Phoenix-based The Apothecary Shops has acquired Colorado Pharmacy in Denver. The Braff Group served as exclusive merger and acquisition advisor for Colorado Pharmacy. The Apothecary Shop is a national specialty pharmacy based in Phoenix that employs more than 300 employees at its 17 pharmacies in Arizona, California, Colorado, Nevada, New Mexico, Texas, Missouri and Ohio.
PRESS RELEASE
Phoenix-based The Apothecary Shops Inc. recently announced that it has acquired Colorado Pharmacy in Denver, making it the Phoenix company’s 17th pharmacy in the nation.
The Braff Group (TBG) served as exclusive merger and acquisition advisor for Colorado Pharmacy.
The Denver pharmacy acquisition is part of Apothecary’s plans to grow in the commercial specialty market, focusing on HIV, oncology, transplant and fertility medications already available in the commercial market. Colorado Pharmacy focuses on infectious diseases, such as HIV medications.
“When Apothecary was founded in 1996, it focused on compounding medications, which are customized for individual patient needs. But over the past 18 months, Apothecary has been growing in the commercial specialty market,” said Randle House, vice president of operations for Apothecary.
“Colorado Pharmacy has a strong record of service to patients and providers in the Denver area,” said Apothecary Shops president Keith Cook. “By bringing this already successful pharmacy under our umbrella, we can continue to grow our business.”
“We see this kind of acquisition strategy frequently, where a pharmacy services provider focused in a particular market segment – in this case, compounding – looks to develop new growth engines, particularly in specialty pharmacy that is highly leverageable,” commented Chuck Gaetano, TBG Managing Director for Specialty Pharmacy Services (SPS). Reg Blackburn, also a TBG Managing Director for Specialty Pharmacy who headed up the deal team representing Colorado Pharmacy added, “With its unique focus on infectious disease, our client was an excellent fit for The Apothecary Shops in its efforts to develop increased capacity and penetration in SPS.”
About The Apothecary Shops: The Apothecary Shop is a national specialty pharmacy based in Phoenix that employs more than 300 employees at its 17 pharmacies in Arizona, California, Colorado, Nevada, New Mexico, Texas, Missouri and Ohio. It also operates a 21,000-square-foot national distribution center in Phoenix. More than half of its employee base is in Phoenix. In August, Apothecary will change its name to Avella Specialty Pharmacy and re-brand all stores across its markets.
About The Braff Group: The Braff Group is the leading merger and acquisition advisory firm specializing in the behavioral health and social services, hospice, home health care, specialty pharmacy, infusion therapy, home medical equipment, and health care staffing market sectors. The firm provides an array of transactional advisory services including sell side representation, debt and equity recapitalizations, strategic planning, and valuation. Since being founded in 1998, The Braff Group has completed more than 190 transactions. From 2008-2010, based upon deals completed, the firm was ranked number 1 in US Healthcare Services transactions (Source: Thomson Reuters).
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