Represents Firm’s Sixth Platform Investment in 24 Months Across ~$1 Billion of Invested Capital
NEW YORK – April 15, 2026 – Revelar Capital (“Revelar” or the “Firm”), a leading private equity firm which invests exclusively across the Healthcare, Essential Services, and Specialty Manufacturing sectors, today announced the acquisition of Golden State Medical Supply (“GSMS”), the leading solutions provider to pharmaceutical companies looking to access the U.S. Federal Healthcare system.
GSMS, based in Camarillo, California, provides comprehensive value-added services to over 150 pharmaceutical partners looking to access the U.S. Federal Healthcare system, including the Department of Veterans Affairs (VA) and the Department of Defense (DoD). The Company ensures that its key constituents, 19 million veterans and active-duty service members, receive critical medications while driving significant savings for the federal government.
The Company is led by an experienced management team, including Chief Executive Officer Benjamin Hall, who has led the business for nearly 20 years. Since 2013, the Company has increased its pharmaceutical partners and products offered by over 600% and 700%, respectively, which is a testament to the critical role it plays in connecting leading pharmaceutical manufacturers with the U.S. Federal Healthcare system to supply a range of specialized pharmaceutical products.
“Revelar is the right partner for GSMS at this stage of our growth,” said Benjamin Hall, CEO of GSMS. “We have built a scaled platform focused on helping pharmaceutical partners navigate complex markets and deliver essential medicines reliably and efficiently. Revelar’s experience in highly complex, regulated healthcare markets and track record of supporting growth-oriented businesses make them a strong partner as we continue to expand our capabilities and pursue new growth opportunities.”
“We believe GSMS represents a perfect fit with our strategy of investing in market leaders, who provide a critical service and drive clear value to each of their key stakeholders in the U.S. healthcare ecosystem,” said Naishadh Lalwani, Managing Partner at Revelar Capital. “We are thrilled to partner with Ben and his team and look forward to driving the next phase of growth at GSMS by continuing to create solutions for our pharmaceutical customers while delivering significant cost savings for the government across generic and branded pharmaceuticals.”
About Golden State Medical Supply
Founded in 1986, GSMS is a critical channel partner for pharmaceutical manufacturers, providing specialized government channel expertise that enhances market access for its partners and drives cost savings for the government. The Company leverages deep expertise in compliance and contracting, proprietary data capabilities and scaled infrastructure to support pharmaceutical partners in navigating complex regulatory and procurement requirements.
About Revelar Capital
Revelar is a leading private equity firm headquartered in New York which invests exclusively across the healthcare services, business services, and specialty manufacturing sectors. The Firm leverages its sector specialization in complex, fragmented industries to identify and execute on overlooked investment opportunities, partnering with management teams to unlock growth through strategic initiatives, operating improvements, and add‐on acquisitions. The firm functions as a strategic partner, providing management teams with top‐line support, M&A experience, financial expertise and access to resources. For additional information, please visit revelarcapital.com.
Media Contacts
Revelar
Chelsea Pratt
Director, Investor Relations
cpratt@revelarcapital.com