Clearview and Starboard recap Apothecare

Clearview Capital and Starboard Capital Partners have recapitalized Apothecare Pharmacy LLC, a growing institutional pharmacy targeting the behavioral health sector in group homes and community-based settings in Massachusetts. No financial terms were disclosed.

PRESS RELEASE

Stamford, CT, July 24, 2018 — Clearview Capital Fund III, LP and Starboard Capital Partners, LLC (“Starboard”) announced today the recapitalization, in partnership with management, of Apothecare Pharmacy, LLC (“Apothecare” or the “Company”). The transaction closed on July 17, 2018.

Headquartered in Brockton, MA, Apothecare is a rapidly growing institutional pharmacy targeting the behavioral health sector in group homes and community-based settings in Massachusetts. The Company’s primary patient base, which includes individuals with intellectual and developmental disabilities (“IDD”), has complex medication requirements and is located in July 2018 highly distributed community-based settings. The Company’s unique high touch service model, which includes multiple daily delivery capabilities, automated cycle filling, as well as on-site support and training for clients’ staff, provides significant value to clients and payors by ensuring the highest level of medication management compliance. The Company serves more than 6,000 patients in more than 700 group homes and other settings across the state.

Clearview Capital Fund III, LP and Starboard partnered with the Company’s CEO and owner, Rudy Dajie, Brockton, MA to recapitalize the business and provide additional capital to support the Company’s organic and acquisition growth initiatives. Mr. Dajie will continue to lead Apothecare as its CEO and retain a significant ownership interest in the business. In addition, Ed Mercadante has made an investment in the Company and been has been recapitalized by named to its board of directors. Mr. Mercadante brings significant experience in the institutional pharmacy sector as both a pharmacist and former CEO of several relevant businesses including MedOptions, Partners Pharmacy, NuScriptRX and Familymeds Group.

“Rudy Dajie acquired Apothecare in 2012 when it was a sleepy long-term care pharmacy and transformed it into the largest, most highly respected institutional pharmacy serving the IDD community in Massachusetts,” said Bill Case, Partner of Clearview Capital. “We believe with our assistance and access to capital Rudy can continue to grow the business rapidly in Massachusetts and throughout New England.” and Management

“My goal is to multiply the size of this business by leveraging the Apothecare model to expand in new markets, and I realized I needed a partner to help me,” said Rudy Dajie, CEO of Apothecare. “Clearview and Starboard have an exceptional track record of building entrepreneurial businesses, and I am excited to be working with them to pursue our organic and acquisition-based growth strategy. I am also pleased to have Ed Mercadante as an advisor and look forward to tapping his experience and relationships in the industry”.

“Apothecare has all the elements we look for in a platform company and shares many of the attributes that have led to success in our prior healthcare-related investments,” said James G. Andersen, Managing Partner and co-Founder of Clearview Capital. “The Company has a committed and dynamic leader in Rudy Dajie, a differentiated strategy and a clear path to rapid growth both organically and via acquisition.”

Apothecare is the eleventh platform investment in Clearview Capital Fund III, LP, a $325 million committed fund raised in 2013, and the third platform established by the fund in 2018.
Holdings in funds managed by Clearview Capital include Community Medical Services Holdings, LLC, a provider of medication-assisted treatment programs for patients suffering from substance use disorders; Mudlick Mail, LLC, a data-driven and related marketing solutions provider; Nielsen-Kellerman Co., a designer and manufacturer of premium environmental and athletic performance measurement instruments; Controlled Products, LLC, a manufacturer and distributor of premium quality synthetic turf; Advanced Medical Personnel Services, Inc., a provider of nationwide healthcare staffing solutions; Northwest Cosmetic Laboratories, LLC, a formulator and manufacturer of cosmetic and skin care products for prestige brands; Derby Building Products, Inc. f.k.a. Novik, Inc., an innovator, manufacturer and distributor of polymer building products; Child Health Holdings, Inc. d.b.a. Pediatric Health Choice, the country’s largest operator of prescribed pediatric extended care (“PPEC”) centers for medically complex children; and Pyramid Healthcare, Inc., a provider of substance use disorder and mental health treatment programs for adults and adolescents.