Overview
BFKN represented Safecor Health, a provider of unit dose drug packaging services, in a recapitalization transaction with the New York-based healthcare services private equity firm, Vesey Street Capital Partners, LLC.
Safecor is the market leader in providing pharmaceutical unit dose packaging services for hospitals and health systems and provides unit dose packaging services to pharmaceutical manufacturers and digital pharmacy companies.
“The partnership with Vesey Street is exciting, not just for Safecor Health’s growth but for the impact we can collectively have on our customers. Our mission has been to build a service platform that meaningfully improves the cost and efficiency of health care providers,” said Stephen Fischbach, the Co-Founder and CEO of Safecor. “Vesey Street’s deep market knowledge and their dedication to putting capital to work will greatly accelerate the expansion of our platform and the positive impact we can have on our customers.”
BFKN served as counsel in advising Safecor Health. Barack Ferrazzano's team was led by Matthew A. Jackson along with Corporate & Securities chair Daniel L. Dominguez and attorney Katherine E. Gause. Tax & Business Planning Group co-chair Michael J. Towne and attorney Megan E. Toal provided guidance with respect to the tax aspects of the transaction. Executive compensation and benefits were handled by Compensation & Employment chair Andrew K. Strimaitis.
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About Safecor Health
Founded in 2008, Safecor Health is the national leader committed to providing unit dose drug packaging services for hospitals, long term care providers, pharmaceutical manufacturers, and retail and digital health companies. The Company also markets a rapidly growing line of commercial unit dose products for use in institutions. Today, Safecor Health services over 1,000 hospitals across the country and repackages for more than 75% of the U. S. News & World Report “Honor Roll” Hospitals. The Company has a track record of quality and for delivering significant cost savings to hospital and health systems. Operating out of two state-of-the-art packaging centers, the Safecor Health team has deep expertise in pharmaceutical packaging, pharmaceutical distribution and supply chain, and healthcare information technology. For more information, please visit www.safecorhealth.com.
About Vesey Street Capital Partners, LLC
VSCP is a private equity investment firm that focuses exclusively on the healthcare services sector with substantial and differentiated sourcing expertise. Specifically, VSCP specializes in middle market buyouts, with a focus on businesses with strong cash flow characteristics that create value for hospitals, physicians, pharmaceutical/life sciences companies, and health insurers by enhancing efficiency, expanding productivity, reducing costs, and growing revenues. Since inception, the firm has deployed over $600 million in capital, primarily as a control investor. For more information, please visit www.vscpllc.com.