Safecor Health’s Recapitalization

Kirkland & Ellis represented VSCP, while Barack Ferrazzano Kirschbaum & Nagelberg represented Safecor in the transaction.

Safecor Health, a provider of unit dose drug packaging services, completed a recapitalization transaction with the New York-based healthcare services private equity firm, Vesey Street Capital Partners, LLC (VSCP).

Safecor is the market leader in providing pharmaceutical unit dose packaging services for hospitals and health systems and provides unit dose packaging services to pharmaceutical manufacturers and digital pharmacy companies.  

VSCP is a private equity investment firm that focuses exclusively on the healthcare services sector with substantial and differentiated sourcing expertise. Specifically, VSCP specializes in middle market buyouts, with a focus on businesses with strong cash flow characteristics that create value for hospitals, physicians, pharmaceutical/life sciences companies, and health insurers by enhancing efficiency, expanding productivity, reducing costs, and growing revenues. Since inception, the firm has deployed over $600 million in capital, primarily as a control investor. 

VSCP and affiliates contributed the equity for the transaction. JP Morgan Chase Bank, N.A. provided debt financing to support the transaction. Chabria Advisory LLC served as financial advisor to Safecor.

The Barack Ferrazzano’s team was led by Matthew A. Jackson (Picture) along with Corporate & Securities chair Daniel L. Dominguez and attorney Katherine E. Gause. Tax & Business Planning Group co-chair Michael J. Towne and attorney Megan E. Toal provided guidance with respect to the tax aspects of the transaction. Executive compensation and benefits were handled by Compensation & Employment chair Andrew K. Strimaitis.

The Kirkland team was led by corporate partners Adam Wexner and Garrett Lorentz, with support from Jeremy Liss; debt finance partners Maureen Dixon and Aaron Berlin; investment funds partners John Muno and Sam Scarcello; and corporate partner Katie Sullivan.

Involved fees earner: Daniel Dominguez – Barack Ferrazzano Kirschbaum & Nagelberg; Katherine Gause – Barack Ferrazzano Kirschbaum & Nagelberg; Matthew Jackson – Barack Ferrazzano Kirschbaum & Nagelberg; Andrew Strimaitis – Barack Ferrazzano Kirschbaum & Nagelberg; Megan Toal – Barack Ferrazzano Kirschbaum & Nagelberg; Michael Towne – Barack Ferrazzano Kirschbaum & Nagelberg; Aaron Berlin – Kirkland & Ellis; Maureen Dixon – Kirkland & Ellis; Jeremy Liss – Kirkland & Ellis; Garrett Lorentz – Kirkland & Ellis; John Muno – Kirkland & Ellis; Samuel Scarcello – Kirkland & Ellis; Katie Sullivan – Kirkland & Ellis; Adam Wexner – Kirkland & Ellis;

Law Firms: Barack Ferrazzano Kirschbaum & Nagelberg; Kirkland & Ellis;

Clients: Safecor Health; Vesey Street Capital Partners LLC;

Martina Bellini

Author: Martina Bellini