Kinderhook Forms Specialty Pharmacy Platform Avita
June 9, 2020 – Kinderhook has acquired Paramount Specialty Pharmacy and PharmBlue Holdings and will combine them with its existing pharmacy companies Long’s Drugs and PharMedQuest. The new merged platform will operate under the name of Avita Pharmacy.
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Kinderhook acquired Long’s Drugs and PharMedQuest at the end of 2019. South Carolina-based Long’s owns and operates over 30 pharmacies in the Southeast under the Avita and Longs brands; and PharMedQuest owns and operates 28 pharmacies across California. The companies’ pharmacies serve indigent and underserved populations including Ryan White Clinics (a Federal program that provides HIV-related health services), federally qualified health centers, and STD clinics.
With the buys of Paramount and PharmBlue – Kinderhook’s 45th and 46th transactions in the healthcare services sector – Avita now provides on-site and central fill pharmacy services through more than 60 pharmacies, with over 250 covered entity relationships that serve more than 120,000 patients. Covered entities (defined under the Health Insurance Portability and Accountability Act (HIPPA)) include insurance companies, health maintenance organizations, government programs, military and veterans’ health programs, healthcare providers and healthcare clearinghouses.
Avita is led by CEO Lorrie Carr and is headquartered in Dallas. PharmBlue is based north of Pittsburgh in Warrendale, Pennsylvania and Paramount is based on Long Island in Melville, New York.
“These strategic transactions will enhance the trajectory of the company, bolstering Avita’s already strong presence in the Southeast and West Coast with new hubs in the Midwest and Northeast,” said Chris Michalik, a managing director of Kinderhook. “We are excited to be a part of this next chapter of growth.”
The M&A activity across healthcare sectors continue to drive strong valuation and strategic options for business owners. Considering a sale, merger or recapitalization? If your business is ready, the market opportunities and strategic options in the current market are worthy of your consideration.
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