AP NEWS
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

ButcherJoseph & Co. Advises Neighborhood LTC Pharmacy on Sale to Employees

November 19, 2019 GMT

St. Louis, Nov. 19, 2019 (GLOBE NEWSWIRE) -- ButcherJoseph & Co. (“ButcherJoseph”) served as exclusive financial advisor to Neighborhood LTC Pharmacy, Inc. (“Neighborhood” or the “Company”) on its sale to the Neighborhood LTC Pharmacy, Inc. Employee Stock Ownership Plan (“ESOP”). The transaction closed September 30, 2019. Headquartered in Lincoln, Nebraska, the Company is a leading, regional institutional pharmacy that utilizes advanced robotic technology to provide advanced, pharmaceutical packaging solutions to healthcare facilities.

Scott Louderback, Neighborhood’s president shared, “We are proud to have a 100% employee-owned pharmacy where everyone will share in the experience of owning a business and allow our culture of community first to thrive for generations to come. Being truly locally owned will give our customers the confidence they have chosen a pharmacy that is invested in ensuring each person receives the utmost care.”

“Each employee having an ownership stake in the pharmacy will only increase our already top-notch customer service and care,” expressed Blake Henning, vice president of behavioral health services. “As an employee, it’s thrilling and motivating to know that we have an opportunity every day to directly affect the growth of the company,” shared Pat Christensen, pharmacist.

ButcherJoseph’s David Lake commented, “Since Neighborhood was such an attractive business, we explored several options. A leveraged ESOP sale provided both liquidity to the seller and an opportunity for employees to participate in the future growth of the Company.”

Scott will remain President of the Company, post-transaction.

About Neighborhood LTC PharmacyNeighborhood LTC Pharmacy is a leading technology-enabled institutional pharmacy based in the Midwest. The Company utilizes advanced robotic technology to provide weekly and monthly compliance prescription medication packaging. Neighborhood’s medication packs, which include a full-color picture of the patient and their medication, provide multiple layers of verification to optimize nurses’ administration of drugs to elderly and disabled patients. Learn more at www.neighborhoodrx.com.

About ButcherJoseph & Co.ButcherJoseph & Co. is a boutique investment banking firm specializing in ESOPs, mergers and acquisitions, private capital sourcing and valuation advisory services for middle market companies. Our award-winning team of professionals has executed 200+ transactions exceeding $15 billion in total value. ButcherJoseph is headquartered in St. Louis with a presence in Chicago, Washington, DC, and Charlotte, NC. Learn more at www.butcherjoseph.com.

CONTACT FOR NEIGHBORHOOD: Marissa McMahon Vice President of Assisted Living Services Neighborhood LTC Pharmacy PH: 402-488-1184 Email: marissa@neighborhoodrx.com www.neighborhoodrx.com CONTACT FOR BUTCHERJOSEPH & CO.: Linda Thurman Director of Marketing ButcherJoseph & Co. 6 Cardinal Way, Suite 801 St. Louis, MO 63102 PH: 314-549-4045 Email: linda.thurman@butcherjoseph.com www.butcherjoseph.com