M&A Deal Summary

Covetrus Acquires Roadrunner Pharmacy

On August 10, 2017, Covetrus acquired consumer services company Roadrunner Pharmacy from Ampersand Capital Partners and HCAP Partners

Acquisition Highlights
  • This is Covetrus’ 1st transaction in the Consumer Services sector.
  • This is Covetrus’ 2nd transaction in the United States.
  • This is Covetrus’ 1st transaction in Arizona.

M&A Deal Summary

Date 2017-08-10
Target Roadrunner Pharmacy
Sector Consumer Services
Buyer(s) Covetrus
Sellers(s) Ampersand Capital Partners
HCAP Partners
Deal Type Add-on Acquisition

Target

Roadrunner Pharmacy

Phoenix, Arizona, United States
website
Roadrunner Pharmacy, Inc. is a provider of technology-enabled healthcare services for companion and equine veterinary practitioners. Roadrunner Pharmacy, Inc. was established in 1999 and is based in Phoenix, Arizona.

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Buyer(S) 1

Buyer

Covetrus

Portland, Maine, United States

website


Category Company
Founded 2010
Sector Consumer Services
Employees5,275
Revenue 4.3B USD (2020)
DESCRIPTION

Covetrus is a provider of technology-enabled healthcare services for companion and equine veterinary practitioners. The company partners with veterinarians to create insight into gaps in patient care and offer professionalized pro-active prescription management to drive client engagement and improve compliance. Covetrus was formed in 2010 and is based in Portland, Maine.


DEAL STATS #
Overall 2 of 6
Sector (Consumer Services) 1 of 2
Type (Add-on Acquisition) 2 of 4
State (Arizona) 1 of 1
Country (United States) 2 of 5
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-17 VetCentric

Portland, Maine, United States

VetCentric, Inc. is a veterinary-focused pharmacy offering home delivery of FDA- and EPA-approved pharmaceuticals, compounded medications, and therapeutic and wellness diets to pet owners on behalf of veterinary practices.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-23 Henry Schein Animal Health

Dublin, Ohio, United States

Henry Schein Animal Health is an animal health distribution company in the United States. The Company employs approximately 900 team members, including 300 field sales representatives and 200 telesales and customer support representatives.

Buy -

Seller(S) 2

SELLER

Ampersand Capital Partners

Wellesley, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Growth Capital Firm
Founded 1988
PE ASSETS 2.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Ampersand Capital Partners is a middle-market private equity group that concentrates on growth equity investment opportunities in the healthcare sector. The Firm looks to invest $10 to $100 million in businesses with $10 to $100 million of revenue. Specific areas of interests within healthcare include lab products, specialty diagnostic equipment, pharmaceutical outsourcing, and specialty pharma. Ampersand generally prefers to be the first and sole institutional investor. Ampersand was formed in 1988 and is based in Wellesley, Massachusetts.


DEAL STATS #
Overall 33 of 53
Sector (Consumer Services) 1 of 1
Type (Add-on Acquisition) 23 of 38
State (Arizona) 1 of 1
Country (United States) 33 of 50
Year (2017) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-31 Dynex Technologies

Chantilly, Virginia, United States

Dynex Technologies is a designer and manufacturer of fully-automated ELISA microplate workstations, laboratory instruments, and associated consumables and accessories, seamlessly integrating advanced detection with fully-automated sample handling. Dynex Technologies was founded in 1952 and is based in Chantilly, Virginia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-12 LakePharma

San Carlos, California, United States

LakePharma is a biologics company specializing in antibody engineering, antibody discovery, molecular engineering, protein chemistry, bioexpression, biofunction, bioprocessing, and bioanalytics. LakePharma focuses on integrated platforms to support projects throughout the drug discovery process. LakePharma was founded in 2009 and is based in San Carlos, California.

Buy -
SELLER

HCAP Partners

La Jolla, California, United States

Investor Investor Investor Investor Investor

website


Category Growth Capital Firm
Founded 2000
PE ASSETS 320M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Huntington Capital is a mezzanine finance firm that provides both debt and equity financing to established, lower middle-market companies throughout California and the Southwest US. The Firm targets growth companies with positive cash flow, diversified customers, defensible market positions, and experienced management. The Firm looks to invest $2 to $15 million in companies generating revenues of $10 to $100 million. Areas of interest include manufacturing, services, healthcare, software, homeland security, retail, and information technology. Prospective transaction situations include buyouts, acquisitions, recapitalizations, and growth capital financings. Huntington Capital was formed in 2000 and is based in San Diego, California.


DEAL STATS #
Overall 22 of 31
Sector (Consumer Services) 1 of 1
Type (Add-on Acquisition) 12 of 16
State (Arizona) 2 of 4
Country (United States) 22 of 31
Year (2017) 5 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-09 Lucernex

Plano, Texas, United States

Lucernex, Inc. (dba Lucernex Technologies, Inc.) is a cloud-based Integrated Workplace Management System (IWMS) to both emerging and enterprise companies around the globe. The Company’s analytics, market planning, site selection, contract management, project management, facility management and maintenance management solutions are used by their valued customers every day and helps them drive revenue, reduce costs, ensure compliance and mitigate risk.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-19 Protect Plus Industries

Hickory, North Carolina, United States

Protect Plus Industries is a manufacturer and distributor of retail air filters and related products for home HVAC systems. Protect Plus Industries was founded in 2003 and is based in Hickory, North Carolina.

Sell -