Norwest Equity Partners (NEP) has acquired Apothecary Products, a manufacturer and distributor of consumer healthcare products and pharmacy supplies.
NEP purchased the company from Terry Noble, pharmacist, founder and CEO of Apothecary.
The transaction closed on 28 February. Financial terms have not been disclosed.
Founded in 1975, Apothecary is a privately-held company with hundreds of patents and thousands of SKUs selling pharmaceutical and consumer healthcare products to independent and chain pharmacies, food and mass retailers, and distributors and wholesalers worldwide.
Noble, says: “I am very proud of the strong business our team has built and am excited about the future possibilities with our new investment partner. NEP’s investment capital, coupled with their experience in the consumer healthcare 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.”
Post-transaction, Noble will remain as an Apothecary investor.
Tim Kuehl, a NEP partner and Apothecary board member, says: “On behalf of the NEP partnership, we are impressed with Apothecary’s solid reputation, long-term customer relationships, category leadership, and solid financial performance. Medical compliance is critical to enhancing healthcare outcomes while simultaneously lowering healthcare costs, both of which are central tenets of our healthcare investment strategy. We are excited to work with management toward further building Apothecary for the future.”
