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Vaxpro LLC
Pharmacists expand by acquiring on-site vaccine clinic
“I wouldn't say the process was simple, but Nathan definitely made it easier for us to navigate. When we first started, we were looking at three or four different banks, and the seller wanted us to close by a certain time. One of the banks I approached was like, ‘Oh no, this is going to take four to six months. We wouldn't be able to meet it.’ But Nathan was like, ‘We will do everything we can to get it done in this timeframe.”
— Mina Said
The Opportunity
Five years after starting and operating a pharmacy and wellness clinic in California, business partners and old pharmacy school classmates, Mina Said and Michael Demian, were looking to expand. They believed that acquiring an existing clinic was the easiest way to grow.
They wanted to buy an existing clinic that would complement the services they already offered. They came across an established on-site vaccine clinic in Wisconsin that fit their criteria. Now, all they needed was a lender to help them finance the acquisition.
The Challenge
Mina and Michael went to the lender that had funded the SBA loan for their first location. But because their lender was a regional bank, the bank was unable to provide a loan to buy a business in Wisconsin. Mina and Michael then searched online for national SBA lenders and came across Nathan Ray, a loan officer at Celtic Bank.
Nathan’s expertise and responsiveness proved to be invaluable. He guided Mina and Michael through the complex process of securing an SBA loan, providing clear explanations and addressing their concerns. Despite the tight timeline imposed by the seller, Nathan and the Celtic team worked diligently to expedite the loan approval process.
The Solution
Because of Mina and Michael’s direct industry experience and secondary source of income, Celtic was able to extend a $4.5MM SBA 7(a) loan for the acquisition.
While there have been business challenges since securing financing in March 2024, Mina and Michael believe the acquisition was still worth it. They have shifted their focus from adding new services to the clinic to reaching more people. In their case, this has meant focusing on promoting and providing more flu and COVID shots in October thru December.
Mina and Michael are confident that by leveraging their expertise and building a strong team the acquisition will yield significant benefits in the long run.
Quick Look
- $4,592,000
- SBA 7(a) Loan
- Business Acquisition
- Mequon, Wisconsin
- Vaccine Clinic
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“The whole Celtic team worked hard to make sure that the loan went through while also making sure to mitigate risk in a prudent way so we can sustain our business. I appreciate that balance that Celtic strikes and I think it was done well.”
– Liu-Chan Cheng
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