Boston, Massachusetts – Feb 3, 2019 – Sverica Capital Management LP (“Sverica”), a private equity investment firm, today announced that on February 1st it made a strategic investment in Procare LTC (“Procare” or the “Company”), which operates closed door pharmacies servicing the long-term care segment.
Based in Farmingdale, New York, Procare is a leading operator of pharmacies in New York, Connecticut, Massachusetts and Ohio serving skilled nursing, assisted living, and other long-term care facilities. Founded in 2007 by Tom Hyde and Paul Meyeroff, both trained pharmacists and veterans of the long-term care pharmacy sector, Procare was built from the ground up to provide the highest level of service to its partner facilities and patients. Procare currently services more than 150 facilities in five states and employs more than 400 staff across its markets.
Sverica’s strategic investment will help facilitate Procare’s expansion into new markets. Tom Hyde, Founder and CEO commented, “We are excited about partnering with Sverica to take Procare to the next level. Our search for a capital partner focused on firms that understood Procare’s unique service model, which separates us from larger, national competitors. Sverica appreciated that Procare’s service level is at the heart of Procare and shared our vision for how to expand responsibly into new markets without sacrificing quality.”
Dave Finley, Managing Partner at Sverica said “We are pleased to partner with Tom, Paul and the entire Procare team to expand into new geographies. Procare’s tremendous growth over the past several years is a testament to their culture and customer-focused model.” Gregg Osenkowski, Partner at Sverica added “Procare has reimagined the long-term care pharmacy business by focusing relentlessly on the small details that matter to facilities and patients. We are looking forward to helping the Procare team continue their impressive growth while maintaining the high standards of quality and service that they have exhibited in their existing markets.”
About Procare LTC
Procare LTC was formed in 2007 by veterans of the long-term care pharmacy sector that 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.