BUYER POOL ANALYSIS
Selling a pharmacy to Private Equity / PE-Backed Roll-Up buyers
Private equity firms and PE-backed platform consolidators acquiring for roll-up, add-on, or platform plays. Pricing tends to lead the market for fee-viable scale, with multi-bidder competitive processes above the EBITDA floor.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 13.3x across 11 disclosed deals (P25: 11.02x, P75: 18.3x). Median EV/Revenue 1.57x across 10 deals. Median deal value: $366.36M.
- How many disclosed transactions?
- 16 deals total (16 from 2018+), filtered to Private Equity / PE-Backed Roll-Up acquirers of pharmacy businesses.
- Most active buyers
- Frazier Healthcare Partners (2) · Court Square Capital and WindRose Health (1) · Sycamore Partners Management, L.P. (1) · PCP Management Inc. (1) · Vistria Group / General Atlantic / Nautic Partners (1) · Neighbourly Pharmacy Inc. (:NBLY) (1)
Recent disclosed deals
Private Equity / PE-Backed Roll-Up acquisitions of pharmacy businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2025 | Soleo Health | Court Square Capital and WindRose Health | $1100.0M | 18.3x | — |
| 2025 | Walgreens Boots Alliance, Inc. | Sycamore Partners Management, L.P. | $41800.4M | 5.8x | 0.28x |
| 2024 | BioMatrix | Frazier Healthcare Partners | $450.0M | 15.0x | — |
| 2023 | Neighbourly Pharmacy Inc. | PCP Management Inc. | $327.1M | 14.9x | 1.41x |
| 2022 | PANTHERx | Vistria Group / General Atlantic / Nautic Partners | $1400.0M | 20.0x | — |
| 2022 | Rubicon Pharmacies Canada Inc. | Neighbourly Pharmacy Inc. (:NBLY) | $332.7M | 11.0x | 1.42x |
What this buyer pool prices for
Private equity acquirers price for scale and roll-up arbitrage. They pay up for businesses that fit a platform thesis — recurring revenue mix above 30%, technician/professional depth, clean financials, and a management layer that survives integration. The same pharmacy can command 1.5x to 2x the multiple of an individual-buyer transaction simply because the PE buyer is acquiring a platform piece, not an owner-operated shop.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to pharmacy businesses acquired by private equity / pe-backed roll-up buyers. EV/EBITDA outliers outside the [0.5x, 60x] band and EV/Revenue outliers outside [0.05x, 25x] are excluded from medians. Where available, post-2018 transactions are weighted; otherwise the all-time sample is used. Deal counts shown reflect deals with disclosed financials only — total transaction count for this buyer pool is typically 2-3x larger. Full methodology
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