Harris Williams Advises Longs Pharmacy Solutions on its Sale to PharMedQuest

December 6, 2019

Harris Williams, a global investment bank specializing in M&A advisory services, announces that it advised Longs Pharmacy Solutions (Longs), a portfolio company of Tailwind Capital (Tailwind), on its sale to PharMedQuest, a portfolio company of Kinderhook Industries, LLC (Kinderhook). Longs provides pharmacy management services and specialty pharmacy operations. The transaction was led by Cheairs Porter, Paul Hepper, Nick Owens, Tyler Bradshaw, Andrew Hoft and Cameron Thomas of the Harris Williams Healthcare & Life Sciences (HCLS) Group.

As part of the transaction, Tailwind will retain an equity stake in the company alongside Kinderhook. Financial terms of the transaction were not disclosed.

“We are pleased to have represented the Longs team in a successful transaction,” said Paul Hepper, a managing director at Harris Williams. “Through organic and acquisition-driven growth, the Longs management team under Tailwind’s ownership has built a leading, independent specialty pharmacy delivering high quality patient services.”

“The Longs management team, with Tailwind’s support, has done an outstanding job continuing to grow the business through new and existing covered-entity clients and an attractive on-site model,” said Cheairs Porter, a managing director at Harris Williams.

Longs provides comprehensive pharmacy services and distributes specialty pharmaceuticals across the United States. Longs offers tailored pharmacy solutions for covered entities, including Ryan White Clinics, Federally Qualified Health Centers and STD Clinics. Longs owns and operates over 30 pharmacies in the South under the Avita and Longs brands.

PharMedQuest is a leading pharmacy management company that provides integrated on-site and central fill pharmacy services to its Federally Qualified Health Center and other covered-entity customers. The company partners with covered entities to optimize pharmacy dispensing across PharMedQuest’s network of company-owned pharmacies. PharMedQuest’s pharmacy expertise provides tremendous value to its Federally Qualified Health Center and other covered-entity clients, both clinically and economically.

Tailwind is a middle market private equity firm focused on growth-oriented investments in targeted sectors within healthcare, business services and industrial services. Tailwind partners with experienced management teams and entrepreneurs to transform businesses through organic growth initiatives, acquisitions, and operational and strategic investments. Since inception, Tailwind has managed $3.6 billion of committed equity capital, and has invested in 43 portfolio companies and over 105 add-on acquisitions.

Kinderhook is a private investment firm that manages over $3 billion of committed capital. The firm has made more than 225 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 a network of operating partners. Kinderhook’s focus is on middle market businesses with defensible niche market positioning in healthcare, environmental and business services and the automotive and light manufacturing sectors.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

Harris Williams’ HCLS Group has experience across a broad range of sectors, including medical devices, products and distribution; multi-site and retail healthcare providers; alternate site care; healthcare IT; managed care and cost containment services; outsourced clinical services; and outsourced pharma services.  For more information on the HCLS Group and other recent transactions, visit the HCLS Group’s section of the Harris Williams website.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.