WindRose recaps Terrapin

WindRose Health Investors has recapitalized Annapolis, Maryland-based Terrapin Pharmacy, a specialized pharmacy.

WindRose Health Investors has recapitalized Annapolis, Maryland-based Terrapin Pharmacy, a specialized pharmacy. No financial terms were disclosed. William Blair & Company LLC acted as financial advisor to Terrapin on the deal.

PRESS RELEASE

New York, NY (January 5, 2021) – WindRose Health Investors, LLC (“WindRose”), the New York-based healthcare private equity firm, announced that it has completed the recapitalization of Terrapin Pharmacy LLC (“Terrapin” or the “Company”), a leading specialized pharmacy offering high-touch, value-added distribution and medication adherence services and technology. The Company primarily serves patients with severe and persistent mental illness (SPMI), intellectual and developmental disabilities (IDD), and substance abuse disorders. Terms of the transaction were not disclosed.

Terrapin Pharmacy is a closed-door specialized pharmacy based in Annapolis, MD that serves over 4,800 patients through relationships with community-based behavioral health and long-term care facilities across Maryland, Pennsylvania, New Jersey, Virginia, and the District of Columbia. WindRose partnered with Terrapin’s executive team to recapitalize the business and provide additional capital to support future growth. With WindRose’s investment, Terrapin will be able to expand into new markets across the United States and increase its market share within existing markets.

“We are thrilled to partner with WindRose as Terrapin enters its next phase of growth,” shared Joel Feldman, Founder of Terrapin. “WindRose’s investment highlights the importance of the services Terrapin provides to patients and the growth opportunities ahead for the Company. We are confident WindRose’s experience and relationships will help Terrapin accelerate its growth while ensuring the Company maintains the values and principals upon which it was founded.”

“We are excited to be partnering with Joel and the Terrapin management team,” said CJ Burnes, Partner of WindRose. “We believe Terrapin offers a differentiated value proposition to behavioral health and long-term care facilities, serving as an extension of care teams for highly complex patient populations. We are looking forward to building on the Company’s historical success and plan to dedicate significant resources to support Terrapin’s continued growth.”

William Blair & Company LLC acted as financial advisor to Terrapin. Latham & Watkins LLP acted as legal advisor to WindRose, and McDermott Will & Emery LLP acted as legal advisor to Terrapin.

About Terrapin Pharmacy
Terrapin Pharmacy is a closed-door specialized pharmacy that primarily serves individuals diagnosed with severe and persistent mental illnesses in the Mid-Atlantic region. The Company serves this population through high-touch distribution relationships with community-based behavioral health agencies and long-term care facilities, enabling improved medication adherence and care management for complex and costly patient populations.

For more information, please visit www.terrapinpharmacy.com.

About WindRose
WindRose Health Investors, LLC (“WindRose”) makes equity investments in companies that operate within the services sectors of the healthcare industry. The firm focuses on companies with profitable business models and a demonstrated ability to deliver cost-effective solutions. WindRose is based in New York City and invests in companies throughout the United States.
For more information, please email WindRose at info@windrose.com.