Avita Drugs, a portfolio company of Argenta Partners, has been acquired by Long’s Drugs, a portfolio company of Tailwind Capital

Prestwick is pleased to announce the sale of Avita Drugs, Inc. to Long’s Drugs Incorporated, a portfolio company of Tailwind Capital.  Prestwick acted as the exclusive advisor to Avita and its private equity shareholder, Argenta Partners.  The terms of the transaction were not disclosed.

Avita is a leading specialized pharmacy that serves the needs of people living with chronic health conditions, including HIV, hepatitis C, mental health, and solid organ transplants, among others.  Avita offers a broad range of differentiated, high-touch solutions to patients and healthcare providers including (i) proprietary adherence programs, (ii) personalized patient counseling and education, (iii) extensive 340B pharmacy dispensing, administration, and reporting services, and (iv) comprehensive patient reporting services.  Avita operates seven locations in Louisiana, Texas, and North Carolina and generates annual revenue of approximately $360 million.

Argenta Partners LP is a private equity firm that invests in controlling equity interests in lower middle-market companies with the potential for further development and growth. For over 25 years, Argenta has focused its efforts on a proven model of identifying and investing in attractive businesses and working in partnership with management to create a more valuable enterprise. Argenta Partners invests in recapitalizations, acquisitions, and buy-and-builds / industry consolidations.

Long’s is a comprehensive pharmacy services provider with 20 locations in South Carolina, North Carolina, and Georgia. Founded in 1968 as a traditional retail pharmacy, Long’s has leveraged its retail footprint to grow a specialty and 340B contract pharmacy business which serves patients with chronic illnesses and complex medical conditions such as HIV/AIDS. In 2015, the company served an average of 52,000 patients per month across all of its businesses and dispensed approximately 1.7 million prescriptions.

Tailwind Capital is a leading middle-market private equity firm focused on growth-oriented investments in targeted sectors within healthcare, business and industrial services. Tailwind partners with experienced management teams and entrepreneurs to transform businesses through organic growth initiatives, acquisitions, and operational and strategic improvements. Since inception, Tailwind has managed funds with $2.0 billion of committed equity capital, having invested $1.5 billion in 33 portfolio companies and 49 add-on acquisitions.

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