WindRose Health Investors Invests in Third Wave Recovery Systems

WindRose & Portfolio Company News

New York, NY, September 16, 2022 – WindRose Health Investors, LLC (“WindRose”), the New York-based healthcare private equity firm, announced today that it has completed an investment in Third Wave Recovery Systems, LLC (“TWRx” or the “Company”), a provider of rebate administration services for hospitals, long-term care (LTC) facilities, and select specialty physician groups. Terms of the transaction were not disclosed.

In conjunction with WindRose’s investment, TWRx acquired SRX, LLC (“SRX”), a leader in pharmaceutical rebate management services for the skilled nursing and LTC industry. The Company appointed a new executive team to lead the combined entity, including CEO Ed Lagerstrom, former President of UnitedHealthcare Networks.

“I’m pleased to have the opportunity to collaborate alongside WindRose with talented healthcare executives on a disruptive business model,” said Mr. Langerstrom. “TWRx is positioned as a market leader, predicated on transparency, compliance, and trusted partnerships with its customers.”

WindRose’s investment in TWRx will support the Company’s strong momentum in the rebate administration marketplace. With WindRose’s investment, industry knowledge, and broad array of relationships across the healthcare industry, TWRx is well-positioned to continue its rapid growth trajectory. Eric Moskow, M.D., co-founder of TWRx, will continue to lead the Company as its Chairman and will remain a significant shareholder.

“TWRx’s mission has always been to establish strong industry relationships to understand what’s really affecting outcomes and cost in the market,” said Dr. Moskow. “As we meticulously considered our long-term strategic options, we determined that SRX and TWRx were a natural fit. WindRose’s investment validates our belief in the impact of the TWRx platform, and we are excited to have them as a partner going forward.”

“The acquisition of SRX cements TWRx as the premier platform within the rebate and prescription drug management space,” said Alex Buzik, Partner at WindRose. “We believe that the Company will continue to build upon its existing service offering to create further value for its clients. We are excited to partner with Dr. Moskow, Ed, and the rest of the TWRx team as they solidify TWRx as the highest quality rebate management company in the industry.”

McDermott Will & Emery LLP acted as legal advisor to WindRose and Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo, P.C. acted as legal advisor to Third Wave.

About WindRose Health Investors

WindRose makes equity investments in companies that operate within the services sectors of the healthcare industry. The firm focuses on companies with profitable business models and a demonstrated ability to deliver cost-effective solutions. WindRose manages over $2.6 billion in investments. WindRose is based in New York City and invests in companies throughout the United States. For more information, please email us at

About Third Wave Recovery Systems, LLC

TWRx is a rapidly expanding pharmaceutical rebate manager offering market-differentiated services to LTC facilities, hospitals, oncology practices, and other specialty provider groups. The TWRx platform that leverages advanced technology, analytics and nationwide industry contracts to assess and reduce the net-cost of its client’s drug spend. For more information, please visit

Media contacts:

Lisa Baker,, (603) 868-1967 or Megan Bowman,, (616) 780-1610