Solara with prior roles as Executive Vice President at Cardinal Health, President and COO of Allegiance Healthcare, and most recently as CEO of Fenwal, Inc. Keith Crawford, previously Senior Vice President of Operations and Chief Strategy Officer at Medical Specialties Distributors, will become CEO. Mr. Crawford stated, “Solara founder, Tod Robinson, and his team have built an extraordinary business. I look forward to working with Tod and carrying on the Company’s strong employee culture and commitment to providing exceptional service to patients, manufacturers and payors.” Mr. Crawford has over 20 years of experience in healthcare having served in prior roles as Executive Vice President, General Manager at Preferred Homecare and Executive Vice President at Coram Healthcare. Brian Miller and Michael Bernard of Linden have also joined the Board of Solara.
Tod Robinson, founder of Solara, stated “We are proud of the business we have built at Solara, including our core commitment of assisting a patient population faced with the difficult task of managing diabetes. We chose to partner with Linden due to their exclusive focus on healthcare investing, their subsector expertise in distribution, diabetes and DME, and their unique human capital resources.” Mr. Robinson will continue to serve the Company in an operational role, on the Board and as an investor.
Covington Associates served as financial advisor to Solara while Procopio Cory Hargreaves & Savitch LLP and Brown & Fortunato, P.C. served as legal advisors to Solara. Kirkland & Ellis LLP, King & Spalding LLP, and Honigman Miller Schwartz & Cohn LLP served as legal advisors to Linden. Twin Brook Capital Partners, Monroe Capital, and Solar Capital provided debt financing for the transaction.
About Covington Associates LLC
Covington Associates is an investment banking firm offering advisory services in the areas of mergers and acquisitions (“M&A”), capital raising, strategic advisory, fairness opinions, and valuations to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals. Founded in 1991, with offices in Boston, the vision for Covington has been to provide clients with the highest caliber of senior-level attention and to remain an advice driven and results focused organization. Since its inception, Covington Associates has completed more than 200 transactions globally for both private and publicly traded companies totaling over $15 billion. For more information, please visit www.covingtonassociates.com.
About Solara Medical Supplies
Solara Medical Supplies, LLC is a leading direct-to-patient distributor of advanced diabetes therapy products including continuous glucose monitors, durable insulin pumps, and patch insulin pumps. Founded in 2002, Solara is headquartered in Chula Vista, California and operates additional offices in Michigan, Texas, and Alabama. For more information, please visit www.solaramedicalsupplies.com.
About Linden Capital Partners
Linden Capital Partners is a Chicago-based private equity firm focused exclusively on leveraged buyouts in the healthcare industry. Linden’s strategy is based upon three elements: i) healthcare specialization, ii) integrated private equity and operating expertise, and iii) strategic relationships with large corporations. Linden invests in middle market platforms in the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. For more information, please visit www.lindenllc.com.