Tampa, Fla. – (November 16, 2006) – Cypress Care Inc., an Atlanta-based leading provider of workers’ compensation Pharmacy Benefits Manager (PBM) services, today announced that Brazos Private Equity Partners, LLC, a leading Dallas-based private investment firm, and David A. George, formerly President of AdvancePCS, have partnered with Cypress Care senior management to make a strategic investment in the company. The transaction will position Cypress Care for continued growth and continued outstanding service for its workers’ comp PBM clients.
Lovett Miller & Co., Cypress Care’s lead first round institutional investor, provided growth capital financing in March 2004. W. Radford Lovett II, Co-Founder and Managing Partner, and Kevin S. Ooley, Principal, served on the Board of Directors during the two and a half year period in which the company significantly multiplied its equity value. As a part of the transaction, Lovett Miller & Co. and Cypress Care’s founding family and management team continue to hold a significant ownership positions in the company. Mr. Lovett will remain on the Board of Directors.
In addition to his participation in the investment, Mr. George, 51, President of AdvancePCS prior to its merger with Caremark Rx, Inc., in 2003, has been named Chief Executive Officer of Cypress Care, succeeding co-founder Hank Datelle, 64, who has decided to transition to an active but less demanding role as a senior adviser to the company as well as a board member.
Rad Lovett said: “We have been extremely pleased with the results of Cypress Care to date and continue to believe that it is a well-positioned, high-growth company with a terrific future. We are delighted to welcome Brazos and David George to an excellent team already in place.”
Hank Datelle said: “Since my daughter Lisa and I formed the company in July 2001, Cypress Care has established itself as a major and rapidly growing Pharmacy Benefits Manager—one of a very few focused exclusively on the workers’ compensation PBM business. Lovett Miller played an integral part in helping us achieve our market-leading position. The insight and support we received from Rad Lovett and Kevin Ooley at the Board level have been invaluable, and we are extremely fortunate to have partnered with them during our initial growth period.”
About Lovett Miller & Co.
Lovett Miller & Co., co-headquartered in Jacksonville and Tampa, Florida, provides growth capital and shareholder liquidity for rapidly growing, privately held companies throughout the United States with a particular emphasis on technology-enhanced service companies and healthcare firms. The Firm invests in a range of financings including (1) growth capital, (2) minority shareholder liquidity transactions, and (3) growth buyouts. Lovett Miller & Co. typically invests $5 to $15 million in equity per company, although it is willing to consider both smaller and larger equity investments. For more information, visit www.lovettmiller.com.
About Cypress Care Inc.
Cypress Care is a full-service workers’ compensation Pharmacy Benefits Manager (PBM)—one of the few PBMs focused exclusively on workers’ compensation. With its comprehensive, powerful technology and workers’ compensation expertise, the company has created a new standard in cost containment and customer service. Cypress Care enables adjusters and risk managers to spend less time on pharmacy claims while reducing overall pharmacy expenditures associated with workers’ compensation. The company’s customers include some of the largest private/governmental employers and insurance companies in the United States. For more information, please visit http://www.cypresscare.com.