Heritage Equity Partners (HEP) acted as investment banker and exclusive sell-side advisor to Opus Management Group and its related entities in the sale of assets to FTFRX (FTFRX) and EZ Rx Club (EZ Rx).

Opus managed five affiliated pharmacies that customize pharmaceuticals.

“As part of a broad investigation of the compounding industry earlier this year by state and federal authorities, Opus experienced disruption in its daily business and negative publicity, making it impossible to continue operations in its current state,” said Matt LoCascio, managing director of Heritage Equity Partners. “Filing bankruptcy was the only option for the company to maintain operations and keep employees intact throughout the sales process.”

HEP executed the sale through a Chapter 11 Section 363 process, which was approved by the Bankruptcy Court for the Southern District of Mississippi and closed on June 13.

Opus filed for Chapter 11 protection on February 2, 2016 in order to maintain operations while selling the company. HEP completed the sales to FTFRX and EZ Rx in less than three months.

HEP was able to obtain an initial stalking horse bid for a majority of the assets and, through a competitive bidding at an auction conducted on May 25, all but a few minor assets were sold to FTFRX and EX Rx. Four of the five pharmacies will continue operations under new ownership, and the majority of staff will remain employed.