Carlyle acquires Tarrytown Expocare to expand IDD pharmacy

The Carlyle Group has acquired a controlling interest in Tarrytown Expocare Pharmacy, the Austin-based specialist serving intellectual and developmental disability (IDD) and behavioral health care providers. The transaction, announced by the parties, leaves Sheridan Capital Partners with a minority stake; financial terms were not disclosed.

The deal gives Carlyle an immediate foothold in a tightly specialised corner of the pharmacy market. Tarrytown Expocare Pharmacy operates a high-touch, closed‑door long‑term care model that supports nurses and direct support professionals with dispensing, training and adherence programs across 36 states from 12 regional pharmacies.

Management framed the sale as the next step in an expansion push. CEO Mark Lashley said the partnership with Carlyle will accelerate the company’s footprint and service capabilities, building on nearly two decades of IDD‑focused operations that began in 2007. Sheridan’s involvement since 2020 helped commercialise the model: according to the firm, the business grew substantially under its ownership, nearly quadrupling in scale through organic growth and add‑on purchases.

From the buyer’s perspective, Carlyle — which manages more than $474 billion in assets — signalled confidence in specialised pharmacy as a resilient healthcare vertical. Joe Bress, Partner and Global Co‑Head of Healthcare at Carlyle, highlighted the ability of focused pharmacy providers to improve medication accuracy and clinical adherence for vulnerable populations. Rishi Modi, a Carlyle healthcare principal, said the firm sees runway to broaden Tarrytown’s reach and invest in care delivery tools and regional capacity.

Looking ahead, Carlyle’s capital and sector expertise should enable faster territory expansion and product enhancement at Tarrytown, while Sheridan’s continued minority ownership maintains continuity. The transaction underscores how private equity is targeting care‑adjacent service providers that can scale clinical outcomes and operational efficiency in fragmented markets.