BrightSpring Health Services / December 11, 2018
BrightSpring Health Services and PharMerica Corporation announced that the two companies will join together to become a leading provider of home and community-based health and pharmacy services for high-need and medically complex populations.
The strategic combination of BrightSpring and PharMerica creates a uniquely positioned diversified health care services company with comprehensive care capabilities across clinical, non-clinical and pharmacy services in multiple care settings. Upon close, the combined businesses will serve over 300,000 clients daily in 44 states and the District of Columbia.
“Combining BrightSpring and PharMerica brings together two leaders within their respective markets. Together, we will have an unmatched platform and opportunity to drive improved patient outcomes and reduced costs through integrated care models – combining our community-based health services and pharmacy capabilities. Our complementary services will have new and valuable benefits to our clients, patients and customers,” said Jon B. Rousseau, President and Chief Executive Officer of BrightSpring.
“This transaction provides both significant strategic and day-to-day benefits for the client and patient bases and valued customers of both organizations. With BrightSpring’s daily presence in care settings and PharMerica’s national pharmacy footprint, the combined business will offer existing and new customers expanded access to comprehensive care and pharmacy services, including augmented and clinically focused programs to best serve patients and meet our customers’ needs,” said Greg Weishar, President and Chief Executive Officer of PharMerica.
Following the close of the transaction, the combined enterprise will be led by Jon Rousseau. Greg Weishar will serve as a Strategic Advisor, continuing on the Board of Directors. BrightSpring and PharMerica will continue to support all operations from Louisville, Kentucky, where both companies are headquartered, and anticipate many benefits to its persons and customers from its synergistic services. Taking a local and customized approach to its people and customers, the company will have added opportunities in serving its behavioral and senior populations in the community, as well as differentiated capabilities and opportunities in serving and expanding in skilled nursing facilities, assisted living facilities and home infusion with comprehensive offerings.
As part of the transaction, private equity firm Onex Corporation is selling its interest in BrightSpring. Upon close, the combined enterprise will be owned by KKR with an affiliate of Walgreens Boots Alliance, Inc. as a minority investor. The transaction is subject to regulatory approval and customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act. It is expected to close in the first quarter of 2019.