Mini Pharmacy
Mini distributes diabetic supplies and equipment, including strips/lancets, insulin, pumps, continuous glucose monitors, infusion sets, and durable medical equipment
Status: Exited
Investment date: June 2019
Business model: Specialty Distribution
Sub-sector: Healthcare Products
Transaction type: Special Situation
Exit date: 2023
Investment thesis:
Acquire an underperforming, negative EBITDA business in a market with favorable industry dynamics and execute a operational transformation
Value creation levers:
Upgraded executive leadership team, including the addition of an experienced CEO and CFO to lead the turnaround
Increased profitability by shifting sales mix to higher margin continuous glucose monitors
Driving operational improvements: streamlined and integrated enterprise systems, increased employee productivity, improved working capital efficiency, and monetized real estate
Exit:
Sold Mini Pharmacy to an affiliate of Henry Schein (NASDAQ: HSIC)