Galen Partners has recapitalized Miami-based SMP Pharmacy Solutions, a service-oriented specialty pharmacy. No financial terms were disclosed.
STAMFORD, Conn., July 19, 2018 (GLOBE NEWSWIRE) — Galen Partners, a healthcare-focused growth equity investment firm, announced today that it has completed a majority recapitalization of SMP Pharmacy Solutions. Headquartered in Miami, FL, SMP is a high-touch, service-oriented specialty pharmacy that focuses on niche and complex therapeutic areas such as fertility. SMP differentiates itself from other specialty pharmacies through its personalized service and its ability to maintain high medication adherence amongst its patients. The financial terms of the transaction have not been disclosed.
“We are excited about the prospect of building upon SMP’s high-touch pharmacy platform,” said Philip Borden, Managing Director at Galen Partners. “Founder & CEO Armando Bardisa and the rest of the SMP team have done a fantastic job of positioning SMP for future growth within fertility and other complex therapeutic areas such as inflammatory diseases, gastroenterology, oncology, and infectious diseases like HIV.” SMP benefits from the significant expansion of specialty drugs, which has been the single biggest driver of the pharmaceutical industry’s growth.
Armando Bardisa, SMP’s Founder and CEO, stated, “We are proud of SMP’s history of delivering quality patient care through personalized service, highly trained and knowledgeable staff, advanced data and analytics, and a company culture centered on teamwork and integrity. On behalf of the entire SMP team, we are excited about our partnership with Galen, and we know SMP will accomplish even greater things with the backing and support of our new partner.”
SMP’s COO Brian Brito added, “From our first meeting with the Galen team, we knew we had met a group of individuals who had an appreciation for what we were all about. Galen Partners brought something far more important than investment capital to the table: They brought an industry-savvy network of advisors, including Galen Special Investment Partner Michelle Hasson, as well as, a strategic framework for how we might approach building a valuable enterprise.” Mr. Bardisa and Mr. Brito will continue to lead the SMP team.
About Galen Partners
Founded in 1990, Galen Partners is a leading healthcare-focused growth equity investment firm. With nearly $1 billion invested over six funds, Galen has invested in and helped to build more than 70 companies since the firm’s inception. Galen continues a tradition of strategic collaboration and partnership with founders and management teams to build healthcare market leaders. Under the direction of the Managing Directors Philip Borden, David Jahns and Zubeen Shroff, Galen seeks to make investments in high-growth healthcare companies with revenues greater than $10 million and EBITDA between $0 and $9 million. SMP represents the second investment out of Galen Fund VI.
For more information, please visit www.galen.com.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. served as legal advisors to Galen. FTI Consulting served as financial advisors to Galen. Monroe Capital provided debt financing for the transaction.
About SMP Pharmacy Solutions
SMP Pharmacy Solutions is a leading high growth specialty pharmacy that provides treatments for a variety of complex disease states. Since 2003, management has grown SMP from a local retail pharmacy to a nationwide specialty pharmacy with licenses in 45 states and strategic partnerships with leading manufacturers and MSOs. SMP differentiates itself from other specialty pharmacies by its industry-leading service, combining customizable patient management and pharmacy programs with access to in-demand therapeutics. SMP has established a nationwide reputation with patients, payors, providers, and manufacturers for delivering true healthcare value to all constituents. SMP has developed specific therapeutic expertise in fertility and rheumatoid arthritis, and has strong experience in dermatology, infectious disease, gastroenterology, osteoporosis, and oncology.
Berger Singerman, LLP served as legal advisors to SMP. FocalPoint Partners served as investment banking advisor to SMP.
For more information, please visit www.smppharmacy.com.