BrightSpring Health Services (BrightSpring) and PharMerica Corporation (PharMerica), both based in Louisville, KY, will serve more than 300,000 clients in 44 states and Washington, D.C.
BrightSpring, formerly ResCare, provides both nonclinical rehabilitative services and clinical rehabilitative services, serving seniors as well as a sizable population of non-seniors and individuals with intellectual or developmental disabilities. Its businesses include home health, behavioral health, job placement and pharmacy services.
PharMerica is the nation’s second-largest institutional pharmacy operator, operating 96 institutional pharmacies, 20 specialty home infusion pharmacies and 5 specialty oncology pharmacies in 45 states.
Executives of the newly-formed company view an opportunity to drive improved patient outcomes and reduced costs through integrated care models, combining community-based health services and pharmacy capabilities.
The merger would create a unique post-acute and senior care company capable of managing medically complex patient populations by leveraging BrightSpring’s presence in care settings and PharMerica’s national pharmacy footprint.
BrightSpring President and CEO Jon Rousseau will lead the new business, while PharMerica CEO and President Greg Weishar taking on a strategic advisor role and sitting on the board of directors.
The merger includes private equity firm Onex Corporation selling its interest in BrightSpring. The combined enterprise will be owned by KKR with an affiliate of Walgreens Boots Alliance Inc. as a minority investor. KKR is also a shareholder of Amedisys, Inc., one of the largest U.S. home health providers.