CHICAGO, IL, January 7, 2020 - Sheridan Capital Partners (“Sheridan”) announced today its investment in Tarrytown Expocare (“Tarrytown” or the “Company”), a closed-door long-term care pharmacy focused exclusively on individuals with intellectual and developmental disabilities (“IDD”). Sheridan invested alongside Tarrytown’s founder and management team, who have retained a meaningful ownership stake in the business.
Tarrytown, founded in 2013 and headquartered in Austin, TX, is a national leader and innovator in the IDD pharmacy segment. The Company has longstanding relationships with IDD group home providers and delivers services to over 1,900 group homes. The partnership will allow the Company to continue building a robust infrastructure and accelerate national expansion.
“IDD-focused pharmacies address the specific needs of the IDD population, and Tarrytown has a tremendous reputation for servicing the group home market,” said Sean Dempsey, a Partner at Sheridan Capital Partners. “The Company has grown significantly due to the team’s IDD domain expertise and patient-first philosophy, its streamlined operations and distribution processes, and value-added services offered to its IDD group home providers.”
“We are excited to partner with Sheridan to build upon Tarrytown’s foundation and recent momentum,” said Mark Newberry, Founder and Chief Executive Officer of Tarrytown. “Sheridan’s prior experience in accelerating growth through innovation and corporate infrastructure investment will allow Tarrytown to better service our individuals and group home providers.”
Jonathan Lewis, a Partner at Sheridan, also added, “Tarrytown represents a great opportunity to deploy our playbook of backing successful entrepreneurs in interesting niches of healthcare to help them further scale their businesses. We are delighted to partner with the management team as they enter this next phase of institutional growth.”
The transaction was led by Sean Dempsey, Jonathan Lewis, Alexander Kain, and Stephen Lestyan at Sheridan Capital Partners. Oxford Finance provided debt financing for the transaction. McDermott Will & Emery LLP served as legal counsel to Sheridan Capital Partners. GuideCap Partners, Jackson Walker LLP, and Pepper Hamilton LLP served as financial advisor, legal counsel, and regulatory counsel, respectively, to the Company. Financial terms of the transaction were not disclosed.
Tarrytown Expocare (“Tarrytown”) is a national long-term care pharmacy that serves individuals with intellectual and developmental disabilities (“IDD”). The Company provides prescription medication to IDD patients primarily residing in group homes and offers clinical administrative services to its facility partners. Tarrytown was founded by Mark Newberry in 2013 and is headquartered in Austin, TX.
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 that have EBITDA from $3 million to $15 million, bringing strategic resources to accelerate growth, build enduring value, and achieve strong results.