Angeles Equity Partners has acquired Mini Pharmacy Enterprises, a pharmacy specializing in providing diabetic supplies, primarily to the California market.
In addition to diabetic supplies, Mini also provides continuous glucose monitors; general prescriptions; nutritional formulas; urological, incontinence and ostomy supplies; and durable medical equipment. Mini was founded in 1980 and has been led by the Fox family who are partnering with Angeles Equity on this transaction. The company is headquartered in Los Angeles (www.minipharmacy.com).
“Mini Pharmacy is recognized as a leading provider of diabetic supplies in its core California market,” said Jordan Katz and Timothy Meyer, co-founders and managing partners of Angeles Equity, in a released statement. “We see a tremendous opportunity to build upon Mini’s legacy, leveraging the depth of Mini’s customer relationships and implementing several customer-focused initiatives designed to improve the patient experience.”
As part of this transaction, Angeles Equity will be installing a new executive team with pharmacy industry expertise to drive a program of systems investment and operational modernization at Mini. Richard Fox will continue to lead Mini’s commercial activities as Vice President, Sales. “The Angeles Equity team has significant experience driving business transformation,” said Mr. Fox. “The Fox family believes Angeles’ operational capabilities, combined with the newly appointed leadership team’s knowledge of the pharmacy industry, makes them well-suited to steward my family’s business to its full potential for years to come.”
Angeles Equity makes control investments in companies with enterprise values up to $200 million that have headquarters and primary operations in the United States and Canada. Sectors of interest include aerospace, automotive, building products, capital goods, chemicals, electronics, manufacturing, metals, transportation & logistics, packaging and distribution.
Earlier this month, Angeles Equity acquired APCT (www.apctinc.com), a Santa Clara, CA-based maker of multilayer printed circuit boards, from Saugatuck Capital. In January 2017, the firm closed Angeles Equity Partners I LP with $360 million in capital. The firm is headquartered in Los Angeles (www.angelesequity.com).
Intrepid Investment Bankers was the financial advisor to Mini Pharmacy on this transaction.
© 2019 Private Equity Professional | June 11, 2019
