BrightSpring Health Services and PharMerica Corporation have announced they are combining forces.
The deal includes private equity firm Onex Corporation selling its interest in BrightSpring. The combined enterprise will be owned by KKR with an affiliate of Walgreens Boots Alliance Inc. as a minority investor. It is expected to close in the first quarter of 2019.
BrightSpring Health Services, based in Louisville, KY, provides both nonclinical habilitative services and clinical rehabilitative services. Its businesses include home health, behavioral health, job placement and pharmacy services. PharMerica is nation’s second-largest institutional pharmacy operator, running 96 institutional pharmacies, 20 specialty home infusion pharmacies and 5 specialty oncology pharmacies in 45 states.
The combined businesses will serve more than 300,000 clients in 44 states and Washington, D.C.
“Together, we will have an unmatched platform and opportunity to drive improved patient outcomes and reduced costs through integrated care models — combining our community-based health services and pharmacy capabilities,” said Jon B. Rousseau, president and CEO of BrightSpring. “Our complementary services will have new and valuable benefits to our clients, patients and customers.”
Rousseau will lead the new business, with PharMerica CEO and President Greg Weishar taking on a strategic advisor role and sitting on the board of directors. The deal was announced Tuesday morning.
“With BrightSpring’s daily presence in care settings and PharMerica’s national pharmacy footprint, the combined business will offer existing and new customers expanded access to comprehensive care and pharmacy services, including augmented and clinically focused programs to best serve patients and meet our customers’ needs,” Weishar said.