Carlyle Acquires Tarrytown Expocare Pharmacy from Sheridan Capital Partners

Austin, Texas - November 14, 2025 - Tarrytown Expocare Pharmacy ("Tarrytown" or "The Company") announced today that funds managed by global investment firm Carlyle (NASDAQ: CG) have completed the acquisition of the Company from Sheridan Capital Partners ("Sheridan"). Sheridan will retain a minority ownership position. Financial terms of the transaction were not disclosed.

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.

"Tarrytown's mission is to deliver exceptional pharmacy services for IDD providers," said Mark Lashley, CEO of Tarrytown. "We are proud of the remarkable progress that we achieved with Sheridan, as their commitment to our patient-first philosophy has significantly strengthened our business. We are excited to partner with Carlyle who shares our passion and drive to continue rapidly scaling our footprint and impact for the IDD community."

Joe Bress, Partner and Global Co-Head of Healthcare at Carlyle, added, "We believe Tarrytown's specialized IDD pharmacy model provides exceptional support to caregivers in improving their quality of care for IDD patients. We look forward to backing the Tarrytown team as it invests in enhancing and expanding the Company's high-touch offering to continue serving IDD patients." Rishi Modi, a Principal focused on healthcare investing at Carlyle, added, "Tarrytown has built a highly differentiated and trusted position in the IDD pharmacy market over the course of its history. We believe there is significant opportunity to further broaden the Company's reach and impact across the IDD community nationwide, and we are excited to partner with Mark and the entire leadership team in this next chapter of growth."

"Since the beginning of our partnership in 2020, our collaboration with the team at Tarrytown has been outstanding," said Sean Dempsey, Partner at Sheridan. "Together, we established a robust sales team, marketing playbook, and completed several add-on acquisitions. We capitalized on key growth opportunities and strengthened Tarrytown's operations, which resulted in nearly quadrupling the size of the business."

McDermott Will & Schulte and Goodwin Procter served as legal counsel and Houlihan Lokey served as financial advisor to Tarrytown and Sheridan. Debevoise & Plimpton and Bass, Berry & Sims served as legal counsel and Wells Fargo served as financial advisor to Carlyle.

About Tarrytown Expocare Pharmacy

Tarrytown Expocare Pharmacy is a long-term care pharmacy dedicated 100% to serving the intellectual and developmental disabilities ("IDD") and behavioral health communities. Beginning with services in 2007 to 150 individuals in the Tarrytown section of Austin, Texas, Tarrytown has grown to provide services in 36 states from 12 regional pharmacies. For the past 18 years, Tarrytown has developed proprietary, scalable, and replicable IDD pharmacy processes and solutions that simplify pharmacy services for nurses and staff so that they can focus on supporting the individuals in their care.

About Carlyle

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 we live and invest. Carlyle employs more than 2,400 people in 27 offices across four continents. Further information is available at https://www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

About Sheridan Capital Partners

Sheridan Capital Partners 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. For more information, visit https://www.sheridancp.com.

Media Contacts

Tarrytown Expocare Pharmacy

Jess Jacobs

[email protected]

+1 (855) 617-7312

Carlyle

Isabelle Jeffrey

+1 (212) 332-6394

[email protected]

Sheridan Capital Partners

Trevor Blaisdell

[email protected]

+1 (646) 502-3532