RoundTable Healthcare Partners, a private equity firm focused exclusively on the healthcare industry, has made a controlling investment in Aqua Pharmaceuticals.
Founded in 2004, Aqua is a dermatology pharmaceutical company focused on acquiring, developing and marketing under-promoted, branded, pharmaceutical products in the US.
Financial terms of the transaction were not disclosed.
Jack McGinley (pictured), founding partner of RoundTable, will serve as chairman of the board of Aqua. Jay Gooding and Craig Ballaron, the owner/founders of Aqua, will retain a significant ownership stake in the company and will continue to serve in their current roles as chief executive and president and as members of the board.
"We are very excited to partner with Aqua," says McGinley. "Jay and Craig have built a strong platform in the specialty dermatology marketplace, and we look forward to working with them to expand upon the company’s current product portfolio through an active program of acquisition, licensing and internal drug development."
Ballaron adds: "RoundTable represents the ideal partner for Aqua. Their extensive experience in the pharmaceutical market provides Aqua the resources to continue its growth trajectory."
Aqua is RoundTable’s sixth platform investment from its USD500m Fund II.
As part of the transaction and to finance further growth opportunities for Aqua, RoundTable facilitated the completion of new senior credit facilities and a private placement of senior subordinated notes.
The senior credit facilities were led by GE Commercial Finance Healthcare Financial Services, and included The PrivateBank and Trust Company and Libertyville Bank and Trust.
Aqua’s senior subordinated notes were acquired by RoundTable Capital Partners, RoundTable’s captive subordinated debt fund.
