General Business

Wedgewood Pharmacy Gets New Majority Shareholder

Swedesboro-based Wedgewood Pharmacy signs a definitive purchase agreement with Partners Group, on behalf of its clients, which will replace New Harbor Capital as Wedgewood’s majority shareholder. The transaction is expected to close in 2021.

Marcy A. Bliss, CEO of Wedgewood Pharmacy, said, “While we have achieved excellent results under New Harbor’s ownership, we are very excited to collaborate with Partners Group going forward. They are deeply experienced professionals who have extensive healthcare and animal-health experience.

“A new board of directors will infuse fresh ideas and fresh capital to support our team to fully realize our goals. We have ambitious plans to continue to respond to veterinarians and the needs of their patients. The types of investments will include:

  • New product development, ensuring access to backordered medications, as well as personalized medicine to treat our most vulnerable (and finicky) animal patients.
  • Process and technology improvements that make Wedgewood Pharmacy the easiest to do business with.
  • Increased production at our FDA-registered 503B Outsourcing Facility to ensure adequate availability of medication for office use.
  • Logistics and operational investments that will speed delivery of medication to patients and prescribers.”

Chris Russell, managing director, Partners Group, added, “Partners Group takes a thematic approach to investing, and Wedgewood Pharmacy’s model of caring for animal patients through the provision of specialty healthcare fits well within this framework. We pursue resilient, growing businesses benefiting from transformative trends, including the elevated importance of pets in our families. We look forward to working with Wedgewood Pharmacy on building further value in the business on behalf of all its stakeholders.”

Lincoln International LLC led the transaction for Wedgewood Pharmacy, with Reed Smith LLP and RSM International acting as advisors to the company. Ropes & Gray LLP and KPMG International Limited acted as advisors to Partners Group.

Wedgewood Pharmacy, with 700 employees, grew from a local community pharmacy to become one of the largest compounding pharmacies in the United States. It is the leading pharmacy brand in animal health, recognized by 99% of veterinarians, and used by 8 in 10 veterinarians within the past year. It also prepares compounded medications for the human-health medical specialties of Addiction Medicine, Urology, and Ophthalmology. The company serves more than 50,000 prescribers and hundreds of thousands of patients throughout the U.S. every year.

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