June 8, 2020
New York, NY – Kinderhook Industries, LLC (“Kinderhook”) announced today the acquisitions of Paramount Specialty Pharmacy (“Paramount”) and PharmBlue Holdings (“PharmBlue”). Kinderhook will combine Paramount and PharmBlue with its two other recently acquired Covered Entity-focused pharmacy providers Avita/Longs and PharMedQuest (collectively, the “Company”).
Kinderhook is also announcing that the new combined Company will be named Avita. As the nation’s leading provider of Covered Entity pharmacy solutions, Avita’s collective platform comprises a portfolio of 63 pharmacies, with over 250 Covered Entity relationships and 120,000 patients served. Avita will serve Covered Entities nationwide with headquarters in the Company’s newly established Dallas, TX office.
“Today’s announcement represents an important milestone toward achieving our vision of becoming the largest independent nationwide provider of pharmacy solutions for Ryan White/STD Grantees, AIDS Services Organizations, and Federally Qualified Health Centers,” said Lorrie Carr, CEO of Avita. “We will continue to deliver high quality services to our Covered Entity partners under one unified brand.”
Chris Michalik, Managing Director of Kinderhook Industries, stated, “These strategic transactions will enhance the trajectory of the Company, bolstering Avita’s already strong presence in the Southeast and West Coast with new hubs in the Midwest and Northeast. We are excited to be a part of this next chapter of growth.”
Based in Warrendale, Pennsylvania, PharmBlue is a provider of pharmacy solutions primarily for Covered Entities throughout the Midwest. Based in Melville, New York, Paramount is a provider of pharmacy solutions primarily for Covered Entities throughout New York. These transactions represent Kinderhook’s 45th and 46th Healthcare Services acquisitions. Financial terms of the transactions were not disclosed.
Kirkland & Ellis LLP served as legal counsel to Kinderhook on the transactions.