BUYER POOL ANALYSIS
Selling a pharmacy to Strategic / Industry buyers
Industry operators, larger competitors, and corporate buyers acquiring for synergies, geographic expansion, or capability fill. Typically pays a premium for clear strategic fit but discounts for integration cost and overlap.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 9.4x across 33 disclosed deals (P25: 5.45x, P75: 14.3x). Median EV/Revenue 1.1x across 63 deals. Median deal value: $45.1M.
- How many disclosed transactions?
- 72 deals total (72 from 2018+), filtered to Strategic / Industry acquirers of pharmacy businesses.
- Most active buyers
- CareRx Corporation (4) · Omnicell, Inc. (3) · UnitedHealth Group Inc. (3) · Better Choice Company, Inc. (2) · Medicure Inc. (2) · MedImpact Healthcare Systems (2)
Recent disclosed deals
Strategic / Industry acquisitions of pharmacy businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2026 | University Compounding Pharmacy | Fagron | $41.5M | — | 1.70x |
| 2025 | Choice Specialty Pharmacy Group | Better Choice Company, Inc. | $28.0M | 6.0x | — |
| 2025 | West Olympia Pharmacy Inc. | Medicure Inc. | $1.0M | 3.0x | 0.10x |
| 2025 | Lehan Drugs, Inc. | Viemed Healthcare, Inc. | $28.2M | 3.8x | 1.10x |
| 2025 | Union Chill Cannabis Company LLC | TerrAscend Corp. | $13.0M | — | 1.18x |
| 2025 | University Rx Specialists, Inc. | Fagron NV | $29.9M | — | 1.66x |
What this buyer pool prices for
Strategic buyers — operators in adjacent geographies, larger competitors, or corporate consolidators — price for synergies and capability fill. They tend to discount integration cost and overlap risk but pay above market when there's clear strategic fit (key customer relationship, license, geography, technician/professional team). Multiples are competitive with PE for fee-viable deals; below PE for sub-scale acquisitions.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to pharmacy businesses acquired by strategic / industry 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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