Harbor Healthcare has announced the successful sale of a multi-location long-term care (LTC) pharmacy, servicing over 8,500 patients in skilled nursing facilities throughout the state of California.

The strategic acquirer maintains a nationwide presence in the LTC pharmacy space, and this acquisition provides them with key access to the desirable California market. The long-term relationships and immensity of the California market also made it a strategic advancement for the acquirer. Facilities and patients are excited about the new services and technology the acquirer offers, which existing leadership will be able to leverage using the same high quality of care clients have come to expect. The strategically planned, uninterrupted service will maximize growth, retain value, and carry on the seller's legacy.

"I am extremely excited for the next stage of the Company's growth. The acquirer truly is an ideal partner to support our future initiatives and continue expanding service across the state," said the seller of the LTC pharmacy. "They bring technology, tremendous resources, a collaborative approach, and decades of experience across all areas of long-term care. The Harbor Healthcare team really found us the perfect partner and we are so fortunate and thankful to have Harbor on our side throughout the engagement."

"Identifying the correct buyer that not only matches but exceeds the seller's goals, is no easy task. Everyone worked ardently to pinpoint an ideal acquirer that would produce mutual synergies in a partnership. The acquirer has achieved a uniquely robust foothold across the entire state of California and the seller can now leverage the operational experience of the buyer to grow their business." said Michael Cammeyer, Managing Director at Harbor Healthcare.

"LTC has been a fiercely competitive segment of pharmacy for as long as I can remember. Contracts are highly coveted and depending on who they're with and where they are, can contribute materially to the value of the business. Often, those same contracts can be of significantly more value to the right partner or acquirer. Recognizing synergies, the merit of contracts and bringing two parties together that maximize value is crucial to M&A in this industry. We are excited to watch the new organization grow and expand." said Mark Alford, Managing Director at Harbor Healthcare."