O’Melveny Advises Kayne Partners On $25M Series B FinancingMay 22, 2019
FOR IMMEDIATE RELEASE
CENTURY CITY—May 22, 2019—O’Melveny represented Kayne Partners on a $25 million Series B financing for Natural Partners Fullscript, the leading nutraceutical prescribing platform for healthcare practitioners that utilize an integrative approach to patient care. The transaction was announced May 21, 2019.
Kayne Partners is the growth equity group of Kayne Anderson Capital Advisors, L.P., a leading alternative investment management firm headquartered in Los Angeles. Kayne Partners is focused on software and tech-enabled business services companies.
The O’Melveny team advising Kayne Partners was led by partner David Smith, counsel Melissa Wright, and associate Bhavreet Singh Gill.
Natural Partners Fullscript works toward a dream of creating a single platform for practitioners seeking extensive supplement access, research, education, and tools for prescribing and adherence to improve patient outcomes. With the funding, Natural Partners Fullscript will focus on scaling its online technology platform that enables healthcare practitioners in the US and Canada to dispense profession-grade nutritional supplements to their patients through an e-prescribing platform.
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Natural Partners Fullscript issued the following press release:
Leading Health Technology Company specializing in practitioner in-office and patient direct dispensing software to leverage funds to set a new standard of care for nutraceutical prescribing
SCOTTSDALE, Ariz., May 21, 2019 /PRNewswire/ -- Natural Partners Fullscript, the leading nutraceutical prescribing platform for healthcare practitioners that utilize an integrative approach to patient care, today announced a $25M Series B financing led by Kayne Partners, the growth equity group of Kayne Anderson Capital Advisors, L.P., focused on enterprise software and tech-enabled business services companies.
With the funding, Natural Partners Fullscript will focus on scaling its online technology platform, Fullscript™. Fullscript enables healthcare practitioners in the US and Canada to dispense professional-grade nutritional supplements to their patients through an e-prescribing platform. Patients fulfill their prescription online and practitioner-recommended products are shipped direct, minimizing the need to manage a large physical inventory.
In recent months, Fullscript has begun to expand its reach by integrating with a growing number of Electronic Health Record partners - a strategy the company believes will help make nutraceuticals a more broadly utilized intervention within the conventional medical standard of care. By expanding their growing list of integration partnerships the company will build a robust database of nutritional supplement research linked to ingredients and conditions, including drug-nutrient depletion and interaction tooling that will inform practitioners how to safely and effectively use nutraceuticals.
"We are thrilled that Kayne has chosen to partner with us. Their support enables us to accelerate our technology and talent investments, helping us achieve our vision of putting wellness at the center of healthcare," said Fran Towey, CEO of Natural Partners Fullscript. "As the healthcare landscape continues to evolve, our focus is on delivering product and services designed to help practitioners provide better care, and support a patients' personalized path to wellness. With innovations in point-of-care reference materials and evidence-based decision support tools, we believe we can change the way health is prescribed."
"Natural Partners Fullscript provides tremendous value for the professional-grade supplementation ecosystem, demonstrated by the rapid adoption of its platform by practitioners and leading professional-grade supplement brands," stated Leon Chen of Kayne Partners. "We are excited that our partnership empowers Natural Partners Fullscript to more aggressively pursue the growth happening within the integrative medicine industry by providing healthcare practitioners with a platform to achieve better health outcomes for patients."
The company looks forward to leveraging its deep knowledge of the healthcare practitioner market and significant experience in customer experience, supply chain, and supplier relations to bring its technology and content platform to more practitioners and patients across North America.
About Natural Partners Fullscript:
In June 2018 Natural Partners and Fullscript merged and began work towards their dream of creating a single platform for practitioners seeking extensive supplement access, research, education, and tools for prescribing and adherence to improve patient outcomes. Natural Partners Inc., a 24-year-old specialty wholesale distributor based in Scottsdale, Arizona, that has been providing healthcare practitioners with easy access to a wide range of carefully vetted professional-grade supplements since 1995. Fullscript, an eight-year-old tech startup based in Ottawa, Ontario, revolutionized the supplement industry by building an online dispensing solution that eliminates the need for practitioners to rely solely on physical inventory.