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Avita Sells Non-Core Retail Pharmacy and Specialty Pharmacy Assets

Avita Sells Non-Core Retail Pharmacy and Specialty Pharmacy Assets

August 6, 2020

New York, NY – Avita (or the “Company”), a portfolio company of Kinderhook Industries, LLC (“Kinderhook”), announced today the divestitures of its non-core retail pharmacy and specialty pharmacy assets. Both carve-out sales were made to a leading national pharmacy. Financial terms of the transactions were not disclosed.

The divestitures of the non-core retail pharmacy and specialty pharmacy assets were key strategic initiatives planned with the Company’s acquisition of Long’s Drugs in late 2019. The transactions reiterate the Company’s focus on providing solutions to its Covered Entity partners, including AIDS Services Organizations, Ryan White/STD Grantees and Federally Qualified Health Centers, through its nationwide portfolio of more than 60 on-site pharmacies. Recently, the Company announced the re-branding of its consolidated network of pharmacies as Avita.

“We want to thank our employees at the retail and specialty business segments who have done an exceptional job serving our customers and their communities,” said Lorrie Carr, CEO of the Company. “These transactions will allow us to align our resources and streamline our focus on our Covered Entity partners, while facilitating the execution of our long-term expansion plan.”

Chris Michalik, Managing Director of Kinderhook Industries, stated, “These strategic divestitures are important milestones in executing on the Company’s strategic vision. The proceeds obtained from these transactions will provide additional liquidity to support future growth.”

Kirkland & Ellis LLP served as legal counsel to Kinderhook on the transactions.

For additional information about this transaction, please contact: 
Christian Michalik
Managing Director
(212) 201-6782
[email protected]
 
Matt Bubis
Principal
(212) 201-6788
[email protected]


About Kinderhook Industries

Founded in 2003, Kinderhook Industries, LLC is a private investment firm that manages over $5.4 billion of committed capital. We have made in excess of 375 investments and follow-on acquisitions since inception. Kinderhook’s investment philosophy is predicated on matching unique, growth-oriented investment opportunities with exceptional financial expertise and our proprietary network of operating partners. Our focus is on middle market businesses with defensible niche market positioning in the healthcare services, environmental / business services, and automotive / light manufacturing sectors. We have a track record of successfully and consistently building industry leaders.

For more information, please visit https://www.kinderhook.com


About Avita

Avita is a leading national pharmacy management and healthcare services company providing holistic, individually-focused solutions to the LGBTQ+ community, including integrated on-site and central fill pharmacy services to AIDS Services Organizations, Ryan White/STD Grantees and Federally Qualified Health Centers

For more information, please visit https://avitapharmacy.com/

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