TPG-Portfolio Company EnvisionRx in $2 Billion Sale to Rite Aid

Cleary Gottlieb acted as counsel to Envision Pharmaceutical Services, a former portfolio company of leading global private investment firm TPG, in its sale to Rite Aid Corporation for approximately $2 billion, including approximately $1.8 billion in cash and approximately 27.9 million Rite Aid shares. The transaction closed on June 24, 2015. Cleary previously represented TPG in the November 2013 acquisition of EnvisionRx, and over the past 20 months has provided advice to EnvisionRx in connection with multiple follow-on acquisitions.

EnvisionRx, a national, full-service pharmacy benefit management (PBM) provider, delivers both transparent and traditional PBM options through its EnvisionRx and MedTrak PBMs, respectively, as well as pharmacy-related services to clients across the nation. EnvisionRx will operate as a wholly owned subsidiary of Rite Aid led by Frank Sheehy and current management, with its headquarters remaining in Twinsburg, Ohio.

Rite Aid Corporation is one of the nation’s leading drugstore chains with nearly 4,600 stores in 31 states and the District of Columbia and fiscal 2015 annual revenues of $26.5 billion.