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ScripsAmerica Retains M&A Specialist Heritage Equity Partners

November 04, 2016, 07:23 AM
Filed Under: Bankruptcy

By the order of the United States Bankruptcy Court, ScripsAmerica, Inc. (“ScripsAmerica” or “the Company”) has retained Heritage Equity Partners (“HEP”) to assist in the sale of the Company’s 90% interest in P.I.M.D.  International, LLC (PIMD), and 100% interest in Pharmacy Administration, Inc. (Pharmacy Administration) along with its ownership interest in Lake Side Pharmacy, LLC. (Lake Side Pharmacy).

PIMD is a Georgia-based wholesale pharmacy servicing healthcare establishments, medical facilities, and retail pharmacies, and is licensed to receive, store and ship pharmaceuticals.  This pharmacy is currently licensed in 20 states, has a pending DEA application in place, and is pursuing VAWD Certification.  The company is in the process of expanding into 29 additional states and overseas, as well as supplying drugs to zoos around the U.S.

Pharmacy Administration was formed to provide management, pharmaceutical billing and administrative services to independent pharmacies and owns a controlling interest in Lake Side Pharmacy, which is an Alabama based retail and PCAB accredited compounding pharmacy providing specialty pharmaceuticals specific to the needs of each patient, as prescribed by the patient's doctor.  The pharmacy is a PCCA member and currently licensed in 27 states. Pharmacy Administration also manages Yorkshire Pharmacy, Inc., a New Jersey-based retail pharmacy, medical equipment, veterinary compounding and veterinary medicine operation in the process of starting ACHC and UCM accreditation in order to do compounding for humans.

According to Hank Waida, a Managing Director at HEP, “The underlying business models for each entity are strong and they are being offered independently or in any combination in order to maximize value for the estate.  The court has approved bid procedures and an auction is scheduled for January 24, 2017.”

Heritage Equity Partners, formerly Equity Partners, based in Easton, MD provides investment banking services and has completed in excess of 400 engagements throughout the United States since 1988.  

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