SSG Capital Advisors served as the investment banker to Partners Pharmacy Services and certain affiliates in the sale of substantially all assets to CS One. The sale was effectuated through a Chapter 11 Section 363 process in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. The transaction closed in February 2026.
Beginning with the onset of the COVID-19 pandemic and continuing in the years that followed, persistent declines in facility census reduced medication volumes and placed ongoing operational and financial pressures on the business. In response, the company implemented proactive initiatives focused on cost optimization, operational efficiency and pharmacy consolidation. While these efforts enhanced performance and improved financial flexibility, continued census pressures led the company to pursue a Chapter 11 process in August 2025 to strengthen its balance sheet and position the business for long-term success.
SSG was engaged to lead a comprehensive post-petition marketing process, canvassing a wide market of potential strategic and financial buyers and soliciting competing offers to the stalking horse bid submitted by the company’s pre-petition secured and DIP lender, CS One. Following extensive outreach and negotiations, CS One’s bid was determined to represent the highest and best value for substantially all assets.
Other professionals who worked on the transaction include:
- Ronald M. Winters, chief restructuring officer, and Tyler Brasher of Gibbins Advisors, financial advisor to Partners Pharmacy Services
- Harvey L. Tepner, independent director to Partners Pharmacy Services
- Patrick J. Potter, Dania Slim, Roland C. Reimers, L. James Dickinson and Amy West of Pillsbury Winthrop Shaw Pittman, counsel to Partners Pharmacy Services
- Andrew K. Glenn and Malak S. Doss of Glenn Agre Bergman & Fuentes, co-counsel to CS One
- Mark C. Taylor and Michael P. Ridulfo of Kane Russell Coleman Logan, co-counsel to CS One
- Robert M. Hirsh, Kristian W. Gluck, Julie Goodrich Harrison and Jason Blanchard of Norton Rose Fulbright U.S., counsel to the unsecured creditors committee
- Mark Shapiro, Brandon Smith and Irene Byela of GlassRatner Advisory & Capital Group, financial advisor to the unsecured creditors committee
