Chugach Alaska Corporation, Local Investors Partner with Geneva Woods Pharmacy, Inc.
(Anchorage, Alaska) – On June 30, 2015, Chugach Alaska Corporation (Chugach) and two local investors acquired a minority equity position in Geneva Woods Pharmacy & Healthcare Services (Geneva Woods).
Geneva Woods is the leading provider of integrated pharmaceutical care for patients in Alaska, Washington, Oregon, Idaho, Wyoming, and Montana, with plans to expand into underserved rural markets across the United States. Geneva Woods has been based in Alaska for over 30 years, expanding more recently outside the state.
Chugach partnered with well-respected local investors John Rubini and Mark Kroloff who initiated the investment conversations with Geneva Woods’ owners.
“We are excited to partner with a company that is innovating the ways in which we provide for the well-being of Alaskans and rural residents across the country,” said Gabriel Kompkoff, CEO of Chugach. “Access to quality healthcare in rural markets has been a challenge – but one that Geneva Woods is at the forefront of improving.”
“Geneva Woods has strong management, a forward-looking operating model and a commitment to quality,” said John Rubini, Chairman of JL Properties. “We see a tremendous opportunity for this model to serve other markets throughout the country and we are happy to help facilitate that growth.”
“We are very excited to join with Chugach and their partners. They not only bring financial strength to Geneva Woods – they also wholeheartedly share in our values and vision. Together we will do great things for the residents of our great State of Alaska and beyond,” W. Thomas Gimple, Chairman of Geneva Woods commented.
“The healthcare system is rapidly changing and we have a vision for how to improve pharmacy and related health services especially in smaller, more rural markets. Geneva Woods is dedicated to helping to keep patients healthy in their preferred residential setting, leading to better outcomes and lower expenses,” Dan Afrasiabi, President of Geneva Woods, added. “With this financing, we will have the resources to accelerate our acquisitions and organic growth, with a focus on best practices, compliance and technology adoption.”
The investment closed June 30, 2015. Concurrent with the transaction, Afrasiabi will assume the role of president and CEO.
About Chugach Alaska Corporation:
Established in 1972 under the Alaska Native Claims Settlement Act (ANCSA), Chugach Alaska Corporation exists to serve the interests of the Alaska Native people of the Chugach region through profitability, celebration of our heritage and ownership of our lands. We represent more than 2,500 Aleut, Eskimo and Indian shareholders, and we work to provide opportunities through responsible management of our lands, businesses and assets. Chugach strives to fulfill its mission through investments and operational businesses that provide wide-ranging services for federal and commercial clients including facilities management and maintenance, construction, technical and IT, oil and gas, education and healthcare services. Learn more at www.chugach.com.
About Geneva Woods Pharmacy & Healthcare Services:
Geneva Woods is the leading provider of comprehensive pharmacy (home, long-term care, specialty, infusion, compounding and retail), supplies, equipment, and respiratory services in Alaska, Washington, Oregon, Idaho, Montana and Wyoming. Geneva Woods’s clinical services lead to better outcomes, lower costs, and happier clients who can spend more time in their chosen home settings. To learn more, please visit www.genevawoods.com.