Graham Collects Healthy Result from Latest Exit
July 20th, 2017
Graham Partners, a private investment firm targeting industrial technology and advanced manufacturing companies, is pleased to announce the successful exit of HemaSource Holdings, LLC (“HemaSource”). HemaSource is a technology-enabled supplier of consumable medical products servicing plasma collection centers, which provide essential ingredients used in the production of life-saving, biologic medicines. During Graham’s three year holding period, HemaSource’s LTM EBITDA doubled, entirely through organic growth. The sale of HemaSource marks Graham Partners’ third exit to date in 2017.
Graham’s investment thesis in HemaSource was premised on increased development and adoption of plasma-derived biologic treatments. Plasma therapies play a vital role in enabling patients who have been diagnosed with acute, chronic blood disorders to pursue healthy, productive lives. These individuals typically depend for their entire lives on protein therapies derived from plasma collected by over 500 licensed and certified plasma collection centers in the U.S., Canada and Europe. HemaSource is a key supplier to its collection center customers, supporting their objective of efficiently and safely processing high volumes of plasma donations. As one illustration of the significant quantity of donations needed to produce these biologic treatments, it can take as many as 1,200 plasma donations to manufacture enough therapy required to treat one patient with hemophilia for one year.
Under Graham’s ownership, HemaSource’s EBITDA increased significantly, fueled by growing plasma demand, additional customer locations, new product launches, and the realization of nearly $3MM of annualized procurement savings. Pre-acquisition, Graham was able to rapidly diligence HemaSource as a result of years of medical products industry research coupled with Operating Partners with direct plasma collection industry experience. Post-acquisition, these same differentiators contributed to HemaSource’s operational success and rapid growth, especially as it relates to introducing industry executives and procurement expertise to the company. Josh Wilson, Managing Principal at Graham Partners, stated, “We were able to deliver considerable resources to HemaSource to support its topline growth and operational enhancements. The HemaSource team has been a pleasure to work with, and is well-positioned to lead the company going forward.” Tom Jordan, CEO of HemaSource, stated, “Graham’s network of industry experts and operational involvement have been important factors in our success. We are grateful for their partnership over the past three years, and excited for what the future holds for HemaSource.”
About HemaSource (http://www.hemasource.com)
Headquartered in West Jordan, UT, HemaSource is a leading, technology-enabled supplier of medical consumables to the plasma collection industry. HemaSource, which distributes throughout the United States, has access to more than 1,300 SKUs from leading medical products manufacturers. In addition to supplying medical products, the company has co-developed certain specialized products and has developed a patent-pending software program used to reduce waste and improve efficiency, allowing HemaSource to deliver a complete offering to its customers.