Davis Polk is advising J M Smith Corporation in connection with the sale of its technologies division, Smith Technologies, to private equity sponsor Francisco Partners, pursuant to a definitive purchase agreement executed by the parties on February 27, 2020. Smith Technologies, headquartered in Spartanburg, South Carolina, is a leader in community pharmacy technology, long-term care technology and public sector software. The closing of the transaction is subject to the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other customary conditions. Financial terms of the transaction were not disclosed.

J M Smith Corporation, also headquartered in Spartanburg, South Carolina, was founded in 1925 as a single community pharmacy in Asheville, North Carolina. In the decades since, the company has grown to operate business units that supply healthcare and distribution services and technology to pharmacies, institutions, government agencies and businesses across the U.S. Following the closing, J M Smith will continue to operate as the parent company for its other divisions, Smith Drug Company, RX Medic and SMS.

Francisco Partners is a leading global private equity firm that specializes in investments in technology and technology-enabled businesses. Since its launch 20 years ago, Francisco Partners has invested in more than 275 technology companies, making it one of the most active and longstanding investors in the technology industry.

The Davis Polk corporate team includes partner John A. Bick and associates Thomas D. Malinowsky and Benjamin Perry. The executive compensation team includes partner Edmond T. Fitzgerald and associate Joseph S. Brown. Counsel Daniel F. Forester is providing intellectual property advice. The tax team includes partner William A. Curran and associate Adam R. Brownstone. Counsel Mary K. Marks is providing antitrust and competition advice. Members of the Davis Polk team are based in the New York and Northern California offices.