Strategic: Of the big 4 (CVS; ESP; Walgreens; OptumRx) we only see CVS putting in competitive bids with independent sellers less than 100MM in revenue. Walgreens is making moves in an effort to keep up with CVS, but they are no where near as effective. We have not worked with the other two, but may surface with the right opportunity.

Financial: Assuming the pharmacy is 1) differentiated (ie has a market niche) with service and/or drug therapy AND 2) it has over 3MM in EBITDA it should be of interest to a number of financial sponsors. We highly recommend that you have an M&A advisor to not only tap into the financial buyer world, but to understand how they run their process.