Gettysburg, PA (November 6, 2022) — WindRose Health Investors, LLC (“WindRose”), the New York-based healthcare private equity firm, today announced that it has completed the acquisition of Bank’s Apothecary (“Bank’s”). Bank’s, through a merger with Terrapin Pharmacy and Ganse Apothecary, significantly expands the footprint of WindRose’s behavioral health pharmacy platform. Terms of the transaction were not disclosed.
With the addition of Bank’s, the combined company now serves over 22,000 patients across 23 states through seven closed-door pharmacies. Headquartered in Annapolis, Maryland, the platform provides value-added distribution services and medication adherence services primarily to patients suffering from severe and persistent mental illness, substance use disorders and intellectual and developmental disabilities. WindRose recapitalized Terrapin Pharmacy in December 2021 and Ganse Apothecary in June 2022.
In conjunction with the acquisition of Bank’s, WindRose announced Eric Elliott as the Chief Executive Officer of the combined company. He formally joined the platform as its CEO on November 1. Mr. Elliott currently serves as Lead Independent Director of WellDyne and previously as Chairman of Voluntis S.A. through its sale to AptarGroup Inc. in late 2021. He also served in various senior leadership roles at CIGNA, Aetna and Prime Therapeutics, where he was the President and CEO.
“On behalf of the Board, I am thrilled to welcome Eric to the team,” said Mark Peterson, Chairman of the Board of Directors. “Eric’s stellar track record paired with his passion for providing high quality care to patients makes him uniquely qualified to lead the continued expansion of the platform.”
“I am excited to lead this organization of talented professionals dedicated to providing exceptional pharmacy services to a complex patient population,” said Mr. Elliott. “The combination of Terrapin, Ganse and Bank’s creates a differentiated player in the behavioral health pharmacy space and a strong platform on which to build. It will be rewarding to further the growth and, most importantly, reach more patients with services that can make a huge difference in their lives.”
“Eric is a tremendous leader and experienced CEO with deep expertise across the pharmacy landscape,” said CJ Burnes, Partner at WindRose. “The Company’s growth has been exceptional over the last year and Eric’s unique combination of industry, operational and commercial leadership experience will help continue the Company’s tremendous growth story. We are fortunate to partner with Eric for the Company’s next phase of growth.”
Westcove Partners acted as financial advisor to Bank’s. Latham & Watkins LLP acted as legal advisor to WindRose, and Epstein Becker & Green acted as legal advisor to Bank’s.
About Bank’s Apothecary
Banks Apothecary is an independent accredited specialty pharmacy serving patients in 23 states. Based in Trevose, Pennsylvania, the company provides value-added pharmacy services primarily to individuals with serious and persistent mental illness and substance use disorders. Bank’s high-touch model has provided high quality care to patients for over four decades.
For more information, please visit www.banksapothecary.com.
About Terrapin Pharmacy
Terrapin Pharmacy is a long-term care and specialty pharmacy that primarily serves individuals diagnosed with severe and persistent mental illness and intellectual or developmental disabilities. Terrapin operates six pharmacies in the Mid-Atlantic region, serving patients through high-touch distribution relationships with community-based behavioral health agencies and long-term care facilities, enabling improved medication adherence and care management for complex and costly patient populations.
For more information, please visit www.terrapinpharmacy.com.
WindRose Health Investors, LLC (“WindRose”) makes equity investments in companies that operate within the services sectors of the healthcare industry. The firm focuses on companies with profitable business models and a demonstrated ability to deliver cost-effective solutions. WindRose is based in New York City and invests in companies throughout the United States.
For more information, please email WindRose at firstname.lastname@example.org