J.H. Whitney Announces the Sale of Accupac
22 January 2020
NEW CANAAN, Connecticut, Jan. 22, 2020 /PRNewswire/ -- J.H. Whitney Capital Partners, LLC, a leading private equity investment firm, is pleased to announce the sale of its portfolio company Accupac, Inc. ("Accupac" or the "Company") to Palladium Equity Partners.
Accupac is a leading U.S. provider of outsourced manufacturing and packaging solutions to the world's largest personal care product, pharmaceutical, and over-the-counter (OTC) drug manufacturers. The Company is a specialist in liquid topical and oral care products, including skin creams, toothpastes, moisturizing lotions, mouthwash and other personal care products, many of which require FDA approval. All Accupac manufacturing facilities are FDA registered and cGMP compliant.
Through J.H. Whitney's partnership with Accupac's leadership team, the Company made significant improvements in both operations and sales. During J.H. Whitney's investment period, Accupac implemented facility improvements to substantially increase and expand manufacturing capacity. Furthermore, the Company has driven significant organic growth with new and existing customers given Accupac's unique ability to manufacture specialty products.
Bruce Wright, Accupac's CEO, said, "We are proud of what we accomplished during our partnership with J.H. Whitney and we are excited to continue Accupac's growth trajectory with our new partner Palladium Equity Partners. We believe that this transaction is the right step for Accupac to continue offering our customers superior quality products."
"We have had a great partnership with the Accupac management team and we are proud of the changes made to further position the Company for success," commented Bob Williams, a Senior Managing Director at J.H. Whitney. "Through substantial investment in people and facilities, with a constant focus on customers, Accupac has developed into a market leader. We look forward to seeing Accupac continue its successful growth with Palladium."
Bob Williams and Aaron Pomeroy led the transaction for J.H. Whitney. Lincoln International, LLC served as financial advisor to Accupac on the transaction. Gibson, Dunn & Crutcher LLP served as the Company's legal advisors. Houlihan Lokey served as financial advisor for Palladium. Greenberg Traurig, LLP served as the legal advisors for Palladium.
The transaction terms were not disclosed.
Accupac, Inc., headquartered in Mainland, PA, is a U.S. provider of outsourced manufacturing and packaging solutions to pharmaceutical and over-the-counter (OTC) personal care product manufacturers. Founded in 1974, the Company is a specialist in liquid topical and oral care products, including skin creams, toothpastes, moisturizing lotions, mouthwash and other personal care products, many of which require FDA approval. The Company has differentiated production and testing capabilities that lead to industry-best quality assurance. Accupac is uniquely positioned in the $26 billion U.S. beauty and personal care manufacturing market, of which approximately $7 billion is within the Company's topical and oral care product categories. The company operates two manufacturing facilities in the Mid-Atlantic region. Accupac employs more than 400 employees in Pennsylvania and nearly 200 in New Jersey. The company generated more than $200 million of revenue in 2019. Visit: https://www.accupac.com.
About J.H. Whitney:
J.H. Whitney, established in 1946 by industrialist and philanthropist, John Hay "Jock" Whitney, was one of the first U.S. private equity firms and is often credited with pioneering the development of the private equity industry. Today, J.H. Whitney remains a leader in the private equity industry, having invested in over 400 companies since formation, and currently manages approximately $1.0 billion in private capital. J.H. Whitney remains privately owned by its investing professionals and its main activity is to provide private equity capital to small and middle market companies with strong growth prospects in a number of industries including consumer, healthcare, and specialty manufacturing. Visit: http://www.whitney.com.
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SOURCE J.H. Whitney Capital Partners