Harris Williams Advises Longs Pharmacy Solutions on Its Sale to PharMedQuest
December 06 2019 - 12:19PM
Business Wire
Harris Williams, a global investment bank specializing in
M&A advisory services, announces that it advised Longs Pharmacy
Solutions (Longs), a portfolio company of Tailwind Capital
(Tailwind), on its sale to PharMedQuest, a portfolio company of
Kinderhook Industries, LLC (Kinderhook). Longs provides pharmacy
management services and specialty pharmacy operations. The
transaction was led by Cheairs Porter, Paul Hepper, Nick Owens,
Tyler Bradshaw, Andrew Hoft and Cameron Thomas of the Harris
Williams Healthcare & Life Sciences (HCLS) Group.
As part of the transaction, Tailwind will retain an equity stake
in the company alongside Kinderhook. Financial terms of the
transaction were not disclosed.
“We are pleased to have represented the Longs team in a
successful transaction,” said Paul Hepper, a managing director at
Harris Williams. “Through organic and acquisition-driven growth,
the Longs management team under Tailwind’s ownership has built a
leading, independent specialty pharmacy delivering high quality
patient services.”
“The Longs management team, with Tailwind’s support, has done an
outstanding job continuing to grow the business through new and
existing covered-entity clients and an attractive on-site model,”
said Cheairs Porter, a managing director at Harris Williams.
Longs provides comprehensive pharmacy services and distributes
specialty pharmaceuticals across the United States. Longs offers
tailored pharmacy solutions for covered entities, including Ryan
White Clinics, Federally Qualified Health Centers and STD Clinics.
Longs owns and operates over 30 pharmacies in the South under the
Avita and Longs brands.
PharMedQuest is a leading pharmacy management company that
provides integrated on-site and central fill pharmacy services to
its Federally Qualified Health Center and other covered-entity
customers. The company partners with covered entities to optimize
pharmacy dispensing across PharMedQuest’s network of company-owned
pharmacies. PharMedQuest’s pharmacy expertise provides tremendous
value to its Federally Qualified Health Center and other
covered-entity clients, both clinically and economically.
Tailwind is a middle market private equity firm focused on
growth-oriented investments in targeted sectors within healthcare,
business services and industrial services. Tailwind partners with
experienced management teams and entrepreneurs to transform
businesses through organic growth initiatives, acquisitions, and
operational and strategic investments. Since inception, Tailwind
has managed $3.6 billion of committed equity capital, and has
invested in 43 portfolio companies and over 105 add-on
acquisitions.
Kinderhook is a private investment firm that manages over $3
billion of committed capital. The firm has made more than 225
investments and follow-on acquisitions since inception.
Kinderhook's investment philosophy is predicated on matching
unique, growth-oriented investment opportunities with exceptional
financial expertise and a network of operating partners.
Kinderhook’s focus is on middle market businesses with defensible
niche market positioning in healthcare, environmental and business
services and the automotive and light manufacturing sectors.
Harris Williams, an investment bank specializing in M&A
advisory services, advocates for sellers and buyers of companies
worldwide through critical milestones and provides thoughtful
advice during the lives of their businesses. By collaborating as
one firm across Industry Groups and geographies, the firm helps its
clients achieve outcomes that support their objectives and
strategically create value. Harris Williams is committed to
execution excellence and to building enduring, valued relationships
that are based on mutual trust. Harris Williams is a subsidiary of
the PNC Financial Services Group, Inc. (NYSE: PNC).
Harris Williams’ HCLS Group has experience across a broad range
of sectors, including medical devices, products and distribution;
multi-site and retail healthcare providers; alternate site care;
healthcare IT; managed care and cost containment services;
outsourced clinical services; and outsourced pharma services. For
more information on the HCLS Group and other recent transactions,
visit the HCLS Group’s section of the Harris Williams website.
Harris Williams LLC is a registered broker-dealer and member of
FINRA and SIPC. Harris Williams & Co. Ltd is a private limited
company incorporated under English law with its registered office
at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered
with the Registrar of Companies for England and Wales (registration
number 07078852). Harris Williams & Co. Ltd is authorized and
regulated by the Financial Conduct Authority. Harris Williams &
Co. Corporate Finance Advisors GmbH is registered in the commercial
register of the local court of Frankfurt am Main, Germany, under
HRB 107540. The registered address is Bockenheimer Landstrasse
33-35, 60325 Frankfurt am Main, Germany (email address:
hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery
H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a
trade name under which Harris Williams LLC, Harris Williams &
Co. Ltd and Harris Williams & Co. Corporate Finance Advisors
GmbH conduct business.
For media inquiries, please contact Katie Langemeier, associate
brand manager, at +1 (804) 648-0072.
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version on businesswire.com: https://www.businesswire.com/news/home/20191206005395/en/
Katie Langemeier, associate brand manager, +1 (804) 648-0072
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