Kevin Nagle, managing partner of Sacramento Republic FC, is leaving the pharmaceutical company he co-founded once its sale is complete.
Nagle said by email Tuesday he is leaving EnvisionRx to focus his time on Republic FC, his partnership in Folsom venture capital firm Moneta Ventures and philanthropy. He is also a minority owner of the Sacramento Kings and a major investor in El Dorado Hills Town Center.
Envision, a $5 billion-a-year pharmacy-benefits company, was sold in February for $2 billion to Rite Aid Corp., the big drugstore chain from Pennsylvania.
Nagle was vice chairman of Envision at the time and said his future role with the company was still to be determined. With the sale expected to close in early July, Nagle said he has formed a new holding company called KMN Management Services to encompass his various business interests.
Envision is a kind of middleman company that delivers prescription drugs to corporations, unions, hospital chains and others. Although it makes its headquarters in Twinsburg, Ohio, it employs about 250 account managers, pharmacists and other employees in El Dorado Hills.
Nagle and his two co-founders sold controlling interest in Envision in 2013 to private investment firm TPG for a reported $885 million, leaving them with a 35 percent stake. Rite Aid is buying 100 percent interest in the company. Nagle has declined to say how much he’ll make from his share.
Despite his success, Nagle didn’t become well known in greater Sacramento until last fall, when he became lead investor in Republic FC. He and founder Warren Smith are leading the popular team’s effort to gain an expansion slot in Major League Soccer. Although Sacramento lost out to Minneapolis in the league’s most recent expansion decision, MLS Commissioner Don Garber has said he believes Republic FC eventually will join the league.