DW Healthcare Partners has closed its acquisitions of sister companies Vets Plus and Noble Pharma.
Vets Plus is a developer and manufacturer of nutraceutical products sold to the companion animal and livestock markets while Noble is a manufacturer of human and animal health pharmaceuticals.
Vets Plus’ products are distributed nationally and exported to more than 20 countries and include soft chews; boluses and tablets; liquids, gels, and pastes; and topicals. The company’s products – sold under the Merrick’s Blue Ribbon, Probios, Pets Prefer, Noble Pharma, and Vitek Pet brands – are available in a wide range of packaging options including blister packs, sachets and pouches, bottles, jars and in bulk containers.
Vets Plus was founded in 1990 by Raj Lall and is headquartered 75 east of Minneapolis in Menomonie, Wisconsin.
Noble Pharma is a contract development and manufacturing organization (CDMO) of pharmaceutical products. The company’s capabilities include soft chews, creams, ointments, suspensions, tablets, powders, and pastes. Noble Pharma operates a 50,000 square feet FDA-approved manufacturing facility also located in Menomonie, Wisconsin.
Post-closing, Mr. Lall will transition his remaining day-to-day operating responsibilities to Dave Nelson who will become the company’s new president and chief executive officer. Mr. Nelson joined the company in September 2015. Mr. Lall will maintain an equity interest in the company and will become a member of the company’s board of directors.
“DWHP is the right partner for us going forward to help grow our pharmaceutical presence and gain market share in our nutraceutical business. I’m excited for the next leg of our journey as I focus on research, product development, and serving on the board,” said Mr. Lall. “I have complete confidence in Dave Nelson who has led our day-to-day operations as president for the past six years and will lead the company as CEO.”
“Our partnership with DWHP provides the growth capital and management depth to improve our CMO customer relationships, expand our capabilities, accelerate new product commercialization, and scale operations,” said Mr. Nelson. “DWHP brings extensive market knowledge and a heightened level of sophistication to the company. We are extremely blessed to have a strategic partner who shares our vision of superior customer service and best-in-class quality systems.”
“We are thrilled to be partnering with Raj Lall, Dave Nelson, Alok Kulshreshtha, and the rest of the team,” said Doug Schillinger, a managing director at DWHP. “They have a proven track record of innovative growth. We look forward to supporting them as the business continues to scale in its traditional nutraceutical market and develops more complex pharmaceuticals at Noble.”
DW Healthcare Partners invests from $20 million to $60 million in North America-based healthcare companies that have at least $5 million of EBITDA. The firm has a team of 30 professionals and offices in Toronto, Ontario and Park City, Utah.
“Over the years, Vets Plus has developed an extremely unique formulation and manufacturing skillset in order to provide their customers with exceptional products,” said Eric Moore, a principal at DWHP. “Vets Plus is at the center of the rapidly growing companion animal nutraceutical market and we are excited to help the Company continue to provide excellent service and products to pet owners around the world.”
The acquisition of Vets Plus and Noble Pharma is the sixth platform investment made by DW Healthcare’s fifth fund which closed at its hard cap of $610 million in July 2019.
© 2022 Private Equity Professional | January 11, 2022
