SPARTANBURG, S.C., March 3, 2020 /PRNewswire/ — Francisco Partners, a leading technology-focused growth equity firm, has announced that it has signed a definitive agreement to acquire Smith Technologies, a wholly-owned subsidiary of J M Smith Corporation, one of the country’s oldest enterprises rooted in the community pharmacy industry. The terms of the transaction were not disclosed.
Smith Technologies, a leader in community pharmacy technology, long-term care technology, and public sector software, will remain headquartered in Spartanburg, South Carolina.
“The acquisition of Smith Technologies by Francisco Partners provides the investment capital that the company has needed for some time,” said Paula Harper Bethea, Executive Chairman of the Board for J M Smith Corporation. “The sale will benefit employees, shareholders and customers alike through this pivotal investment.”
“The legacy of Smith Technologies is one of market creation. They have led the way over many decades in the pharmacy and public sector. We are committed to continuing its exceptional service to existing customers and excited to invest in expanding both their market share and geographic footprint as an independent entity,” said Chris Adams of Francisco Partners.
J M Smith Corporation will remain one of the South Carolina upstate’s largest corporations and will continue to operate as the parent company for Smith Drug Company, RX Medic and SMS. Upon closing of the transaction, the J M Smith Corporation’s board will consider whether to use the sale proceeds for reinvestment in the company, reduction of indebtedness, share repurchases, shareholder dividends or a combination thereof.
About J M Smith
J M Smith Corporation was founded in 1925 as a single community pharmacy in Asheville, North Carolina. In the decades since, the company has grown to operate business units that supply healthcare and distribution services and technology to pharmacies, institutions, government agencies and businesses across the U.S.
About Francisco Partners
Francisco Partners is a leading global private equity firm that specializes in investments in technology and technology-enabled businesses. Since its launch 20 years ago, Francisco Partners has raised over $14 billion in committed capital and invested in more than 275 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit: www.franciscopartners.com
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SOURCE J M Smith Corporation