Allion Healthcare, Inc. (“Allion”) (NASDAQ: ALLI), a national provider of specialty pharmacy and disease management services focused on HIV/AIDS patients, has closed the purchase of certain assets, including customer lists, books and records, files and goodwill and other tangible and intangible assets, from Whittier Goodrich Pharmacy, Inc. (“Whittier”) for $15.0 million in cash. Whittier reported un-audited 2005 revenue of approximately $30.0 million. FocalPoint acted as exclusive financial advisor to Whittier.
“We are excited to close and begin integrating the Whittier Goodrich Pharmacy into the Allion and Moms Pharmacy system,” commented Mike Moran, Allion’s President and Chief Executive Officer in Allion’s transaction announcement. “Whittier has provided high quality services in the Los Angeles market for a long time and we look forward to the Whittier team joining the Allion and Moms Pharmacy team.”
“Allion Healthcare has pursued a focused acquisition strategy within the HIV/AIDS disease state sector,” said Julie Decker, FocalPoint’s Healthcare Strategic Operating Partner. “They have selected quality regional providers in communities with critical market share. Whittier Goodrich is a respected HIV/AIDS-centric pharmacy and we feel that this transaction secures a very solid position in the market and demonstrates the ongoing trend of industry consolidation.”
The transaction represents FocalPoint’s second healthcare transaction of 2006, following the recent sale of a LA-based infusion pharmacy to BioScrip, Inc. Nishen Radia, Managing Director of FocalPoint commented, “With our healthcare practice set to close more transactions this year, we believe our proprietary knowledge of the key players in all of the major healthcare constituencies – providers, payors and manufacturers – enables our firm to best serve clients in pursuing growth opportunities or devising appropriate exit strategies.”
FocalPoint is an independent investment bank, specializing in mergers and acquisitions, private placements (both debt and equity), and financial restructurings. The firm’s primary focus is on middle-market companies with revenues between $10 million and $250 million in a diverse range of industries. FocalPoint has an active M&A healthcare practice which focuses on integrated supply chains and service providers. FocalPoint has expertise in specialty pharmacy, hospitals and outpatient specialty services, clinical research organizations, medical supplies distribution and home healthcare.