Sinfonia HealthCare sale named Deal of the Year
Sinfonia HealthCare Corporation’s sale to Tabula Rasa Healthcare, Inc. has been selected as the 2017 Deal of the Year Award by the Association for Corporate Growth-Arizona Chapter.
The “Deal of the Year” is an award given by the Arizona Chapter of the Association for Corporate Growth (ACG) to recognize a company or private equity firm for their accomplishments regarding a merger, acquisition or capital market transaction. The award recognizes a deal/transaction in the Arizona marketplace involving established businesses with between $10 million and $750 million of revenue that took place during calendar year 2017.
The Deal of the Year Award was given Tuesday night at a reception at the Arizona Biltmore. Huron Capital’s acquisition of Pueblo Mechanical & Controls, Inc. and PCA Skin Holdings LLC’s sale to Colgate-Palmolive were the runners-up for the award.
“We are pleased to recognize Sinfonia’s sale to Tabula Rasa as the 2017 Deal of the Year,” said Mike Smiggen, Board President for ACG Arizona. “We would like to congratulate the team of professionals behind this complex business transaction for their excellence in navigating this transaction to a successful conclusion.”
Tabula Rasa HealthCare (Nasdaq: TRHC) was founded in 2009; went public in 2016; based in Moorestown, NJ. Tabula Rasa is a leader in providing patient-specific, data-driven technology and solutions that enable healthcare organizations to optimize medication regimens to improve patient outcomes, reduce hospitalizations, lower healthcare costs and manage risk.
At the time of the merger, Sinfonía Healthcare Corporation (through its wholly owned subsidiary SinfoníaRx) provided medication therapy management (MTM) services to health entities (health plans, health systems, provider organizations and pharmacy companies) patients and caregivers, and managed pharmacist call centers, all designed to prevent inappropriate or unnecessary prescriptions. It had contracts with major healthcare providers and pharmacies and served over 50 million patients in 2017 from pharmacist call centers in Arizona, Florida, Ohio and Texas.
Fletcher McCukser, CEO of UAVenture Capital, a new growth capital fund dedicated to the UofA and former CEO of SinfoniaRx, said the purchase of Sinfonia has already produced a number of benefits, including a significant jump in Tabula Rasa’s stock price since the deal.
“We were thrilled to make the final three for Arizona’s deal of the year and, frankly, shocked to be named winner,” McCukser said. “We knew it was important to Tucson but to be chosen a deal of the year for the whole state is a remarkable achievement and we are very humbled and very grateful.”
Overall, there were 229 mergers and acquisitions in Arizona last year with more than $22 billion in transaction value, with this acquisition being recognized as Deal of the Year.