Pharmacy Automation Leader Poised for Accelerated Growth
Innovation Associates, the market-leading provider of high-volume pharmacy automation technology and software solutions to the retail, hospital, government, and mail order pharmacy markets, today announced the signing of a definitive agreement pursuant to which a consortium of investors led by Greg Wasson, the former Walgreens Boots Alliance CEO, will acquire a majority stake in the company to scale the business and enhance its pharmacy automation offerings.
The consortium, comprised of Wasson Enterprise, Allomer Capital Group, and Capstone Consultants LLC, will partner with the founding Boyer family and Innovation employee shareholders, who will retain a minority ownership. Subject to requisite regulatory approvals, the transaction is expected to close in the fourth quarter of 2019.
Using Innovation’s differentiated technologies, pharmacies can centralize prescription fulfillment across hundreds of locations. This results in greatly reduced dispensing costs, centralizes higher-cost medication inventory, and frees up pharmacists so they can expand patient services and increase medication compliance. Additionally, pharmacies benefit from improved workflow efficiency, increased patient safety, and reduced operational costs.
“This partnership presents Innovation with a tremendous opportunity to expand our market footprint while remaining true to our innovative roots. We’re thrilled to work with visionary leader Greg Wasson as we take the company to the next level,” said Mary Reno, CEO, Innovation Associates. “We all share a similar vision for the future of pharmacy – that pharmacists spend less time filling prescriptions and more time helping patients in need. Our next-generation suite of automation solutions has the industry on the right path to achieving this goal,” added Ms. Reno.
“Mary and her talented team have built a wonderful company, delivering on the promise of high quality, low-cost prescription fulfillment,” said Greg Wasson, President and Co-Founder, Wasson Enterprise. “As a pharmacist myself, I’ve always believed that the pharmacy could and should play a bigger role in delivering high value health and wellness services. Pharmacists are the most accessible healthcare providers in our communities and Innovation’s technology suite, including its leading software, has the potential to free them up so that they can focus more on the role they were always meant to play – that of trusted healthcare professionals.”
Marvin Richardson, Managing Director of Capstone Consultants, and Steve Chang, Managing Partner of Allomer Capital Group, said, “Innovation has recently enjoyed explosive growth. We are excited to partner with Greg Wasson and the Innovation team to provide access to the strategic, operating, and financial resources to continue accelerated expansion.”
About Wasson Enterprise
Wasson Enterprise (WE) is a family office committed to building legacy businesses through partnerships and founding businesses that are disruptive and have a purposeful, lasting impact. Founded by former Walgreens Boots Alliance CEO Greg Wasson, WE discovers, supports and grows sustainable ideas into high-growth entrepreneurial businesses that do well by doing good. As former CEO of Walgreens, Greg Wasson led the Fortune 35 company to record fiscal 2014 sales of $76.4 billion. He is credited with establishing Walgreens as an industry leader. Before retiring from Walgreens, Greg had transformed the iconic 114-year-old domestic company into the first global pharmacy-led, health, well-being, and beauty enterprise via the successful merger with European-based Alliance Boots to create Walgreens Boots Alliance. Learn more at www.wassonenterprise.com.
About Allomer Capital Group
Allomer Capital Group is a private investment firm that invests flexible, long-term capital in partnership with leading industry executives to help companies accelerate growth and maximize potential. Allomer Capital is a partnership between Mr. Steve Chang and Moore Strategic Ventures, LLC, the privately held investment company for Louis M. Bacon, Founder and CEO of Moore Capital Management, LP. Allomer’s founder, Steve Chang, has led investments totaling over $1.2 billion of capital across more than 25 companies in sectors such as healthcare, media, technology, and technology-enabled services.
About Capstone Consultants LLC
Capstone has provided pharmacy automation consultative and project planning services to hundreds of pharmacies nationally. We have worked in multiple practice settings including Community retail (independent and chain), Hospital Outpatient retail, Long Term Care, Assisted Living, High Volume Mail / Central Fill and Correctional pharmacy locations. Our consultants are highly experienced in advising and project managing pharmacy automation solutions for our clients.
Innovation is the leading provider of Pharmacy Intelligence™ and high-volume pharmacy automation to the retail, hospital, government, and mail order pharmacy markets. Our PharmASSIST family of pharmacy automation and process optimization solutions enable all types of pharmacies to increase operational efficiency, enhance patient safety, and provide a higher quality of patient care. For more information, visit www.innovat.com.