KALAMAZOO ? TGap Ventures scored big again with another portfolio company exit when CVS Pharmacy bought MinuteClinic Inc. for $213 million. The deal went into escrow on Aug. 2.
The only issue holding back the closing is getting approval from the state of Florida for the transfer of the Minute Clinics there to CVS, said Jack Aherns, managing partner with TGap.
?We put $1.7 million into the deal and our investors will get back far more than they paid, and we still have a full portfolio,?? said Aherns, who also is a Minute Clinic board member. He said TGap lead the first two rounds of venture financing in MinuteClinic.
No one from CVS Pharmacy could be reached for comment.
MinuteClinic currently operates eighty-three mini-clinics in Minneapolis, Baltimore, Indianapolis, Nashville, Columbus, Atlanta, Seattle, Raleigh-Durham, Charlotte, Kansas City and Orlando that provide testing, diagnosis, and prescriptions for common illnesses for $49 per visit on average.
The clinics are located in CVS drugstores, CUB grocery stores, Bartells drugstores, QFC grocery stores, shopping centers and corporate headquarters and office buildings. The mission of the company is to offer quality medical service for a defined set of common ailments to the public on a walk-in basis.
Each clinic is staffed by a Nurse Practitioner or Physicians Assistant that follows a prescribed protocol established by the Company?s Medical Director. The company employs doctors in each market that are on call when the clinics are operational and provide the regulatory oversight that is required by the various states.
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