Water Street Healthcare Partners has invested in Pillr Health, a provider of software and tech-enabled services designed to help hospitals and health systems optimize pharmacy operations, particularly within the federal 340B outpatient drug pricing program.
The investment is intended to support the expansion of Pillr Health’s platform of pharmacy solutions, with an emphasis on accelerating new product development and broadening the company’s reach through a mix of organic initiatives and potential strategic acquisitions. Financial terms were not disclosed.
Pillr Health offers an integrated platform spanning software, analytics, and advisory services aimed at streamlining pharmacy workflows, strengthening regulatory oversight, and improving the operational performance of pharmacy programs. The company serves more than 300 hospitals and health systems nationwide and recently introduced a product aimed at helping clients launch their own outpatient retail and specialty pharmacy services.
Pillr Health’s management team, led by CEO Skip Devanny, will continue to run the business. Cantor Fitzgerald advised Water Street on the transaction.
Headquartered in Boca Raton, Florida, Pillr Health focuses on enabling health care delivery organizations to capture operational and economic value from pharmacy programs while supporting clinical care. Water Street, based in Chicago, is a strategic health care investor that focuses on medical products and diagnostics, pharmaceutical and life sciences, and health care services, and says it has completed more than 165 investments and acquisitions to build more than 48 companies.
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“Our partnership with Water Street is the next important step toward advancing our mission of empowering health care organizations with cutting-edge solutions, and ensuring operational excellence through integrity, exceptional service, and relentless innovation. With Water Street’s industry expertise, network, and capital, we will focus on accelerating development of new solutions that enable our clients to optimize clinical care while capturing meaningful economic value from their pharmacy operations.”
Skip Devanny, CEO, Pillr Health
“Pillr Health has established itself as an essential partner to hospitals and health systems seeking to maximize their pharmacy performance in an increasingly complex landscape. We look forward to working with leadership to broaden Pillr’s differentiated technology platform and extend its national reach through a combination of organic investments and strategic acquisitions offering complementary capabilities and market growth opportunities.”
Max Mishkin, Partner, Water Street Healthcare Partners
“Pillr’s pharmacy expertise and innovative solutions are vital for helping providers expand their health services under constrained budgets to deliver high-quality clinical care. We are honored to work with Skip and his team to advance their goal of becoming a leader in hospital pharmacy enablement.
Patrick Teyro, Principal, Water Street Healthcare Partners
