Private Equity Conversations with Fexingo · 2026-07-17 · 8 min
Private equity firms are snapping up independent pharmacies at a record pace. In this episode, Lucas and Luna examine the economics driving the consolidation wave: the $80 billion pharmacy benefit manager clawback problem, the margin squeeze that makes a 6x EBITDA exit look appealing, and what happens to a local pharmacist who sells to a PE-backed roll-up. Using the case of Pharmacy Partners Group - a mid-size platform that has acquired 140 independent pharmacies since 2021 - they break down the 'buy and build' model, the retention contracts that keep the pharmacist on staff for two years, and the regulatory speed bumps the FTC is starting to notice. If you've ever wondered why your corner drugstore suddenly has a new sign and a different insurance network, this episode explains the private equity math behind it. #PrivateEquity #Pharmacy #IndependentPharmacies #PEBuyouts #PharmacyPartnersGroup #PBMs #Clawbacks #RollUp #BuyAndBuild #Healthcare #FTC #Consolidation #Business #Finance #Investing #Podcast #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo
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