TUKWILA, Wash. — Behavioral health pharmacy specialist Genoa has acquired Advanced Pharmacy Solutions (APS), which provides pharmacy services to more than 50 mental health clinics in the South.
The deal will expand Genoa’s presence in Mississippi, Tennessee, Arkansas and South Carolina.
Genoa, a QoL Healthcare company based here, provides pharmacy and telepsychiatry services through its more than 340 pharmacies, located inside community mental health centers, in 44 states and the District of Columbia. The company serves more than 550,000 people and fills more than 10 million prescriptions annually.
Besides expanding Genoa’s reach, the acquisition will combine two companies with similar capabilities and aims, Genoa said.
“Genoa and APS share a common mission of improving the lives of individuals living with mental illness, while providing solutions to our clinic partners who serve them,” Genoa chief executive officer John Figueroa said in announcing the acquisition. “This addition allows us to combine our expertise and best practices to better serve consumers and our partner mental health centers. We look forward to bringing even more value and innovative solutions to our partners and consumers.”
APS CEO Mark Bradford also endorsed the deal, saying that the two companies are a good fit. “We’re pleased to be partnering with Genoa,” Bradford said. “Our core values are in alignment, and we share the same passion and commitment to patient care and client service. We’re particularly excited to know that our employees, patients and clients will have access to more resources and cutting-edge technology than ever before.”
Bradford noted that in the past seven years APS has grown from caring for a few hundred patients in Mississippi to caring for several thousand patients throughout the Mid-South and Southeast.
The acquisition of APS is the latest move driving the rapid expansion of Genoa. Since July 2014, when Genoa Healthcare and QoL meds were acquired and merged by the private equity firm Nautic Partners, Genoa has been growing at a rapid pace, both organically and through acquisitions.
Genoa, which operated 214 pharmacies in July 2014, reached 300 pharmacy locations last May after having opened 50 pharmacies in 2015.
In late September, Genoa opened its first pharmacy in New York and its 330th overall, which gave it locations in 41 states and the District of Columbia. About a month before that, Genoa acquired Advanced Care Pharmacy Services’ behavioral health and residential care services division. As a result, Genoa picked up 13 Advanced Care behavioral health pharmacies in Michigan and raised its pharmacy count in the state to 24.