Wedgewood Pharmacy, a compounding pharmacy that specializes in animal health, addiction medicine and urology, has been acquired by Chicago-based New Harbor Capital. Wedgewood Pharmacy is one of the largest compounding pharmacies in the United States.
Wedgewood prepares compounded medications for people and their pets when FDA–manufactured drugs cannot meet their needs. Compounded medications are prescriptions and medication orders that are written by physicians, veterinarians and other authorized prescribers, and prepared by specially trained pharmacists and pharmacy technicians. Wedgewood’s most common human health compounded preparations include: urology, obstetrics/gynecology, addiction, dentistry, endocrinology and dermatology. The company’s veterinary experience includes over 7,500 preparations for companion animals like dogs, cats, birds, and horses and includes some less common animals such as amphibians, hippopotamus and reptiles.
“Wedgewood is uniquely positioned as the quality and compliance leader in the compounding pharmacy market, and is well known for its long history of innovation,” said Tom Formolo, partner at New Harbor Capital. “Equally important to us is the quality and integrity of Wedgewood’s senior leadership team. Their commitment to delivering high-quality patient care is clear and unwavering, and we are excited to support the business during its next phase of growth.”
During its history – the company was founded in 1980 – Wedgewood has filled compounded medications from more than 36,000 prescribers that have been used by hundreds of thousands of patients throughout the US. Wedgewood was acquired by George and Lucy Malmberg in 1981. At closing, Ms. Malmberg stepped down from her role as CEO but remains involved in strategic decision making as chairman of the board. Marcy Bliss, long-time president of Wedgewood Pharmacy, assumed the position of president and CEO.
“New Harbor’s healthcare industry expertise and strong cultural fit were key differentiators for us. Its track record for successfully executing growth strategies, as well as its experience with medical products distribution, will elevate our business to the next level,” said Ms. Bliss.
New Harbor invests from $10 million to $30 million in lower middle market companies that have EBITDAs from $3 million to $15 million. Sectors of interest include growth-oriented business services companies with emphasis on the healthcare and education industries. The firm was co-founded by Tom Formolo and Ed Lhee, long-time partners at CHS Capital. New Harbor is based in Chicago (www.newharborcap.com).
Wedgewood Pharmacy is headquartered near Philadelphia in Swedesboro, NJ (www.wedgewoodpharmacy.com).
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