BrightSpring and PharMerica Combine to Form Comprehensive Health Services Company
BrightSpring Health Services (“BrightSpring”) and PharMerica Corporation (“PharMerica”) 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.
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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.
BrightSpring Health Services is one of the largest providers of diversified home and community-based health services to complex populations. The company provides both nonclinical habilitative services and clinical rehabilitative services for people of all ages and skill levels. Its primary businesses include: behavioral health (including autism services); home health care (including personal care, home health, and hospice); neuro therapies; pharmacy and telecare ancillary technologies and services; and job placement and vocational training. These businesses employ more than 40,000 dedicated team members in more than 40 states and provide services to more than 60,000 people daily.
BrightSpring Health Services is focused on providing quality and lower-cost outcomes to high-need populations through best-in-class services and investments in people, processes, and technology innovation, including through its Connected Home model of care.
Founded and headquartered in Louisville, Kentucky, the company has been making a difference in communities since 1974 –helping people live their best life. For more information, visit www.BrightSpringHealth.com.
PharMerica Corporation is a leading provider of pharmacy services. The company serves the long-term care, hospital pharmacy management services, specialty home infusion, and oncology pharmacy markets. PharMerica operates 96 institutional pharmacies, 20 specialty home infusion pharmacies and 5 specialty oncology pharmacies in 45 states. PharMerica is a customer service and patient focused organization serving institutional healthcare providers, such as skilled nursing facilities, assisted living facilities and hospitals, individuals receiving in-home care, and patients with cancer. For more information visit www.Pharmerica.com.
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