Houlihan Lokey Advises Altruix

Houlihan Lokey is pleased to announce that Altruix, a portfolio company of WindRose Health Investors (WindRose), has been acquired by Frazier Healthcare Partners (Frazier). The transaction closed on May 22, 2026.

Altruix, headquartered in Hunt Valley, Maryland, is a leading behavioral-health-focused pharmacy serving patients with severe mental illness (SMI), substance use disorders (SUD), and intellectual and developmental disabilities (IDD). The company’s differentiated care model combines high-touch clinical support, medication adherence programs, specialized packaging solutions, and access to complex behavioral health therapies to improve outcomes for patients with serious and persistent behavioral health conditions. Altruix currently operates 17 pharmacies across the Mid-Atlantic and serves a diversified base of more than 800 behavioral health providers and over 32,000 patients per month.

New York City-based WindRose makes equity investments in companies that operate within the technology-enabled services sectors of the healthcare industry. The firm focuses on companies with profitable business models and a demonstrated ability to deliver cost-effective solutions. With approximately $7 billion under management, WindRose invests in companies throughout the United States.

Founded in 1991, Frazier is a private equity firm focused exclusively on the healthcare industry. Since its inception, Frazier has raised over $11 billion of capital for private funds and co-investment opportunities and has invested in more than 200 companies over 34 years. Frazier has a philosophy of partnering with strong management teams while leveraging its internal operating resources and network to build exceptional companies. Frazier is headquartered in Seattle, with an office in New York City, and invests broadly across the United States, Canada, and Europe.

This transaction further highlights Houlihan Lokey’s leadership in the pharmacy sector, becoming its 18th closed transaction in this space in the past number of years and its 11th closed transaction since 2024. It is also the firm’s second behavioral health pharmacy transaction in the past seven months. Houlihan Lokey’s Healthcare Group is among the largest dedicated healthcare investment banking groups in the world. In 2025, the group closed 35 transactions in the U.S. and was ranked by LSEG as the No. 1 advisor for all global healthcare M&A transactions.*

Houlihan Lokey served as the lead financial advisor to Altruix and assisted in initiating, structuring, and negotiating the transaction on its behalf.

*Excludes accounting firms and brokers.

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