Apothecary Products Acquired By Equity Firm
Financial Terms Of Deal Not Disclosed
Minnesota-based supplier Apothecary Products (asi/36545) has been purchased by Norwest Equity Partners (NEP), the companies have announced. Financial terms of the deal, which closed on February 28, were not released.
“I am very proud of the strong business our team has built and am excited about the future possibilities with our new investment partner,” said Terry Noble, founder of Apothecary Products. “NEP’s investment capital, coupled with their experience in the consumer health care products industry and working with family-owned businesses, will help Apothecary continue to achieve its growth plans and mission of designing and sourcing the most innovative and critical pharmacy products available.”
Following the acquisition, Noble will remain as an investor in Apothecary, according to an NEP statement. Founded in 1975, Apothecary offers health care-related promotional items like pill boxes, syringes, measuring spoons, thermometers and lanyards. Headquartered in Minneapolis, NEP has a history of investing in consumer products and the services industry. Its current holdings include GoHealth, Pentec Health, Surgical Information Systems, Life Time Fitness, and Minnesota Rubber & Plastics.
“On behalf of the NEP partnership, we are impressed with Apothecary’s solid reputation, long-term customer relationships, category leadership, and solid financial performance,” said Tim Kuehl, a NEP partner. “Medical compliance is critical to enhancing health care outcomes while simultaneously lowering health care costs, both of which are central tenets of our health care investment strategy. We are excited to work with management toward further building Apothecary for the future.”
GE Capital, BMO Capital Markets, Golub Capital and Norwest Mezzanine Partners provided additional financing for the deal, NEP said.