PBC sells Access Diabetic Supply

February 1, 2005

Palm Beach Capital today announced the sale of its equity position in Access Diabetic Supply, LLC to Owens &Minor.

Access Diabetic Supply, LLC, based in Pompano Beach, Florida, is a leading national provider of direct-to-consumer diabetes testing supplies to eligible Medicare and privately insured individuals. The company distributes products used by diabetes patients for daily monitoring of blood glucose levels, including meters, test strips and lancets. In addition, Access Diabetic has expanded its product line to serve patients with other conditions such as chronic respiratory disease. The company serves its nationwide customer base of more than 50,000 by managing the documentation and insurance claims filing process for customers and by facilitating home delivery of products.

Access Diabetic was a finalist for Ernst & Young’s 2003 Entrepreneur of the Year Award and was featured in Entrepreneur Magazine as the 25th fastest growing company in America in 2003.

Palm Beach Capital originally made its investment in Access Diabetic Supply in July, 2003. The company grew its business over 110% during the 18-month PBC investment.

“Our investment in Access Diabetic Supply was yet another example of an entrepreneurial, energetic management team that Palm Beach Capital seeks for its equity partnerships. The amazing growth experienced at Access was a direct result of this complementary relationship,” stated Shaun L. McGruder of Palm Beach Capital.

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