Westcove Advises Bank’s Apothecary in its Merger with Terrapin Pharmacy and Ganse Apothecary

LOS ANGELES, CA – November 7, 2022 – Westcove Partners LLC (“Westcove”), a highly specialized investment bank, announced that it acted as the exclusive financial advisor to Bank’s Apothecary (“Bank’s”) in its merger with Terrapin Pharmacy and Ganse Apothecary, portfolio companies of WindRose Health Investors (“WindRose”). Bank’s has grown to be the largest independent behavioral health, mental health, and substance abuse specialty pharmacy in Pennsylvania. The terms of the transaction were not disclosed. Westcove’s deal team included Justin Hand, Managing Director; Abe M’Bodj, Vice President; and Shan Chawla, Associate.

Bank’s, headquartered in Trevose, Pennsylvania, established a patient-centric approach and has become one of the fastest-growing independent behavioral health, mental health, and substance abuse specialty pharmacies across the U.S. through a network of over 2,300 prescribers. Since the Company’s inception in 2010, Bank’s has built a robust centralized fill model supplying over 400 unique drugs, including limited distribution drugs, to underserved and vulnerable populations across 23 states via a dedicated and compassionate employee base.
Sam Maddula, Chief Executive Officer of Bank’s, stated, “We are excited for Bank’s Apothecary to merge with Terrapin Pharmacy and Ganse Apothecary, and subsequently be a part of WindRose’s portfolio companies. We are thrilled with the steadfast support and diligent process Westcove guided us through. We appreciated their white glove approach and invaluable guidance to the executive team as we pursued this transaction.”
Justin Hand of Westcove comments, “We are thrilled to have advised Bank’s Apothecary in this transaction. Through the hard work and commitment of its executive team, Bank’s Apothecary has grown rapidly since 2010 to become the leading behavioral health, mental health, and substance abuse specialty pharmacy while maintaining its mission to deliver the highest quality service to its patients and customers. We are confident that through this merger, Bank’s Apothecary will be able to fulfill its mission in providing its essential and unique drug mix to a greater population of underserved and vulnerable individuals.”
About Bank’s Apothecary
Banks Apothecary is an independent accredited specialty pharmacy serving patients in 23 states. Based in Trevose, Pennsylvania, the company provides value-added pharmacy services primarily to individuals with serious and persistent mental illness and substance use disorders. Bank’s high-touch model has provided high quality care to patients for over four decades. For more information, please visit www.banksapothecary.com.
About Terrapin Pharmacy
Terrapin Pharmacy is a closed-door specialized pharmacy that primarily serves individuals diagnosed with severe and persistent mental illnesses in the Mid-Atlantic region. The Company serves this population through high-touch distribution relationships with community-based behavioral health agencies and long-term care facilities, enabling improved medication adherence and care management for complex and costly patient populations.
About WindRose Health Investors
WindRose Health Investors makes equity investments in companies that operate within the services sectors of the healthcare industry. The firm focuses on companies with profitable business models and a demonstrated ability to deliver cost-effective solutions. WindRose is based in New York City and invests in companies throughout the United States.
About Westcove Partners
Westcove Partners is a leading healthcare-focused investment bank that specializes in advising its clients through mergers & acquisitions, debt and equity financing, as well as other complex corporate finance transactions. The team focuses on founder-operated businesses and seeks to curate its advisory services according to the intricacies that come with these types of businesses.
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