Frazier Healthcare Announces Growth Equity Team Promotions
SEATTLE--(BUSINESS WIRE)--Feb 2, 2011 - Frazier Healthcare, a leading provider of growth equity and venture capital to high growth and emerging healthcare companies, today announced that Brian Morfitt has been promoted to Partner and Ben Magnano has been promoted to Principal, both with the firm's growth equity team.
Commenting on these promotions, Alan Frazier, Managing Partner, stated, “We are very pleased with the new growth equity investments we were able to make over the last 9 months in exciting, expansion-stage healthcare companies and the success of similar investments since early in the firm's history. These promotions are evidence both of the valuable contributions Brian and Ben have made to the organization and of our commitment to continue to grow our growth equity franchise.”
Brian Morfitt joined Frazier Healthcare's growth equity team in 2003 as an Associate, became a Senior Associate in 2005, a Vice President in 2007 and a Principal in 2009. Prior to joining Frazier Healthcare, Mr. Morfitt was an associate at Summit Partners, a later stage venture capital and private equity firm. While at Summit, he focused on identifying and evaluating middle market growth equity investment opportunities in the healthcare, technology and industrial growth sectors. Mr. Morfitt sits on the board of Correct Care Services and has played significant roles with the firm's investments in TridentUSA Health Services, Pentec Health, CHG Healthcare, Priority Solutions and Bravo Health.
Ben Magnano joined Frazier Healthcare in 2006 as an Associate and became a Vice President in 2009. At Frazier Healthcare, Mr. Magnano is a member of the growth equity investment team and focuses on the development and review of expansion-stage equity investments, recapitalizations and management buyouts. He led our efforts in identifying and closing the recent acquisition of Laboratory Supply Company, a Louisville, KY-based distributor of medical lab equipment and supplies, and serves on its board. He also sourced Frazier Healthcare's opportunity to acquire OnSite Services, the instrument management and repair business of CareFusion Corporation. On January 11, 2011, CareFusion announced that it had entered into a definitive agreement to sell this business to Frazier Healthcare, with the transaction expected to close later in the first quarter. Prior to Frazier Healthcare, Mr. Magnano was an Associate at Morgan Stanley Venture Partners (MSVP), a later stage venture capital and private equity firm. At MSVP, Mr. Magnano was responsible for the origination, evaluation and management of investments in the healthcare sector. He also engaged in strategic initiatives for portfolio companies, including fundraising and mergers/acquisitions. Prior to MSVP, Mr. Magnano was an Analyst in the healthcare investment banking group of Morgan Stanley. Mr. Magnano also spent two years consulting for Arthur Andersen.
About Frazier Healthcare
Founded in 1991, Frazier Healthcare is a leading provider of growth equity and venture capital to high growth and emerging health care service, biopharma and medical device companies. With over $1.8 billion under management across seven funds, Frazier Healthcare has invested in over 100 companies across the entire developmental spectrum. From seed stage venture investments to leveraged recapitalizations of cash generating companies, Frazier Healthcare has established itself among entrepreneurs and seasoned executives as a preferred partner to help create and grow successful health care companies.
Contact: Frazier Healthcare
Tom Hodge, Chief Operating Officer, 206-621-7200
Posted: February 2011
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