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GETTYSBURG, PA. (July 24, 2022) WindRose Health Investors, LLC, the New York-based healthcare private equity firm, today announced that it has completed the acquisition of Ganse Apothecary. Through a merger with Terrapin Pharmacy, an existing WindRose portfolio company, the company expands its footprint in Pennsylvania, creating a leading behavioral health pharmacy platform in the Mid-Atlantic. Terms of the transaction were not disclosed.

Terrapin Pharmacy is a closed-door specialized pharmacy based in Annapolis, Maryland, that serves patients through value-added distribution relationships with community-based behavioral health and long-term care facilities across Maryland, Pennsylvania, New Jersey, Virginia, and the District of Columbia. WindRose recapitalized Terrapin Pharmacy in December 2021.

Ganse is a Lancaster, Pennsylvania-based closed-door long-term care and specialty pharmacy that provides value-added distribution services to patients suffering from severe and persistent mental illness and intellectual and developmental disabilities (IDD).

The merger significantly expands the footprint of both businesses and positions the combined organization for growth in existing and new markets, as well as additional lines of businesses and services. Currently, Terrapin and Ganse serve approximately 7,500 patients across four states.

“We are thrilled for the future of the combined business and are excited to partner with such a well-respected provider as Ganse,” said Mark Peterson, Executive Chairman of Terrapin’s Board of Directors. “Ganse’s long history of providing high quality, value-added pharmacy services to this population aligns perfectly with Terrapin and our core mission.”

Greg Ganse, CEO and President of Ganse, will assume a leadership role at Terrapin and help drive the growth strategy of integrating the complementary offerings of Ganse and Terrapin.

“We are incredibly excited to partner with Terrapin Pharmacy,” said Mr. Ganse. “It was important for us to find a partner that shared the values and principles on which Ganse was founded over 50 years ago. I’m confident we have found that in Terrapin and that the combined company’s patients will continue to receive the high-quality care they deserve.”

“With the combination of Terrapin and Ganse, and the deep domain expertise, relationships and resources of WindRose, we are well-positioned to reach more people with pharmacy services that can make a huge difference in their lives,” Mr. Peterson said.

Provident Healthcare Partners acted as financial advisor to Ganse. Latham & Watkins LLP acted as legal advisor to WindRose, and Troutman Pepper acted as legal advisor to Ganse.

About Ganse Apothecary

Ganse Apothecary is a URAC accredited specialty, long-term care, and retail pharmacy located in Lancaster, Pennsylvania. The organization provides pharmacy services to individuals with serious and persistent mental illness, substance use disorders, and intellectual and developmental disabilities, the organizations that support them, and to the general public as well.

For more information, please visit www.ganseapothecary.com.

About Terrapin Pharmacy

Terrapin Pharmacy is a closed-door specialized pharmacy that primarily serves individuals diagnosed with severe and persistent mental illnesses in the Mid-Atlantic region. The Company serves this population 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.

About WindRose

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 info@windrose.com

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