McKesson Corporation (NYSE: MCK) has acquired GMD Distribution Inc. from Hammond, Kennedy, Whitney & Company, Inc. (HKW) Financial terms were not disclosed.
Oakville, Ontario based GMD develops customized programs for a variety of clients that enable the direct distribution of pharmaceuticals and other healthcare products to Canadian pharmacies and clinics. GMD had been a portfolio company of HKW since 2015.
“We have had a great run with HKW,” said John Leombruno, CEO of GMD. “The combination of HKW’s partnership mentality, Canadian healthcare experience and unwavering support of our growth initiatives, which included an add-on acquisition, was an ideal fit for our team.”
“GMD hit on all the key criteria we seek out in a platform investment,” said Glenn Scolnik, HKW Senior Partner and former Chairman of the GMD Board. “GMD participates in a high growth industry, is a niche market leader, and possesses an exceptional management team. John Leombruno and Kabeer Baig are talented, driven executives who have a track record of success.”
“The team did an excellent job of executing on the strategy of geographic expansion and growing the patient services business. McKesson will undoubtedly bring additional resources to GMD in order to facilitate further growth,” added Mike Foisy, HKW Lead Operations Partner and GMD Board member.
TM Capital Corp. and Taft Stettinius & Hollister LLP served as financial advisor and legal advisor to GMD respectively.