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Kroger closes deal on acquistion of 2nd-largest independent specialty pharmacy


PALO ALTO, Calif. - Altamont Capital Partners on Wednesday announced that its specialty pharmacy Modern Healthcare was successfully sold to Kroger.

"We think Kroger is going to be a winner in the health and wellness market, and we are excited to see what they build from this point forward," commented Casey Lynch, Altamont managing director.   

Altamont acquired the initial platform in July 2012, through a carve-out of the specialty pharmacy operations of Modern and the simultaneous acquisition and carve-out of the specialty pharmacy operations of A-Med Healthcare. Altamont then led subsequent acquisitions of Total Life Care Pharmacy and LegacyRx, and invested heavily in operational infrastructure. Led by CEO Dom Meffe, Modern recruited an experienced senior management team, developed a very successful national expansion program and became the second largest independent specialty pharmacy in the U.S.

In total, Modern's revenue grew by more than  5 times during the investment period.   

Terms of the transaction were not disclosed. Jefferies served as financial advisor to Altamont and Modern along with Houlihan Lokey and William Blair. Ropes & Gray served as legal counsel to Altamont and Bass Berry & Sims served as legal counsel to the company.

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