In January 2004, ALS Pharmacy, Inc. formed a 50/50 joint venture with Revera Health Systems US, a Middletown, Connecticut based owner and operator of skilled nursing facilities. Revera Health Systems US was a wholly owned subsidiary of Revera Health Systems; a Canadian based senior healthcare owner and operator with 2014 revenues in excess of C$1 billion. The joint venture formed CAP Pharmacy, LLC (“CAP”) to provide comprehensive pharmacy services to thirty of CPL’s skilled nursing facilities with 3,200 licensed beds located in New Hampshire, Massachusetts, Connecticut, Virginia, Maryland, New Jersey and Vermont.
ALS Pharmacy, Inc. once again was responsible for all facets of set-up, operations and financial management. The pharmacy began servicing their first homes in August of 2004 and became profitable after two months of operations. Under ALS Pharmacy, Inc.’s leadership, average yearly sales were $30.5 million with net income of 7.7 million.
After twelve years of operation Revera Health Systems US sold their facilities to Genesis, and CAP was sold to Pharmscript of CT LLC for an undisclosed amount.