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AlliancePharma Announces Transformative Acquisitions and a Material Investment from Persistence Capital Partners
July 4th 2016

Materially Expands Presence in Pharmacy Services and Pharmaceutical Solutions Markets

Persistence Capital Partners (“PCP”) is pleased to announce that it has made a material investment in AlliancePharma Inc. (“AlliancePharma”, the “Company”) (TSXV: APA) to facilitate the Company’s acquisition growth strategy. The Company is in the midst of several transformative acquisitions having entered into agreements to acquire three companies. PCP’s investment will be used to both complete the transactions and strengthen the Company’s balance sheet for further organic and acquisitive growth. Pro-forma these acquisitions, AlliancePharma will have approximately $50 million in revenues, a workforce of approximately 100 employees and a network of approximately 750 allied health professional contractors.

Commenting on the investment, Stuart M. Elman, Managing Partner of PCP, said, “We are delighted to support the growth of AlliancePharma as it embarks on this exciting phase of its development, and to partner with talented entrepreneurs like Marc Lemieux and the management team at AlliancePharma.” Concurrent with this announcement, Mr. Elman has agreed to join the board of directors of AlliancePharma.

Marc Lemieux, President & Chief Executive Officer of AlliancePharma added, “We are delighted to announce our new relationship with PCP. As a strategic shareholder, we believe that PCP will contribute to our growth strategy. These three transformative acquisitions are essential to the strategy of AlliancePharma. Given the aging demographics of Canada, and the increasing pressures on the healthcare system, it is our belief that pharmacies will play an ever-increasing role in the healthcare system. With these acquisitions, AlliancePharma is well-positioned to provide a significantly expanded range of services to our pharmacy and pharmaceutical clients.”

Transaction Highlights

Acquisitions

AlliancePharma has entered into acquisition agreements with:

  • ProJ Pharma (“ProJ”), a leader in the pharmacist staffing market in Quebec, a significant complement to the Company’s existing business;
  • Pharmapar and BioMed Pharma (“Pharmapar”), a leading generic medication distributor in the province of Quebec; and
  • LIV Communication (“LIV”), a leading medical communications agency for pharmaceutical firms

As part of these transactions, the leaders of each of the acquired entities will play an important role in continuing the growth and development of each of their businesses within AlliancePharma, and have agreed to take a material portion of the consideration in stock of AlliancePharma

Scope of Services

Following these acquisitions, the Company has regrouped its activities into two segments to better reflect its focus on the customers:

  • Pharmacy Services, which provides a range of services to pharmacies and pharmacists, including staffing, generic medication, and related services; and
  • Pharmaceutical Solutions, which provides a range of communications, training and other services to pharmaceutical firms in Canada.

Closing of the PCP investment is subject to certain conditions, including final approval by the TSX Venture Exchange, and the creation and issuance of the Preferred Shares.

About AlliancePharma

AlliancePharma is a leading solution and service provider to the pharmaceutical market. Today it is a respected name for quality and expertise among pharmacists. Its management team is guided by a vision of continuing to lead the way in Quebec while extending operations across Canada and internationally. Additional information on the Corporation is available at www.alliancepharmainc.ca and on SEDAR at www.sedar.com.

About Persistence Capital Partners

Persistence Capital Partners is a private equity fund exclusively focused on high-growth opportunities in the healthcare field. With deep healthcare industry expertise, PCP aims to create significant long-term capital appreciation for its investors by identifying and developing attractive investment opportunities in the Canadian healthcare market.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This press release from AlliancePharma contains forward-looking statements about the acquisition of all equity securities in planned acquisitions by AlliancePharma and about strategic financing from PCP. Forward-looking statements are typically identified by the words assumption, goal, guidance, objective, outlook, strategy, target, and other similar expressions, or future or conditional verbs such as aim, anticipate, believe, predict, could, expect, intend, may, plan, seek, should, strive, and will. By their nature, forward-looking statements require us to make estimates and assumptions and express opinions based on current conditions and anticipated developments, as well as other factors that Management may deem appropriate under the circumstances. There is inherent uncertainty and significant risk in these estimates, assumptions, and opinions, particularly of a commercial, economic, and competitive nature, and they are therefore subject to change. AlliancePharma cannot guarantee that these estimates, assumptions, and opinions will prove to be accurate.

This press release contains forward-looking statements with regard to the following: the financial, cash flow, and growth prospects of the Corporation following the acquisitions; certain strategic benefits and operational synergies; corporation management following the merger; the anticipated closing date for the planned acquisitions; the anticipated earnings of AlliancePharma and the acquired entities; and the securing of financing from PCP. The pro forma information in this press release must not be construed as necessarily reflecting what the actual financial and other operating results would have been if AlliancePharma and acquisitions had operated together as a single unit during the cited periods.

Numerous risks and uncertainties may cause the actual outcomes of the merged Corporation to differ substantially from the estimates, beliefs, and assumptions expressed or implied in the forward-looking statements, specifically with regard to the following: achievement of expected outcomes, including growth in operating revenue as a result of undertakings by the merged Corporation; heightened competition from existing or new market competitors; changes to the economic situation, including inflation or deflation; variations in interest or exchange rates or in the price of derivatives or inputs; inability to achieve desired outcomes in labor negotiations; inability to attract and retain key employees or plan efficiently for succession needs; damage to the reputation of the brands promoted by the merged Corporation; the impact of new or amended legislation; changes in regulatory requirements that affect the merged Corporation, including changes to fiscal laws and regulations or to fee structures; new accounting pronouncements or changes to current accounting practices; the possibility that the merged Corporation may contravene a law or policy or behave in a non-ethical fashion; unfavorable outcomes from lawsuits brought against the merged Corporation; or events or series of events that may interrupt operations.

Readers are cautioned that the above list is not exhaustive. Other risks and uncertainties of which AlliancePharma is not currently apprised or that it does not currently deem important could cause actual outcomes or events to differ substantially from those set out in the forward-looking statements.

Nothing guarantees that the planned acquisitions and the financing from PCP will come to pass or that the anticipated strategic benefits and operational synergies will materialize. The planned acquisitions and the strategic financing from PCP are subject to various approvals from regulatory authorities, and specifically that of TSXV, as well as fulfillment of and compliance with various conditions, and nothing guarantees that such approvals will be secured and/or such conditions will be fulfilled. The planned merger could be modified, restructured, or cancelled.

Readers are cautioned not to accord undue credibility to such forward-looking statements, which are based solely on AlliancePharma’s expectations as of the date of this press release. AlliancePharma declines all responsibility to update or revise its forward-looking statements, whether to account for new information or future events or circumstances, unless legally obligated to do so.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, or in any jurisdiction in which such offer, solicitation, or sale would be unlawful. The securities described in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended, nor under any State securities law, and may not be offered for sale or sold in the United States, unless registered in compliance with these laws or dispensed from such registration.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this News Release. 

Persistence Capital Partners Invests in mdBriefCase
January 12th 2015

Persistence Capital Partners (“PCP”) is pleased to announce a significant equity investment in Canada and Australia’s leading provider of online continuing health education, mdBriefCase Group Inc. (“mdBriefCase”).

Founded in 2001, mdBriefCase provides continuing health and medical education programs for pharmacists, nurses, family physicians, specialists and patients. Providing free, multimedia interactive learning programs, mdBriefCase is a primary source of accredited continuing education for thousands of healthcare professionals. Its high quality programs are accredited by mdBriefCase’s leading medical institutional and organizational partners. Headquartered in Toronto, Canada with significant operations in Sydney, Australia, mdBriefCase has a team of over 40 employees.

John Trang, Principal at PCP, a private equity fund exclusively focused on growth and buyout opportunities in Canadian healthcare, said, “We are thrilled to support and partner with mdBriefCase. They lead the way in providing quality education programs for healthcare professionals and patients. The team at mdBriefCase has built a truly unique place to get up-to-date education on the latest healthcare topics, while providing its users with a convenient and innovative platform that meets the needs of busy healthcare professionals and patients.”

“Our partnership with PCP will help to strengthen our position as the leading provider in online health education programs and accelerate our expansion into new markets, technologies and geographies.” said Greg Cook, Founder and Chief Executive Officer at mdBriefCase. “Dan Denomme, President of mdBriefCase, Canada, and Derek Bryan, Managing Director, Australia, will continue to be an integral part of our growth strategy, leading their respective teams and servicing our valued clients.”
Dan Denomme, President of mdBriefCase Canada, added, “We are proud that PCP has recognized our success as a company, as well as the value of our programs and services. Along with our strong team and partners, we will continue to provide current, innovative and informative programs to over 125,000 members.”

Stuart M. Elman, Managing Partner at PCP, said, “Working with proven management teams, while bringing PCP’s deep industry knowledge, experience and relationships, is core to our successful investment strategy. mdBriefCase is our fifth platform investment in our latest fund, and we are excited to welcome mdBriefCase into our portfolio of companies.”

mdBriefCase Group Inc.

mdBriefCase Group Inc. is Canada and Australia's foremost online continuing health and medical education provider. mdBriefCase provides free, multimedia interactive learning programs for physicians, specialists, pharmacists and allied healthcare professionals such as nurses, diabetes educators, etc. Its accredited and non-accredited programs are written by the leading specialists in their respective fields and developed by prestigious educational institutions.

mdBriefCase has a family of websites with various offerings and objectives for different audiences and interests. Today, mdBriefCase provides accredited education programs through several online platforms including www.mdBriefCase.com, www.mdBriefCase.com.au, www.AdvancingIn.com, www.AdvancingPractice.com, and www.rxBriefCase.com. Non-accredited education programs can be found at www.mdPassport.com, www.rxPassport.ca, and www.medschoolforyou.ca.

Founded in 2001, mdBriefCase is headquartered in Toronto, Canada, with significant operations in Sydney, Australia. mdBriefCase is a full service online company with design, programming, email, database and project management capabilities. 

About Persistence Capital Partners

Persistence Capital Partners is a private equity fund exclusively focused on high-growth opportunities in the healthcare field. With deep healthcare industry expertise, PCP aims to create significant long-term capital appreciation for its investors by identifying and developing attractive investment opportunities in the Canadian healthcare market.

Contacts

mdBriefCase Group Inc.
Dan Denomme, President, Canada
T: (416) 488-5500
E: ContactUs@mdBriefCase.com
www.mdbriefcase.com

Persistence Capital Partners
John Trang, Principal
T: (514) 499-2787
E: info@persistencecapital.com
www.persistencecapital.com
 

PCP Announces Investment in LMC Diabetes & Endocrinology
November 10th 2014

Supporting Future Growth in Canadian-based, Globally Leading Diabetes Practice and Clinical Research Sites

Persistence Capital Partners (“PCP”) is pleased to announce an investment in LMC Diabetes & Endocrinology (“LMC”), Canada’s leading national endocrinology practice. With 9 clinics across the country, LMC provides multi-disciplinary community-based care to Canadian diabetics and endocrinology patients with a focus on education, research, service excellence and meeting their comprehensive medical needs. Founded and led by Dr. Ronnie Aronson, LMC is Canada’s largest diabetes, metabolic, and endocrinology practice. Led by its more than 30 endocrinologists and together with diabetes educators and other healthcare professionals, LMC is also a global leader in early through late phase clinical research, including 9 Canadian sites and a dedicated Phase I center in Toronto, Canada.

Lloyd M. Segal, Managing Partner at PCP, a private equity fund exclusively focused on growth and buyout opportunities in Canadian healthcare, said, “We are tremendously excited to support and partner with Dr. Aronson and his team, who have built a world-class practice with a group of outstanding professionals. LMC’s achievements in practice, education and clinical research are unrivaled. It is also a phenomenal workplace and environment for patient care, consistently recognized by the Great Place to Work Institute as one of Canada’s top employers. PCP’s investment is intended to support growth of the LMC model across Canada.”

Dr. Aronson will continue in his role as LMC’s Chief Medical Officer. “We are very pleased to have PCP’s support and leadership with us for our next stage of growth,” he noted, “The PCP team’s experience in growing medical practices nationally and their understanding of the imperatives of patient care in Canada make them an ideal investor in our future. We also believe that their deep experience in clinical research will help us continue to seek new ways to expand the therapeutic horizon for our patients.”

About LMC Diabetes & Endocrinology

Founded by Dr. Ronnie Aronson in 1997, LMC is Canada’s leading national diabetes, endocrinology and metabolic disease practice, serving Canadian patients with diabetes and other general endocrinology concerns. LMC’s national practice is led by over 30 endocrinologists in 9 clinics in Ontario, Alberta and Quebec. LMC’s 160+ member team of healthcare professionals provide multi-disciplinary community-based care to Canadian diabetics and endocrinology patients with a focus on education, service excellence and meeting their comprehensive medical needs as well as operating full-service pharmacies and an online platform for diabetes education, material and supplies at www.diabetessource.ca. LMC stands among global leaders in early through late stage endocrinology and metabolic disease clinical research, with 9 Canadian sites and a dedicated Phase I research facility in Toronto. LMC has consistently been recognized among Canada’s Best Workplaces® by the Great Place to Work Institute.

About Persistence Capital Partners

Persistence Capital Partners is a private equity fund exclusively focused on high-growth opportunities in the healthcare field. With deep healthcare industry expertise, PCP aims to create significant long-term capital appreciation for its investors by identifying and developing attractive investment opportunities in the Canadian healthcare market.

Contacts

LMC Diabetes & Endocrinology
Hilary Campbell
T: (416) 645-2929
E: hilary.campbell@LMC.ca
www.lmc.ca

Persistence Capital Partners
Lloyd M. Segal, Managing Partner
T: (514) 687-2600
E: info@persistencecapital.com
www.persistencecapital.com 

Horizon Occupational Health Solutions Acquires Morneau Shepell’s Occupational Health Clinics Business
October 14th 2014

Horizon Occupational Health Solutions Inc. (“Horizon OHS”), a newly formed portfolio company of Persistence Capital Partners (“PCP”), is pleased to announce the acquisition of Morneau Shepell Inc.’s occupational health clinical services business. With over 20 years’ experience, Horizon OHS offers its clients a comprehensive array of occupational and emergency services and solutions through its strategically located clinics and onsite and remote staff. With operations in eastern and central Canada, Horizon OHS works closely with its mining, construction, oil & gas, and industrial clients to create high quality programs that ensure the health and safety of their workforces.

Stuart M. Elman, Managing Partner at PCP, a private equity fund exclusively focused on growth and buyout opportunities in Canadian healthcare, said, “With this transaction, we believe that we can build Canada’s leading occupational health solutions provider. We are delighted to be working with the outstanding and dedicated team of physicians, nurses, healthcare professionals and staff at Horizon OHS. Our plan is to invest in this business and its people. We believe that Horizon OHS is an ideal platform that will allow us to expand our services, grow our customer base and increase our geographic footprint into Quebec and Western Canada.”

Jean-Marc Mackenzie, Senior Vice President at Morneau Shepell, added, “We believe this transaction has the potential to be an extremely exciting time for the occupational health clinics, with new owners that are willing to invest more time and resources into the business.”

“On behalf on the team at Horizon OHS, we are excited by the opportunity to be our own company; to be able to focus on what we do best, which is providing our clients and their teams with uncompromising health solutions. PCP recognized our years of accomplishments and our mutual belief in providing unparalleled preventative services to each and every one of our clients,” said Dr. Sue Rideout-Vivian, Horizon OHS’ Regional Medical Director. “During this time of transition, we are focused on making sure that our clients continue to receive the high standard of care and service they have grown accustomed to. All of our staff across the entire network is staying in place.”

About Horizon Occupational Health Solutions Inc.

Horizon Occupational Health Solutions Inc. is a leading Canadian provider of occupational health and emergency services and solutions to industrial clients. With operations in eastern and central Canada and over 20 years’ experience, Horizon OHS works with its clients to provide an integrated healthcare and prevention solution that meets their ever-evolving needs. Horizon OHS provides health management solutions to clients in remote areas, off-site projects and strategically located areas, providing a range of services including full service health solutions such as annual medicals, on-call physicians, hearing tests, respiratory tests, surveillance programs and pre-employment health screening, as well as onsite solutions such as first responder emergency services, primary care and MEDEVAC.

About Persistence Capital Partners

Persistence Capital Partners is a private equity fund exclusively focused on high-growth opportunities in the healthcare field. With deep healthcare industry expertise, PCP aims to create significant long-term capital appreciation for its investors by identifying and developing attractive investment opportunities in the Canadian healthcare market.

Contacts

Horizon Occupational Health Solutions Inc.
John Trang, Vice President
T: (514) 499-2787
E: info@horizonOHS.com
www.horizonOHS.com

Persistence Capital Partners
Stuart M. Elman, Managing Partner
T: (514) 499-2778
E: info@persistencecapital.com
www.persistencecapital.com 

Warnex to Merge with Diagnos
May 5th 2014

Dorval, Quebec, May 5, 2014 – Warnex Inc. (TSX Venture: WNX.H) (“Warnex”) is pleased to announce that it has entered into a binding letter of agreement with DIAGNOS Inc. (“Diagnos”) (TSX Venture: ADK) (the “Letter of Agreement”) pursuant to which Warnex will merge with a wholly-owned subsidiary of Diagnos (the “Transaction”).

“In the fourth quarter, we successfully terminated the long-term lease for our Laval facility, allowing us to aggressively pursue strategic options for our remaining assets,” commented Warnex’s Chairman, Michael Singer. “After a lengthy review of all of our available options, including a return of our cash to shareholders, we determined that the best opportunity for shareholders is to participate in the future upside of Diagnos. We are impressed by Diagnos’ advanced, innovative technologies and their significant commercial potential.”

As a condition to entering into a definitive agreement (the "Definitive Agreement"), Persistence Capital Partners, L.P., Canada’s leading private equity firm in the healthcare industry, which holds approximately 52% of the issued and outstanding shares of Warnex, will enter into a lock-up agreement pursuant to which it will agree to vote its shares in favour of the Transaction. Under the terms of the Letter of Agreement, the Definitive Agreement will provide that the Transaction will be subject to certain closing conditions including, without limitation, (i) receipt of all necessary approvals and consents, including but not limited to, the approval of the TSX Venture Exchange; and (ii) approval by the requisite majority of the shareholders of Warnex at a special meeting of shareholders, and such other closing conditions customary for transactions of this nature as may be specified in the Definitive Agreement.

Upon the closing of the Transaction, shareholders of Warnex will receive one common share of Diagnos for each common share of Warnex held. For the purposes of the Transaction, each of the Diagnos common shares and the Warnex common shares have been attributed a value of $0.08 per share. Each shareholder of Warnex and of Diagnos will, upon the closing of the Transaction, also be entitled to receive an additional half-warrant for each Warnex common share or Diagnos common share held. Each whole warrant will be exercisable into one common share of Diagnos at an exercise price of $0.10 per share for a period of twelve months following the closing of the Transaction. The current holders of Warnex warrants will receive one warrant of Diagnos for each warrant of Warnex held.

The valuation of Warnex common shares will be subject to final adjustment based upon the final net cash attributable to Warnex. It is expected that, upon closing of the Transaction, the securityholders of Warnex will hold, in the aggregate, common shares and warrants of Diagnos representing approximately 27.96% of the issued and outstanding shares of Diagnos on a fully-diluted basis and the shareholders of Diagnos will hold, in the aggregate, common shares of Diagnos representing approximately 72.04% of the issued and outstanding shares of Diagnos on a fully-diluted basis.

The Letter of Agreement can be terminated in certain circumstances including, without limitation, (i) if either party is not satisfied with the results of its due diligence investigation, (ii) if the board of directors of Warnex does not obtain a favourable fairness opinion by its financial advisors in respect of the Transaction; or (iii) if the parties fail to enter into a Definitive Agreement on or before May 30, 2014 (or such other date as the parties may agree to).

CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this news release are forward-looking and are subject to numerous risks and uncertainties, known and unknown. For further information identifying known risks and uncertainties, relating to financial resources, liquidity risk, volatility of share price and other important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the heading Risks and Uncertainties in Warnex’s most recent Management's Discussion and Analysis, which can be found at www.sedar.com. Consequently, actual results may differ materially from the anticipated results expressed in these forward-looking statements. The Transaction is subject to the negotiation of a definitive agreement and other conditions described in this press release, including approval of the shareholders of Warnex. There is no assurance that the Transaction will be completed as proposed or at all. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact:

Michael Singer
Chairman of the Board of Directors, Warnex Inc.
Tel: (514) 940-3600
info@warnex.ca

Anima-Plus Partners with Persistence Capital
April 10th 2014

Anima-Plus Group Inc. ("Anima-Plus"), Quebec’s leading group of veterinary services, and Persistence Capital Partners ("PCP"), a private equity fund exclusively focused in healthcare, are pleased to announce a newly formed partnership focused on driving the growth and development of Anima-Plus. PCP's involvement will help to accelerate the expansion of Anima-Plus. The company plans on opening new locations, introducing new products and services, and identifying and acquiring veterinary practices throughout Quebec and across Canada.

With five highly-renowned veterinary hospitals and a team of trained veterinarians and professionals focused on animal wellness and prevention in Montreal and Gatineau, Anima-Plus is already an undeniable force among Quebec's providers of first line veterinary medicine for pets. With this new partnership, Anima-Plus wishes to acquire more than twenty (20) new veterinary hospitals and clinics in the next few years.

"Anima-Plus and PCP share the same passion and the same values when it comes to health and the quality of medical care. This is a very promising partnership," said Dr. Sarah A. Guénette, Anima-Plus Co-founder, President, Chief Operating Officer and Medical Director. She adds, “As we broaden our network, Anima-Plus will attract a larger team of talented professionals, broadening even more our areas of expertise. We will continue to expand our operations while maintaining our exceptional quality of uncompromising care to our best friends.”

Mathieu Doyon, Co-founder and CEO of Anima-Plus added, "Our partnership with PCP will have a decisive impact on our group's expansion. We are actively seeking to acquire approximately twenty new hospitals and clinics to add to our growing network. We are targeting Quebec City, the Maritimes and the Ottawa area first. We promise to continually provide high-quality veterinary medicine to our clients and our four-legged companions above all else, and to provide the best work environment for our professionals." 

“Anima-Plus provides the highest quality care in the stable and growing veterinary medicine market,” said Stuart Elman, Managing Partner at PCP. “Anima-Plus Cofounders and leads have a remarkable experience in their industry. They understand

the challenges of owning and managing hospitals, while providing high quality services. Through this partnership, we are excited to work with such a high-quality and successful management team to continue to expand the company. Anima-Plus has all that it needs to become the largest veterinary services brand in Quebec, as well as, in Canada over the next decade. We are proud to partner with strong Quebec entrepreneurs and to make Anima-Plus our first platform investment in our second fund.”

Anima-Plus Group Inc.

Founded in 2006, Anima-Plus’s mission is to Treat, Love and Heal animals. An industry leader, the Quebec-owned company employs a team of 60 in its five veterinary hospitals located in Montreal and Gatineau, including 18 veterinarians. Concerned with animal welfare, its veterinarians provide the latest in cutting-edge medicine and treatments, focusing on pain prevention and respect for animal life, integrity and dignity. Anima-Plus is also deeply involved in organizations, zoos and pet shelters in addition to contributing to several initiatives that benefit the SPCA. Its veterinary hospitals are accredited by the American Animal Hospital Association (AAHA), certifying the Group’s commitment to the highest standards of excellence in its field in North America.

www.anima-plus.com

Persistence Capital Partners

Persistence Capital Partners is a private equity fund exclusively focused on high-growth opportunities in the healthcare field. With deep healthcare industry expertise, PCP aims to create significant long-term capital appreciation for its investors by identifying and developing attractive investment opportunities in the Canadian healthcare market.

www.persistencecapital.com

Information, interviews and photos:

Anima-Plus
Edith Ducharme
Communication Ducharme
T: 514 777-7009
E: edith@communicationducharme.com

Persistence Capital Partners
Stuart M. Elman
Managing Partner, Persistence Capital
Partners
T: 514 499-2778
E: info@persistencecapital.com

Persistence Capital Partners Announces Sale of Lab-Biomedic
January 17th 2014

Persistence Capital Partners (“PCP”), a private equity fund exclusively focused on high-growth opportunities in healthcare, is pleased to announce the sale of its portfolio company, Lab-Biomedic (“LBM”), a leading clinical laboratory in Quebec, to Gamma-Dynacare, a Canadian subsidiary of LabCorp (NYSE: LH).

Acquired by PCP in 2010, LBM provides clinical laboratory services to medical clinics, corporate clients, insurance companies and clinical research organizations. It serves a broad range of eastern Canadian clients through its laboratories in Montreal and Quebec City.

Commenting on the transaction, Lloyd M. Segal, Managing Partner at PCP, said, "LBM represents a benchmark for service and excellence in the clinical laboratory, insurance, and contract research sectors in Canada. It has been a privilege collaborating with Marc Hamilton and his team, as they have set a new standard for innovation and delivered outstanding returns to PCP. We wish them continued success as they become part of Gamma-Dynacare."

Persistence Capital Partners Announces Sale of Medvue's Quebec Medical Imaging
January 14th 2014

Persistence Capital Partners (“PCP”), a private equity fund exclusively focused on high-growth opportunities in healthcare, , is pleased to announce the sale of all the Quebec radiology operations under its Medvue Medical Imaging (“Medvue”) banner. Medvue is a leading provider of medical imaging services in Quebec, and this announcement follows the sale of all of Medvue’s Ontario assets announced in Q1 2013.

Initially acquired by PCP in 2009, Medvue’s Quebec radiology services are principally in magnetic resonance imaging (“MRI”) and include 3 clinics providing a full-range of general and specialty MRI services in Montreal and Laval. The Quebec MRI operations were sold to Envision Diagnostics Inc. ("Envision"), a privately held diagnostic imaging provider that will continue to operate the business under the name Medvue Medical Imaging, by the same high standards previously associated with Medvue.

PCP portfolio entities will continue to provide radiology services other than MRI through its PCP Fund I holding, Medisys Corporate Health (“Medisys”). Medisys is Canada’s leading national provider of corporate and executive health services, and provides CT, Ultrasound, Mammography and X-Ray procedures across the country. Commenting on the transaction, Lloyd M. Segal, Managing Partner at PCP, said, "We are pleased to complete the sale of our last businesses held under the Medvue banner, which have combined to generate good returns for PCP’s Limited Partners. Our Medisys colleagues look forward to continuing to collaborate with Envision on delivering excellent MRI services to our patients."

KPMG Corporate Finance served as an advisor to PCP on this transaction.

Medisys Acquires Plexo Medical Centres
May 14th 2013

Transaction creates Canadian leader in corporate health services

Medisys Corporate Health LP (“Medisys”), Canada’s leading provider of corporate health services and a portfolio company of Persistence Capital Partners, announced that it has acquired Plexo, one of Quebec’s largest providers in the sector. Plexo’s operations, which include The Medi Club at the Sanctuaire, Plexo Assomption Clinic and Robert & Lizotte Industrial Medical Center, will now become part of the Medisys family.

“This acquisition will help support our mission: to provide corporations with preventive health services that are customized, efficient and effective. We look forward to welcoming Plexo’s team of 150 employees and over 200 physicians, who will continue to deliver excellent client service as part of Medisys,” stated Jean Bourcier, President of Medisys.

Since it was founded 25 years ago, Plexo has become one of the largest providers of corporate health services in the province of Quebec, with clinics in Montreal, Quebec, Trois-Rivieres and Drummondville.

“In this fragmented industry with few national providers, there is an opportunity to provide outstanding corporate health services to our clients, be they local, regional or national,” said Dr. Sheldon Elman, Founder and Chairman of Medisys. “The acquisition of Plexo is an important step forward in our strategy to consolidate and reinforce our position as the leading national corporate health services provider.”

“This transaction follows the completion of our recent acquisition of the Tailor Medical clinic located at 333 Bay Street in Toronto, which will re-open under the Medisys banner and begin to serve our Toronto-based clients in June 2013, as well as the ongoing enhancement of our facilities in Vancouver. Medisys continues to grow across Canada and now, more than ever, we are able to serve businesses nationally with our team of over 500 employees and over 300 physicians working in 16 clinics across Quebec, Ontario, Alberta and British Columbia,” added Dr. Elman.

Persistence Capital Partners Announces First Close of Fund II
May 22nd 2013

Raises over $90 million in 1st Closing of targeted $225 million Fund II following on success of high-performing Fund I

Persistence Capital Partners (“PCP”), a private equity fund exclusively focused on high-growth opportunities in the healthcare field, is pleased to announce that it has completed a first closing of Persistence Capital Partners II, L.P. (“PCP II”), with commitments of over $90 million mainly from leading Canadian institutional investors.

“We are extremely pleased to announce this initial close of our second fund, with an amount that has already exceeded the total size of our 2008 vintage Fund I,” commented PCP Managing Partner, Stuart M. Elman. “Moreover, we are privileged to welcome back virtually of all of our core LPs from Fund I.”

PCP II will continue its successful investment strategy of investing principally in Canadian healthcare growth opportunities, providing entrepreneurs with growth capital, supporting buyouts, recapitalizations and consolidations. PCP II is focused on investments in a wide range of healthcare businesses with between $5-$50mm of revenues, and is targeting a total fund size of $225mm.

This first close marked the return of the overwhelming majority of Fund I LPs and the addition of several key new institutional LPs. “This level of support and commitment by Canadian LPs to a healthcare-only private equity fund represents a significant validation of our model, our market, and most notably our performance in Fund I,” commented PCP Managing Partner, Lloyd M. Segal. “We deeply appreciate the confidence our LPs have shown in us as managers.”

Persistence Capital Partners Announces Sale of Medvue's Ontario Medical Imaging
April 10th 2013

Persistence Capital Partners (“PCP”), a private equity fund exclusively focused on high-growth opportunities in healthcare, is pleased to announce the sale of all the Ontario regional assets of its portfolio company Medvue Medical Imaging (“Medvue”), a leading Canadian provider of medical imaging services in Ontario and Quebec. The Ontario assets were sold in a series of transactions, completed in Q1, 2013, to 5 separate Ontario-based medical imaging providers.

Acquired by PCP in 2008, Medvue’s Ontario business included 10 clinics providing publicly funded X-Ray, Mammography, Ultrasound, Nuclear Medicine and Bone Mineral Densitometry imaging procedures via OHIP, Ontario’s public payor system. PCP sold these assets in a series of independent transactions to leading regional medical imaging operators in Ontario, including KMH Labs, True North Imaging, Blue Water Imaging and Annex Medical Imaging. Medvue will continue to operate its Quebec clinics, providing MRI, CT, Ultrasound and X-Ray procedures.

Commenting on the transaction, Lloyd M. Segal, Managing Partner at PCP, said, "Medvue Ontario represented a superb investment for PCP. Our team of professionals has set the standard for high quality medical imaging in Ontario and delivered excellent returns for PCP’s Limited Partners. We wish them continued success in their new associations with a set of great regional operators."

Persistence Capital Partners Announces Sale of MedAxio Insurance Medical Services to Gamma-Dynacare
January 10th 2013

Persistence Capital Partners (“PCP”), a private equity fund exclusively focused on high-growth opportunities in healthcare, is pleased to announce that sale of its portfolio company, MedAxio Insurance Medical Services (“MedAxio”), a leading Canadian provider of medical information collection services for the Canadian life insurance industry, to Gamma-Dynacare, a Canadian subsidiary of LabCorp (NYSE: LH).

Acquired by PCP in 2008, MedAxio provides insurance paramedical examinations and tele-interviewing services to support the life insurance underwriting process, with over 1,000 mobile health professionals performing over 250,000 examinations annually from coast to coast.

Commenting on the transaction, Stuart M. Elman, Managing Partner at PCP, said, "MedAxio has been an excellent investment for PCP. Beyond achieving returns for our investors, we have been privileged to work with MedAxio’s management team to build a great business. We wish them continued success as they become part of Gamma-Dynacare and capitalize on a broad new set of opportunities to deliver value to their life insurance clients."​