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Smith Technologies to remain in Spartanburg after acquisition
Staff Report //March 4, 2020//
Listen to this articleSpartanburg-based Smith Technologies, a subsidiary of JM Smith Corp., will remain based in the Upstate after its acquisition by growth equity firm Francisco Partners was announced Tuesday.
Smith Technologies, which specializes in pharmaceutical technologies and public sector software, is one of the oldest community pharmaceutical companies in the nation, according to a news release.
“The acquisition of Smith Technologies by Francisco Partners provides the investment capital that the company has needed for some time," Paula Harper Bethea, executive board chairman for JM Smith Corp., said in the release. "The sale will benefit employees, shareholders and customers alike through this pivotal investment."
Sale proceeds could be used for company reinvestment, paying off company debt and shareholder dividends, dependent on a final decision from the JM Smith Corp. board, according to the release. JM Smith serves as a parent company for Smith Drug Co., RX Medic and SMS.
