California, October 2022 – Harbor Healthcare is pleased to announce the successful sale of a multi-location long-term care (LTC) pharmacy, servicing over 8,500 patients in skilled nursing facilities throughout the state of California. The strategic acquirer maintains a nationwide presence in the LTC pharmacy space, and this acquisition provides them with key access to the desirable California market. The long-term relationships and immensity of the California market also made it a strategic advancement for the acquirer. Facilities and patients are excited about the new services and technology the acquirer offers, which existing leadership will be able to leverage using the same high quality of care clients have come to expect. The strategically planned, uninterrupted service will maximize growth, retain value, and carry on the seller’s legacy.
“I am extremely excited for the next stage of the Company’s growth. The acquirer truly is an ideal partner to support our future initiatives and continue expanding service across the state,” said the seller of the LTC pharmacy. “They bring technology, tremendous resources, a collaborative approach, and decades of experience across all areas of long-term care. The Harbor Healthcare team really found us the perfect partner and we are so fortunate and thankful to have Harbor on our side throughout the engagement.”
“Identifying the correct buyer that not only matches but exceeds the seller’s goals, is no easy task. Everyone worked ardently to pinpoint an ideal acquirer that would produce mutual synergies in a partnership. The acquirer has achieved a uniquely robust foothold across the entire state of California and the seller can now leverage the operational experience of the buyer to grow their business.” said Michael Cammeyer, Managing Director at Harbor Healthcare.
“LTC has been a fiercely competitive segment of pharmacy for as long as I can remember. Contracts are highly coveted and depending on who they’re with and where they are, can contribute materially to the value of the business. Often, those same contracts can be of significantly more value to the right partner or acquirer. Recognizing synergies, the merit of contracts and bringing two parties together that maximize value is crucial to M&A in this industry. We are excited to watch the new organization grow and expand.” said Mark Alford, Director at Harbor Healthcare.
About the Long-Term Care Pharmacy
A multi-location long term care pharmacy servicing primarily skilled facilities and patients for over 15 years with a management team that possesses vast clinical knowledge in the space. The pharmacy is dedicated to delivering safe, convenient, and reliable service for skilled nursing patients. The pharmacy’s mission is to provide exceptional patient care and customer service.
About the Acquiring Pharmacy
Bringing decades of experience to the marketplace, the acquiring pharmacy boasts a nationwide presence with operations in the east and mid-west United States and this acquisition expands their services to the west coast. The Company specializes in all areas of long-term care pharmacy and its core management team are seasoned industry veterans who bring a fresh perspective and a technological approach to long-term care pharmacy operations.
About Harbor Healthcare
Harbor Healthcare is a boutique advisory firm founded in 1995 by its President, Ira Cammeyer, who is actively involved in guiding strategic initiatives at the company. Harbor offers a variety of M&A advisory services to middle market healthcare and pharmacy businesses. The company provides perceptive strategic solutions to independent owners and investors of long-term care, specialty, home infusion, compounding and 340B pharmacies. Harbor offers regulatory and advisory expertise while maintaining business relationships with strategic, private equity and independent acquirers. For more information, please visit https://www.harborhealthcare.com.
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