St. Louis, Nov. 19, 2019 (GLOBE NEWSWIRE) -- ButcherJoseph & Co. (“ButcherJoseph”) served as exclusive financial advisor to Neighborhood LTC Pharmacy, Inc. (“Neighborhood” or the “Company”) on its sale to the Neighborhood LTC Pharmacy, Inc. Employee Stock Ownership Plan (“ESOP”). The transaction closed September 30, 2019. Headquartered in Lincoln, Nebraska, the Company is a leading, regional institutional pharmacy that utilizes advanced robotic technology to provide advanced, pharmaceutical packaging solutions to healthcare facilities.
Scott Louderback, Neighborhood’s president shared, “We are proud to have a 100% employee-owned pharmacy where everyone will share in the experience of owning a business and allow our culture of community first to thrive for generations to come. Being truly locally owned will give our customers the confidence they have chosen a pharmacy that is invested in ensuring each person receives the utmost care.”
“Each employee having an ownership stake in the pharmacy will only increase our already top-notch customer service and care,” expressed Blake Henning, vice president of behavioral health services. “As an employee, it’s thrilling and motivating to know that we have an opportunity every day to directly affect the growth of the company,” shared Pat Christensen, pharmacist.
ButcherJoseph’s David Lake commented, “Since Neighborhood was such an attractive business, we explored several options. A leveraged ESOP sale provided both liquidity to the seller and an opportunity for employees to participate in the future growth of the Company."
Scott will remain President of the Company, post-transaction.
About Neighborhood LTC Pharmacy
Neighborhood LTC Pharmacy is a leading technology-enabled institutional pharmacy based in the Midwest. The Company utilizes advanced robotic technology to provide weekly and monthly compliance prescription medication packaging. Neighborhood’s medication packs, which include a full-color picture of the patient and their medication, provide multiple layers of verification to optimize nurses’ administration of drugs to elderly and disabled patients. Learn more at www.neighborhoodrx.com.
About ButcherJoseph & Co.
ButcherJoseph & Co. is a boutique investment banking firm specializing in ESOPs, mergers and acquisitions, private capital sourcing and valuation advisory services for middle market companies. Our award-winning team of professionals has executed 200+ transactions exceeding $15 billion in total value. ButcherJoseph is headquartered in St. Louis with a presence in Chicago, Washington, DC, and Charlotte, NC. Learn more at www.butcherjoseph.com.