M&A Deal Summary

Lake Capital Acquires TrustRX Pharmacy

On November 1, 2022, private equity firm Lake Capital acquired life science company TrustRX Pharmacy from Pleasant Bay Capital Partners

Acquisition Highlights
  • This is Lake Capital’s 1st transaction in the Life Science sector.
  • This is Lake Capital’s 32nd transaction in the United States.
  • This is Lake Capital’s 1st transaction in Arizona.

M&A Deal Summary

Date 2022-11-01
Target TrustRX Pharmacy
Sector Life Science
Buyer(s) Lake Capital
Sellers(s) Pleasant Bay Capital Partners
Deal Type Secondary Buyout

Target

TrustRX Pharmacy

Phoenix, Arizona, United States
TrustRX Pharmacy is a workers’ compensation pharmacy, dedicated to delivering doctor-prescribed medications to injured workers, auto accident victims and others without worry, expense or delay. TrustRX Pharmacy is based in Phoenix, Arizona.

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Buyer(S) 1

Buyer

Lake Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 1.3B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Lake Capital is a private equity firm that targets a limited number of middle-market, service-based companies. The firm typically allocates $50 to $75 million equity to each portfolio company initiative. However, with seller financing, third-party debt, and co-investment opportunities, significant capital (in addition to the initial equity allocation) is available to each initiative. The service-based businesses the firm pursues include marketing services, finance-related services, specialty services, healthcare services, consumer services, technology services, business process outsourcing services, and marketing services. The firm is typically interested in buyout, partnership and start-up opportunities. Lake Capital was formed in 1998 and is based in Chicago, Illinois.


DEAL STATS #
Overall 34 of 34
Sector: Life Science M&A 1 of 1
Type: Secondary Buyout M&A Deals 5 of 5
State: Arizona M&A 1 of 1
Country: United States M&A 32 of 32
Year: 2022 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-03 Engine Group

London, United Kingdom

Engine Group is a broad-based digital transformation, communications and creative business. Engine’s business is comprised of three divisions: Communications, Creative and Transformation, providing a range of services across business transformation and client engagement campaigns. Engine Group was founded in 2004 and is based in London, United Kingdom.

Sell £78M

Seller(S) 1

DESCRIPTION

Pleasant Bay Capital Partners is a merchant bank focused on investments in profitable, lower middle-market companies in the healthcare, technology, business services, consumer, and industrial products/services sectors. Prospective transaction situations include buyouts, growth capital financings, recapitalizations, shareholder liquidity needs, and buyouts. Pleasant Bay Capital Partners was established in 2012 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 10 of 10
Sector: Life Science M&A 1 of 1
Type: Secondary Buyout M&A Deals 5 of 5
State: Arizona M&A 1 of 1
Country: United States M&A 10 of 10
Year: 2022 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-21 CueSquared

Los Angeles, California, United States

CueSquared is a one-touch mobile payment platform that simplifies the collection efforts of all patient self-pay balances, allowing consumers to easily access and pay their bills anywhere, at any time. CueSquared was founded in 2017 and is based in Los Angeles, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-01 Telemynd

Maynard, Maryland, United States

Telemynd combines the power of telemedicine and patented technology to improve quality and access to mental health care. The company was founded as the collective home of Arcadian Telepsychiatry and Mynd Analytics. Telemynd was formed in 2019 and is based in Maynard, Maryland.

Buy -