Standard Management/Universal Healthcare Company, LLC Announces Execution of Purchase Agreement to Acquire California Institutional Pharmacy
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INDIANAPOLIS, May 1 -- Standard Management Corporation ("Standard Management" or the "Company") , an Indiana based management company, announced today that through Universal Healthcare Company, LLC ("Universal" or "UHCC"), a definitive agreement has been signed to acquire In-House Pharmacies, Inc. of San Diego, California. Universal provides pharmaceuticals to the long-term care and infusion therapy sector of the healthcare industry.
Standard Management is the managing partner of Universal Healthcare Company, LLC and has a management agreement for the daily operations of Universal.
As managing partner and largest shareholder of Universal, Standard Management is excited to sign the definitive agreement with In-House Pharmacies, Inc. The transaction is expected to close May 16, 2007.
In-House Pharmacies, Inc. has approximately $40 million in annual revenue, 120 employees and serves over 10,000 patients.
Ronald D. Hunter, Chairman, President and Chief Executive Officer stated, "The patience and professionalism extended to us by In-House is unprecedented in today's business."
"In-House is an example of the high quality pharmaceutical operation we are actively pursuing as we expand across the United States," stated Mark Long, President of Universal.
Martial R. Knieser, M.D., Executive Vice President, Corporate Development commented, "As we add additional institutional pharmacy partners, we provide support with the many processes and disciplines offered through our administrative services program in order to build best in class showcase pharmacies providing quality patient care."
"The principal owners, along with the seasoned management team, are extremely proud to be a part of Universal's vision for the future," stated R. Michael Defay and Jon Kurtin. "In-House does not expect any change in leadership or customer service," Mr. Defay added.
sman.com
