WEST CONSHOHOCKEN , PENNSYLVANIA (May 17, 2007) - ETF Venture Funds announces that its portfolio company Take Care Health Systems was acquired by Walgreen Co. (NYSE:WAG) ; NASDAQ:WAG), the nation's largest drugstore chain. In this deal Walgreens acquires the leading convenient care clinic operator in the nation to begin building its new vision of patient-first health care.
Take Care led the charge in revolutionizing America's health care industry by delivering accessible, affordable, quality health care that meets basic health needs. Take Care Health Systems has grown quickly, and now operates 50 health care clinics in Chicago , Kansas City, Milwaukee , St. Louis and Pittsburgh .
Take Care's convenient care clinics, combined with the drugstore chain's nearly 5,700 pharmacies across the country, will form the core for Walgreen Co.'s future rollout of a range of patient-focused health care services. Walgreens, with fiscal 2006 sales of $47.4 billion, is planning to establish 400 convenient care clinics by the end of 2008.
ETF Venture Funds, a top performing early stage venture capital fund, has built an enviable reputation for success with its investment strategy and financial results. ETF was the sole venture capital investor in Take Care Health Systems during its first round of financing in 2005. Subsequently, the company raised $77 million, the largest capital raise in the health care services industry in two years, and the largest such funding to date in the retail health care space. In addition to Take Care Health Systems, ETF portfolio companies include NutriSystem (NASDAQ: NTRI), SeamlessWeb (acquired by ARAMARK) and Philadelphia Media Holdings, owners of The Philadelphia Inquirer, Philadelphia Daily News , and philly.com. |
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"Our fund invests in business leaders who have a clear vision for capturing new market opportunities and the ability to execute on that vision,” said Wayne D. Kimmel , managing partner of ETF Venture Funds. "Take Care founders Hal Rosenbluth and Peter Miller built a market-leading company that will enable Walgreens to rapidly expand its ability to offer convenient care services to customers. We supported Take Care's efforts to define its market and its offerings, and we're excited to see Walgreens take it to the next level, and beyond." About ETF Venture Funds
ETF Venture Funds ( www.etfventurefunds.com ) is a top performing venture capital fund that invests primarily in early stage, high growth technology-enabled companies in the business, financial and health care services industries. The fund invests in top caliber management teams based in the Mid-Atlantic Region, including Pennsylvania, New York, Connecticut, New Jersey, Delaware, Maryland, District of Columbia and Virginia.
ETF Venture Funds is led by its Managing Partners Ian J. Berg and Wayne D. Kimmel . Ira Brind serves as Chairman of the ETF Advisory Board.
Portfolio companies include: SeamlessWeb, acquired by ARAMARK, a comprehensive Web-based food ordering system that enables companies and consumers easy access to the best restaurants, caterers and other providers, NutriSystem (NASDAQ: NTRI), a leading provider of weight management services, awarded Forbes 2006 Small Business of the Year and the Wall Street Journal's Top Performing Stock in the United States the past five years, Take Care Health Systems, a leading operator of convenient care clinics that will be acquired by Walgreen Co., and Philadelphia Media Holdings, the leading media company in Philadelphia, and owner of The Philadelphia Inquirer, Philadelphia Daily News, and philly.com.
About Take Care Health Systems
Take Care Health Systems ( www.takecarehealth.com ) is a leading independent operator of convenient care clinics. Take Care Health combines best practices in medicine and the expertise and personal care of Take Care nurse practitioners to provide high-quality, accessible and affordable health care to all individuals. Take Care Health operates 50 health care clinics in Chicago , Kansas City, Milwaukee , Pittsburgh and St. Louis . Take Care Health uses nationally recognized clinical guidelines, industry standards set forth by the Convenient Care Association ( www.convenientcareassociation.org ) and an electronic medical record system to ensure the highest quality care. The company maintains a robust quality assurance program, including collaborating physician record review, peer review and compliance auditing.
About Walgreens
Walgreen Co. is the nation's largest drugstore chain with fiscal 2006 sales of $47.4 billion. The company operates 5,693 stores in 48 states and Puerto Rico, including 77 Happy Harry's stores in Delaware and surrounding states. Walgreens also provides additional services to pharmacy patients and prescription drug and medical plans through Walgreens Health Services, its managed care division, which includes Walgreens Health Initiatives, Inc. (a pharmacy benefits manager), Walgreens Mail Service Inc., Walgreens Home Care Inc., and Walgreens Specialty Pharmacy.
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