Turnspire Capital Partners (Turnspire) has completed the acquisition of Pharmachem Innovations, LLC (Pharmachem), the former nutraceuticals business of Ashland Inc. Turnspire Operating Partner Maurice Murphy has been appointed Executive Chairman, and Jeff Rogers as Interim CEO.
Pharmachem is a provider of proprietary nutrition ingredients and custom formulation services that supplies a broad portfolio of both active ingredients and formulation aids to nutritional product companies. The company also offers custom formulation and contract manufacturing capabilities for the nutrition market, handling everything from formula design and ingredient sourcing to finished product manufacturing.
Pharmachem has approximately 500 employees located at four production facilities in New Jersey and Utah in the United States, and Tamaulipas, Mexico.
Murphy has successfully led numerous private equity-owned businesses, including several carve-outs. He was President and Chief Executive Officer of UPG Company LLC, a Turnspire portfolio company from 2016 through 2022.
Rogers meanwhile, has deep domain expertise in nutraceuticals, with over 30 years of relevant executive, commercial and operational experience. He was President and Chief Operating Officer of Niacet Corporation from 2019 through 2023, and previously served in senior roles at National Starch & Chemical, Ashland and Lonza.
Winston & Strawn LLP acted as legal counsel and Piper Sandler & Co acted as financial advisor to Turnspire on the transaction.
