Houlihan Lokey Advises Tarrytown Expocare Pharmacy

Houlihan Lokey is pleased to announce that Tarrytown Expocare Pharmacy (Tarrytown), a portfolio company of Sheridan Capital Partners (Sheridan), has been acquired by Carlyle. The transaction closed on November 14, 2025.

Austin, Texas-based Tarrytown is a closed-door, long-term care pharmacy focused exclusively on serving the intellectual and developmental disability (IDD) and behavioral health communities. The company works closely with nurses and direct support professionals to provide expert pharmacy services, ongoing training, and essential resources. Since inception, Tarrytown has strategically focused on delivering cost-effective solutions, ensuring medication accuracy, and driving higher medical adherence rates through its innovative pharmacy services.

Sheridan is a private equity firm focused exclusively on partnering with businesses across the healthcare landscape, including outsourced services, products and manufacturing, providers, and software and technology. Sheridan’s engaged operational approach brings strategic resources and deep industry expertise with the purpose of accelerating growth, building enduring value, and generating strong results.

Carlyle (NASDAQ:CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $474 billion of assets under management as of September 30, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which they live and invest. Carlyle employs more than 2,400 people in 27 offices across four continents.

Houlihan Lokey served as the exclusive financial advisor to Tarrytown and assisted in initiating, structuring, and negotiating the transaction on its behalf. This deal further highlights Houlihan Lokey’s leadership in the pharmacy sector, becoming its 17th announced/closed transaction in this space since 2020 and its ninth announced/closed transaction since 2024.

Houlihan Lokey’s Healthcare Group is among the largest dedicated healthcare investment banking groups in the world. In 2024, the group closed 35 transactions and was ranked by LSEG (formerly Refinitiv) as the No. 1 advisor for global healthcare M&A transactions under $1 billion.*

*Excludes accounting firms and brokers.

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