M&A Deal Summary

Rite Aid Acquires Envision Pharmaceutical Services

On June 24, 2015, Rite Aid acquired medical products company Envision Pharmaceutical Services from TPG and The Halifax Group for 2.0B USD

Acquisition Highlights
  • This is Rite Aid’s 1st transaction in the Medical Products sector.
  • This is Rite Aid’s 2nd largest (disclosed) transaction.
  • This is Rite Aid’s 10th transaction in the United States.
  • This is Rite Aid’s 1st transaction in Ohio.

M&A Deal Summary

Date 2015-06-24
Target Envision Pharmaceutical Services
Sector Medical Products
Buyer(s) Rite Aid
Sellers(s) TPG
The Halifax Group
Deal Type Add-on Acquisition
Deal Value 2.0B USD
Advisor(s) J.P. Morgan Securities (Financial)
Cleary Gottlieb Steen & Hamilton (Legal)

Target

Envision Pharmaceutical Services

Twinsburg, Ohio, United States
website
Envision Pharmaceutical Services, Inc. is a full-service pharmacy benefit management (PBM) company. EnvisionRx also offers fully integrated mail-order and specialty pharmacy services through Orchard Pharmaceutical Services; access to the nation's largest cash pay infertility discount drug program via Design Rx; an innovative claims adjudication software platform in Laker Software; and a national Medicare Part D prescription drug plan through Envision Insurance Company's EnvisionRx Plus product offering.

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Buyer(S) 1

Buyer

Rite Aid

Philadelphia, Pennsylvania, United States

website


Category Company
Founded 1962
Sector Retail
Employees53,000
Revenue 24.6B USD (2022)
DESCRIPTION

Rite Aid is a drugstore chain with approximately 4,600 stores in 31 states and the District of Columbia. Rite Aid was founded in 1962 and is based in Camp Hill, Pennsylvania.


DEAL STATS #
Overall 10 of 12
Sector (Medical Products) 1 of 1
Type (Add-on Acquisition) 9 of 11
State (Ohio) 1 of 1
Country (United States) 10 of 12
Year (2015) 1 of 1
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-10 RediClinic

Houston, Texas, United States

RediClinic LLC is a operators of retail clinics.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-18 East Hills Family Pharmacy

Johnstown, Pennsylvania, United States

East Hills Family Pharmacy is a retail pharmacy that provides a wide range of solutions, including brand name and generic prescription drugs, over-the-counter (OTC) medication, and other related products. East Hills Family Pharmacy is based in Johnstown, Pennsylvania.

Buy -

Seller(S) 2

SELLER

TPG

Fort Worth, Texas, United States

Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1992
PE ASSETS 137.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

TPG Capital is a global, mega-sized private investment firm that manages a family of funds focused on private equity, real estate, venture capital, public equity and debt investing. TPG invests in opportunities across a broad range of industries and geographies. TPG generally seeks to invest in established businesses that can benefit from the Firm's operational experience and connections. Industries of interest include consumer, retail, healthcare, industrials, digital media, natural resources, energy, real estate, technology, and software. TPG was formerly known as Texas Pacific Group and was originally established in 1992 by David Bonderman, James Coulter and William Price. The Firm is based in Forth Worth, Texas with additional offices in Europe, Asia, and Australia.


DEAL STATS #
Overall 146 of 245
Sector (Medical Products) 8 of 10
Type (Add-on Acquisition) 57 of 89
State (Ohio) 3 of 3
Country (United States) 107 of 182
Year (2015) 11 of 15
Size (of disclosed) 28 of 71
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-23 Gardman

Peterborough, United Kingdom

Gardman Ltd. is a provider of wild bird-care products such as seeds and feeders; tooling, gardening footwear and gloves; lighting; greenhouses; and pots, planters and hanging baskets. Gardman Ltd. was founded in 1992 and is based in Peterborough, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-12 SunGard Data Systems

Wayne, Pennsylvania, United States

SunGard Data Systems, Inc. is a provider of software and processing solutions for the financial services industry, higher education, and the public sector in over 70 countries. SunGard also offers disaster recovery, managed IT, and information availability consulting services along with business continuity management software.

Sell $9.1B
SELLER

The Halifax Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1999
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

The Halifax Group is a private equity firm focused on investing in established, profitable, and growing companies. The Firm prefers completing transactions in partnership with management and typically looks to invest $40 to $80 million per acquisition. Prospective companies generally have revenues of at least $20 million and EBITDA greater than $5 million. Sectors of interest include business services, healthcare services, infrastructure services, and 'wellness' products and services. Halifax prefers opportunities located in North America. The Halifax Group was formed in 1999 and is based in Washington, DC, with additional offices in Dallas, Texas and Raleigh, North Carolina.


DEAL STATS #
Overall 11 of 22
Sector (Medical Products) 2 of 2
Type (Add-on Acquisition) 5 of 8
State (Ohio) 1 of 1
Country (United States) 9 of 18
Year (2015) 1 of 2
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-09 Pirtek UK

London, United Kingdom

Pirtek UK is a provider of fluid transfer solutions and on-site repairs. Specializing in hydraulic hoses, pipe fittings & couplings. Pirtek offers a comprehensive range of fluid transfer solutions, products & services to industries including Agriculture; Automotive; Construction & Plant Hire; Defence; Environmental; Services; Manufacturing; Marine & Offshore; Material Handling; Mining & Quarrying; Transport & Logistics; Utilities. Pirtek UK was founded in 1988 and is based in London, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-29 Caring Brands International

Sunrise, Florida, United States

Caring Brands International is a provider of home healthcare services under three global brands: Interim Healthcare (United States), Bluebird Care (United Kingdom & Republic of Ireland) and Just Better Care (Australia). The franchisees offer patients a full continuum of care including skilled home nursing, assistance with daily living activities and end-of-life hospice care. Caring Brands International was founded in 1966 and is based in Sunrise, Florida.

Sell -