KKR Acquires BrightSpring Health for $1.32 Billion, Merges with PharMerica to Form Integrated Community Healthcare Platform

VCBeat (WeChat Official Account: vcbeat) has learned that on March 5, 2019, global investment firm KKR (Kohlberg Kravis Roberts & Co.) announced the acquisition of BrightSpring Health from OneX Corporation and its affiliates for approximately $1.32 billion.

Under the terms of the agreement announced on December 10, 2018, BrightSpring Health has merged with PharMerica, a pharmaceutical services provider owned by KKR, as part of the transaction. It is understood that KKR acquired PharMerica for $1.4 billion on August 2, 2017. This strategic merger aims to build a diversified healthcare platform capable of delivering comprehensive care services—integrating pharmacy, clinical, and non-clinical services—across various complex care settings. The combined company will expand its business operations to 47 U.S. states, Puerto Rico, and Canada.

BrightSpring Health, founded in 1974 and headquartered in Louisville, Kentucky, USA, is one of the largest community healthcare service providers catering to high-acuity populations. It delivers clinical, non-clinical, and other supportive care services to individuals of all ages within community settings. Its core business lines include behavioral health services (including autism care), home health services (encompassing personal care, home health, and hospice care), neurological therapy, employment placement, and vocational training. These services are supported by pharmacy solutions and remote care-assistive technologies.

PharMerica was founded in 2006 and is headquartered in Louisville, Kentucky, USA. As a prominent provider, the company specializes in the long-term care, senior care, home infusion, and oncology pharmacy markets. Today, PharMerica operates 96 pharmacies, 20 specialized home infusion pharmacies, and five specialized oncology pharmacies across 45 states.

Jon Rousseau, President and Chief Executive Officer of BrightSpring, stated, “I am pleased to see the merger of BrightSpring Health and PharMerica. By enhancing our capacity to deliver health services in community settings, we will be able to provide more comprehensive integrated community care at a lower cost in the future.”

KKR, founded in 1976 and headquartered in New York, is a global investment firm. KKR manages a diverse range of alternative assets, including private equity, energy, infrastructure, real estate, credit, and hedge funds.

Onex Corporation, founded in 1980, is a private equity firm based in Toronto, Canada. Onex manages $31 billion in assets, including $6.4 billion of its own capital, as well as private equity and credit securities.

(Compiled by Yang Shiying)