MEMPHIS, TN – January 8, 2015
Top Rx, a leading national distributor focused on generic pharmaceuticals, announced today that it has partnered with Flexpoint Ford, a private equity firm dedicated to the healthcare and financial services industries. The partnership will provide Top Rx with additional capital and resources to accelerate its growth in current markets, including the independent retail pharmacy channel, as well as to expand into new markets. Top Rx will continue operating as an independent company with its current management team and President, Scott Franklin. Top Rx’s founder, Kenny King, remains a meaningful shareholder in the business.
Founded in 1987, Top Rx has grown to be an authorized distributor of record for over 90 leading pharmaceutical manufacturers. The company, headquartered in Memphis, Tennessee, serves as a trusted supply chain partner to over 5,000 pharmacies and national accounts.
“We continue investing in our people and technology in order to deliver outstanding service to our customers,” said Mr. Franklin. “The growth capital, healthcare sector expertise, and industry relationships that Flexpoint Ford brings to Top Rx will help us achieve our strategic objectives and shows our long-term commitment to our valued customers, vendors and employees.”
“We are delighted to partner with the leadership and dedicated employees of Top Rx to take the company to the next level,” said Jonathan Oka, Managing Director of Flexpoint Ford. “Distributors like Top Rx play a critical role in the pharmaceutical supply chain, and we expect them to become even more important as cost pressures within healthcare increase.”
Michael Fazekas, Vice President of Flexpoint Ford, added, “Top Rx has a proven track record of working with its stakeholders as a value-added partner to address new drug launches, drug shortages, and inventory management needs. We look forward to supporting the company’s management team and building on their many successes.”
Reflecting on the new partnership, Mr. King commented, “We have worked hard to create a culture of excellence at Top Rx. We wanted to choose a partner who shares our values and have found the ideal firm in Flexpoint Ford. This partnership is a big win for our customers, suppliers, and employees, as we are now better positioned for growth than at any time in our history.”
Jefferies LLC served as financial advisor to Flexpoint Ford, and Kirkland & Ellis LLP acted as legal advisor. Top Rx was advised by De NES Partners, LLC and Paul Edwards with Evans Petree PC.
TOP RX is a VAWD-accredited national distributor of generic pharmaceuticals, top selling brands, OTC products, and vitamins and has been serving pharmacies for the past 27 years. TOP RX is an authorized distributor of record for over 90 leading pharmaceutical manufacturers and serves over 5,000 pharmacies and national accounts annually from four sales offices and a distribution center located in Memphis, Tennessee. The company provides same day shipping Monday through Saturday and its inventory is prescription drug pedigree compliant through the use of the industry-leading software provider Axway. For more information about TOP RX, please visit www.toprx.com.