Sheridan Capital Partners-backed SpendMend Acquires Turnkey Pharmacy Solutions and Elevate340B


CHICAGO, IL, September 15, 2020 - SpendMend, a portfolio company of Sheridan Capital Partners (“Sheridan”), announced recently the acquisition of Turnkey Pharmacy Solutions (“Turnkey”) and Elevate340B (“Elevate”). Founded in 2012 by a team of pharmacy leaders, Turnkey has a strong presence within the 340B audit and compliance services market and has performed over 1,000 340B audits at hospitals and clinics across the country. Turnkey established Elevate in 2016 as a solution to help hospitals optimize and grow their 340B programs beyond the initial audit engagement. The joint end-to-end offering will re-launch as SpendMend Pharmacy, specializing in compliance, optimization and growth services for 340B programs at hospitals, clinics and healthcare facilities across the U.S.

“The Turnkey and Elevate340B solutions integrate perfectly into our existing suite of cost cycle management, spend visibility, and compliance solutions and will help us to realize a swift delivery of SpendMend Pharmacy to the marketplace,” says Dan Geelhoed, CEO of SpendMend. “Our mission is to help hospitals improve patient care through the delivery of our innovative cost-savings solutions. We believe our 340B solutions will go a long way to help support the bottom line of hospitals so they can focus on delivering superb patient care.”

“We could not be more pleased with the outcome of the acquisition,” states Robert Nahoopii, PharmD, MS, ACE, co-founder and CEO of Turnkey Pharmacy Solutions. “Joining the SpendMend team is not only a perfect cultural fit for our companies, but access to SpendMend’s go-to-market resources will immediately accelerate our ability to provide vital services to hospitals and clinics across the U.S.”

About SpendMend

SpendMend is a leading provider of tech-enabled solutions to healthcare providers nationwide that optimize the cost-cycle. Combining the use of data, proprietary technology, and rigorous analytics with its healthcare focus and expertise, SpendMend partners with customers to improve and optimize their expenses in meaningful and collaborative ways. SpendMend’s mission is to help its customers improve their patient care through innovative cost-savings solutions.

About Sheridan Capital Partners

Sheridan Capital Partners is a Chicago-based healthcare private equity firm that focuses on lower middle market buyouts and growth equity in the U.S. and Canada. Sheridan partners with companies in the verticals of providers and provider services, healthcare IT and outsourced services, and consumer health and medical products, bringing strategic resources to accelerate growth, build enduring value, and achieve strong results.

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