Youngstown, Ohio, March 2021 – Harbor Healthcare is pleased to announce the successful sale of Youngstown, Ohio based Allen’s PharmaServ, Inc. to a financial sponsored strategic acquirer, a leading pharmacy provider serving the long-term care (“LTC”) and post-acute sector. The transaction brings together two prominent LTC pharmacies with numerous synergies that will create immense value for customers and patients in Ohio. The acquisition builds on the strategic’s presence in the surrounding area and will expand and fortify services in Northeast Ohio and Western Pennsylvania.
Allen’s PharmaServ, a long-term care pharmacy that has been servicing group homes, residential treatment facilities, and residents of other post-acute facilities since 1956 will continue to be lead by its current president, Alan Mirkin and all current employees will join the acquirers team, ensuring a smooth transition. “I am thrilled to join with the acquirer’s family of pharmacies,” said Mr. Mirkin, “I know that our shared values of customer service and respect for our employees will lead to our continued success. Allen’s PharmaServ has been an important part of our community for over sixty years and the synergies of the new company will bring new technologies and capabilities to make us an even stronger pharmacy provider in the future.”
“We are excited to build on our success in the Ohio market and the acquisition of Allen’s PharmaServ is an important element in our strategy to expand our business by joining with an experienced, highly-regarded team.” Said the CEO of the strategic.
“Alan and his team at Allen’s PharmaServ worked diligently over many years to create an exceptional name in the Ohio LTC pharmacy sector. This sale will not change the high-quality, high-touch service its customers have come to know and love. In fact, it will bring additional resources and technology to the operations as it continues to grow and provide outstanding service to new and existing patients and customers. Achieving liquidity is a complicated endeavor and today’s marketplace is filled with regulatory challenges and financial constrictions. We were very proud to engage in successful complex negotiations on behalf of our client in order to maximize value and create a win-win for seller and buyer. We look forward to watching the acquirer continue to grow throughout the region and across the United States and hope to work with their team again; from either side of the table.” said Michael Cammeyer of Harbor Healthcare.
About Allen’s PharmaServ
Allen’s PharmaServ is a closed-door, long-term care pharmacy located in Youngstown, Ohio. Originally, the Company was the long-term care division of Allen’s Drugtown. However, in 1998, all nine of Allen’s Drugtown stores were sold to Rite Aid leaving Allen’s PharmaServ to continue serving the long-term care clients. The Company’s exceptional leadership and quality service have led to long-term client relationships. PharmaServ is headed by Alan Mirkin (President), and Richard “Rick” Marlin, RPh (Director of Pharmacy). Both Alan and Rick have a long-standing history with the Company having begun working at PharmaServ in 1980 and 1976, respectively.
About Harbor Healthcare
Harbor Healthcare is a boutique investment bank offering a variety of M&A advisory services to middle market healthcare and pharmacy businesses since 1995. The company provides perceptive strategic solutions to independent owners and investors of long-term care, specialty, home infusion, compounding and retail pharmacies. As a pharmacist founded firm comprised of bankers and healthcare entrepreneurs, Harbor offers unparalleled regulatory and advisory expertise while maintaining unshakeable business relationships with strategic, private equity and independent acquirers. For more information, please visit https://harborhealthcare.com.