CHEVY CHASE, Md. – Farragut Capital Partners, LLC (“Farragut”) is pleased to announce the closing of an investment in PWNHealth, LLC (“PWNHealth” or “the Company”). PWNHealth (http://www.pwnhealth.com) is a newly-formed company that recently acquired the assets of the lab testing authorization services division of Medivo, Inc. The acquisition was led by PWNHealth’s Chief Executive Officer, Sanjay Pingle, and private equity firm EDG Partners, a leader in healthcare growth and middle market buyouts. Farragut invested subordinated debt and preferred equity in support of the acquisition.
PWNHealth is a leading provider of lab connectivity, compliance, and patient outreach solutions in the clinical diagnostic screening market. Its customers include leading health and wellness providers, telemedicine companies, diagnostic labs, and payers who use its services to facilitate quick and seamless consumer access to diagnostic testing as well as to maintain compliance with state and federal regulations. The Company’s 50-state physician network and strong technology platform enable it to process over five million diagnostic screens annually.
The Company will be led by healthcare industry veteran Sanjay Pingle. "The assets of PWNHealth provide us with a unique opportunity to offer added value to a broad range of health stakeholders," says Pingle. "I am excited to acquire this comprehensive platform in partnership with EDG Partners and to leverage their significant expertise in supporting the development of differentiated healthcare platforms."
Alan Cuthbertson, Principal at Farragut, added, “We’re pleased to partner with Sanjay and EDG on this transaction. PWN represents a unique platform in a high-growth niche and with Sanjay’s leadership and EDG’s support, we’re excited about the prospects for expanding the Company’s reach.”
“Farragut was a great partner to work with in closing this exciting transaction,” says EDG Managing Director Mike Gaffney. “We look forward to working with Farragut as a trusted partner to facilitate the continued expansion of the business in new and existing markets.