H2C Advises ProCare LTC on Strategic Investment from a Private Equity Firm
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About ProCare LTC
ProCare LTC was formed in 2007 by veterans of the long-term care pharmacy sector who realized the need to go back to more personalized customer service fundamentals of quality care. ProCare LTC was founded on a basic premise—to provide the highest level of customer service while delivering the best economic value to the facilities and residents we serve. This is achieved through highly qualified and trained staff at every level or our organization. Collectively, we understand the importance of providing positive clinical outcomes in a cost-effective manner. Exceeding your expectations is what we are all about. For more information, please visit www.procareltc.com.
About Hammond Hanlon Camp LLC
Hammond Hanlon Camp LLC (“H2C”) is an independent strategic advisory and investment banking firm committed to providing superior advice as a trusted advisor to healthcare organizations and related companies throughout the United States. H2C’s professionals have a long track record of success in healthcare mergers and acquisitions, capital markets, real estate, and restructuring transactions, acting as lead advisors on hundreds of transactions representing billions of dollars in value. Hammond Hanlon Camp LLC offers securities through its wholly-owned subsidiary H2C Securities Inc., member FINRA/SIPC. For more information, visit h2c.com.
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"We’re grateful to H2C for its expertise in identifying the right strategic partner for ProCare.”
—Tom Hyde,
Founder & CEO, ProCare
NEW YORK — Sept. 24, 2020 — On February 3, 2020, Hammond Hanlon Camp LLC (“H2C”), a healthcare-focused investment banking firm, served as the exclusive financial advisor to ProCare LTC (“ProCare” or “the Company”) on a strategic investment in the Company by Sverica Capital Management LP (“Sverica”), a private equity investment firm.
Based in Farmingdale, N.Y., ProCare operates closed-door pharmacies servicing the long-term care segment in New York, New Jersey, Connecticut, Massachusetts, Rhode Island, and Ohio. In the past five years, ProCare grew at an annual rate of approximately 25 percent. In 2019, ProCare sought to solicit investment from a private equity firm to help ensure the Company’s continued growth.
H2C solicited interest from a broad range of potential buyers, performed a valuation of the Company, and conducted a thorough marketing process to identify the right investor. In Sverica, ProCare gained a strategic investment partner that understands ProCare’s unique service model and will facilitate ProCare’s expansion into new markets.
“Sverica shares ProCare’s vision around how to expand responsibly into new markets without sacrificing quality,” said Tom Hyde, ProCare founder and CEO. “We’re grateful to H2C for its expertise in identifying the right strategic partner for ProCare.”
“ProCare’s high level of customer retention and impressive organic growth were vital to creating competitive tension, enabling H2C to secure the best possible outcome for the Company,” said Tom Barry, Principal, H2C. “We’re very pleased to have partnered with ProCare as it works toward continuing its impressive growth while maintaining a customer-focused model of high-quality service.” Email Tom.
