NEW YORK, November 3, 2022 /PRNewswire/ — WindRose Health Investors, LLC (“WindRose”), the New YorkThe healthcare-based healthcare private equity firm announced today that it has completed the acquisition of Bank’s Apothecary (“Bank’s”). Bank’s, through a merger with Terrapin Pharmacy and Ganse Apothecary, significantly expands WindRose’s behavioral health pharmacy platform footprint. Terms of the transaction were not disclosed.
With the addition of Bank’s, the combined company now serves more than 22,000 patients in 23 states through seven closed-door pharmacies. Based in Annapolis, MD, the platform provides value-added distribution services and medication compliance services primarily to patients suffering from severe and persistent mental illness, substance use disorders, and intellectual and developmental disabilities. WindRose recapitalized Terrapin Pharmacy in december 2021 and Ganse Apothecary in June 2022.
Along with the acquisition of Bank’s, WindRose announced eric eliott as CEO of the combined company. He formally joined the platform as its CEO on November 1. Mr. Elliott currently serves as an Independent Lead Director of WellDyne and previously as Chairman of Voluntis SA through its sale to AptarGroup Inc. in late 2021. He has also held various senior leadership positions at CIGNA, Aetna and Prime Therapeutics where Was president. and CEO.
“On behalf of the Board, I am delighted to welcome Eric to the team,” said brand peterson, Chairman of the board of directors. “Eric’s stellar track record, coupled with his passion for providing high quality patient care, uniquely qualifies him to lead the continued expansion of the platform.”
“I am excited to lead this organization of talented professionals dedicated to providing exceptional pharmacy services to a complex patient population,” said Mr. Elliott. “The combination of Terrapin, Ganse and Bank’s creates a differentiated player in the behavioral health pharmaceutical space and a strong platform to build on. It will be gratifying to drive growth and, more importantly, reach more patients with services.” that can make a big difference in their lives.
“Eric is a great leader and a seasoned CEO with a wealth of experience in the pharmaceutical landscape,” said CJ Burnes, partner at WindRose. “The Company’s growth has been exceptional over the past year and Eric’s unique blend of commercial, operational and industrial leadership experience will help continue the Company’s tremendous growth story. We are fortunate to partner with Eric for the upcoming growth phase of the Company.
Westcove Partners acted as financial advisor to the Bank. Latham & Watkins LLP acted as legal advisor to WindRose and Epstein Becker & Green acted as legal advisor to Bank’s.
About the Bank Apothecary
Banks Apothecary is a licensed independent specialty pharmacy serving patients in 23 states. Based on Trevose, Pennsylvania, the company provides value-added pharmacy services primarily to people with severe and persistent mental illness and substance use disorders. Bank’s high-touch model has provided high-quality patient care for more than four decades.
For more information please visit www.banksapothecary.com.
About Terrapin Pharmacy
Terrapin Pharmacy is a long-term care and specialty pharmacy serving primarily individuals diagnosed with serious and persistent mental illnesses and intellectual or developmental disabilities. Terrapin operates six pharmacies in the Mid-Atlantic region, serving patients through high-touch distribution relationships with community behavioral health agencies and long-term care facilities, enabling improved medication adherence and management of care for complex and expensive patient populations.
For more information please visit www.terrapinpharmacy.com.
About WindRose
WindRose Health Investors, LLC (“WindRose”) makes equity investments in companies operating within the service sectors of the healthcare industry. The firm focuses on companies with profitable business models and a proven ability to deliver profitable solutions. WindRose is headquartered in New York and invests in companies from all the United States.
For more information, email WindRose at [email protected]
Contact:
christian pinkTurtle Pharmacy
412-804-8021
SOURCE WindRose Health Investors, LLC
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