The Buyout Show with Fexingo · 2026-08-07 · 9 min
Independent pharmacies are disappearing across the US, and private equity is a major force behind the consolidation. In this episode, Lucas and Luna drill into a single telling number: the more than 1,000 independent pharmacies that closed between 2019 and 2024, even as PE firms poured billions into buying up the survivors. They trace how pharmacy benefit managers squeezed margins, how roll-ups like the one built by Blackstone-backed BrightSpring Health Services are aggregating these small businesses, and what the playbook looks like: buy a foothold, add on, cut costs, and sell to a bigger firm. They also unpack the controversy around 'pharmacy deserts' and the question of whether consolidation actually improves care or just extracts rent. If you own a pharmacy or are thinking about buying one, this episode gives you the lay of the land - the numbers, the players, and the risks. No hot takes, just the mechanics of a quiet roll-up happening in your neighborhood.
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