Webster Equity Partners and MedEquity Capital have acquired Belmar Pharmacies, a compounding business that specializes in bio-identical hormone replacement therapy (BHRT) and other hormone-based wellness products.
Compounding pharmacies combine, mix, or alter one or more ingredients to create a medication that is tailored to the needs of an individual patient. Belmar operates both 503A and 503B compounding facilities. 503A facilities are traditional compounding pharmacies that produce a product in accordance with patient-specific prescriptions and are required by the state boards of pharmacy to comply with the USP (United States Pharmacopeia) and its guidelines. On the other hand, 503B facilities produce large batches of products, with or without prescriptions, that are sold to healthcare facilities.
Belmar services more than 6,500 providers and more than 64,000 patients annually across 46 states. The company, led by CEO Dave Hill, was founded in 1985 and is headquartered in Golden, CO (www.belmarpharmacy.com).
Both Webster and MedEquity have committed to providing additional capital to back an add-on acquisition strategy at Belmar. “We chose to partner with Webster and MedEquity because they shared my vision of growing Belmar to become the leader in our sector,” said Mr. Hill. “Their teams bring both the wherewithal and experience in specialty pharmacy to make that vision a reality.”
“We are excited to partner with Dave Hill and his team to assist them in continuing to grow Belmar while maintaining the central focus on providing excellent service to its clients,” said David Malm, a managing partner at Webster Equity. “There is a tremendous opportunity to expand access to these services, and we look forward to helping Belmar close that gap.”
Webster invests in branded consumer and healthcare services companies with EBITDAs from $3 million to $15 million and transaction values from $15 million to $200 million. In August 2018 the firm held a final and oversubscribed closing of Webster Capital IV LP at its hard cap of $875 million. Webster Capital was founded in 2003 and is based in the Boston suburb of Waltham (www.webstercapital.com).
MedEquity Capital, which has co-invested with Webster before, invests in healthcare services, distribution and products companies that have revenues of $1.5 million to $20 million and EBITDA of $0.5 million to $4 million. MedEquity is based west of Boston in Wellesley Hills, MA (www.medequity.com).
© 2019 Private Equity Professional | May 31, 2019
Pike Street Capital has made an investment in Head Rush Technologies, a maker of equipment for the climbing and adventure industries. The Pike Street investment will be used to accelerate the growth of the company by expanding its sales channels and developing new products.
We’re very excited about this investment from so many different aspects,” said Ed Whatley, partner at Pike Street Capital. “Head Rush is a recognized innovator in an industry that is growing by leaps and bounds. Their engineering and technology have applications not only within the climbing community but in adventure tourism and the new “adventuretainment” centers that have become a worldwide phenomenon. The growing demand for these types of activities combined with increased industry regulations and the distinct advantage of Head Rush’s proprietary technology puts them in an ideal position to serve these markets.”
“We are adventure enthusiasts as well as business operators, and we’ve always brought this dual perspective to Head Rush,” said Mr. McGowan.” Everything we do is designed to create the best possible end-user experience while helping operators improve their businesses. We felt that Pike Street’s approach was aligned with this mission and look forward to growing the company with them as strategic partners. Their deep operational expertise, alongside the financial investment, will benefit both our customers and employees.”
Pike Street makes control equity investments in companies with revenues of $10 million to $100 million and EBITDA of $5 million to $15 million. The firm invests across the business-to-business sector with a common theme of investing in companies that serve professional end-user customers. Pike Street was co-founded by Paul Caragher, Dave Dandel, and Ed Whatley, and is headquartered in Seattle (
Arbor Investments, a specialist investor in the food and beverage sectors, has hired Christopher Tuffin as a partner in the firm’s New York office. Mr. Tuffin will be responsible for deal origination, transaction execution and portfolio management.
“I have known Arbor for many years and had the benefit of seeing the firm in action while working together on the Columbus sale process,” said Mr. Tuffin. “I am truly excited to be a part of this dynamic team and look forward to increasing Arbor’s presence and brand in New York.”
Mr. Tuffin will join Arbor Partner Chris Harned in the New York office, which Arbor opened with the hiring of Mr. Harned in September 2016. “With the addition of Chris Tuffin, we are strengthening our New York presence,” said Arbor co-founder and President Joseph Campolo. “We now have two seasoned industry professionals with deep consumer expertise actively plugged into the market to tell our story and produce additional opportunities for Arbor.”
Gold Medal Group, a portfolio company of Kinderhook Industries since January 2018, has acquired Earthtech Contracting. The buy of Earthtech is the sixth add-on acquisition for Gold Medal and Kinderhook’s 41st acquisition in the environmental services sector.
“We are pleased to have assisted Gold Medal in strengthening its operations through the acquisition of Earthtech,” said Rob Michalik, a managing director at Kinderhook. “Earthtech represents a highly strategic acquisition for Gold Medal’s growth plans in the Southern New Jersey market and we look forward to combining it with our current operations in the area. We are committed to supporting Gold Medal’s regional expansion efforts and look forward to helping the company build value through more sustainable waste management services in the coming years.”
