FORT WORTH, Texas, Nov. 7, 2011 /PRNewswire/ -- Ancor Capital Partners is pleased to announce the acquisition of WellSpring Pharmaceutical Corporation, based in Sarasota, Fla., and Toronto, Ontario. WellSpring is a manufacturer and marketer of specialty prescription and over-the-counter (OTC) products in North America. The company also offers contract manufacturing through its production plant, located in Ontario, Canada. Ancor teamed with Sentinel Capital and Yukon Capital to complete the transaction.
"WellSpring represents the 15th acquisition of a healthcare company for Ancor and combines our experience in contract manufacturing, pharmaceutical sales and OTC products. We are very pleased to have teamed with Sentinel and Yukon on this acquisition," said J. Randall Keene, Managing Partner at Ancor Capital Partners.
"WellSpring is an innovator that provides quality pharmaceutical products and related services across a diverse set of end markets. The opportunity to invest alongside Ancor was also a strong incentive for us," said Eric D. Bommer, Partner at Sentinel. "We believe WellSpring is well positioned to accelerate its growth, and we look forward to working with its management team and Ancor in taking WellSpring to the next level."
Dr. Robert A. Vukovich, WellSpring's Founder, President and CEO, reinvested in the business and will remain on the company's Board of Directors. Additionally, Ms. Bonnie Feeney and Ms. Wendy Shusko have reinvested in the transaction and will both continue as a part of the senior management team of WellSpring. Wendy Shusko is Chief Financial Officer and Chief Operating Officer of WellSpring Pharmaceutical Corporation USA.
"Under our new ownership with Ancor and Sentinel, we believe we can achieve the aggressive growth opportunities in the market and deliver medicines and products of the highest quality to those who need them," said Ms. Shusko.
Ms. Feeney, President and Chief Operating Officer of WellSpring Pharmaceutical Canada Corp. is responsible for overseeing the manufacturing operation of the primary production facility located in Oakville, Ontario, Canada. Ms. Feeney commented, "This transaction allows us to continue to utilize our state of the art manufacturing facility in Canada through a new phase of growth."
Ancor Capital Partners, based in Fort Worth, Tex., is an operations-oriented private equity firm focused on lower middle-market manufacturing and distribution companies with EBITDA of $5-$15 million. Extensive operational experience gives the Ancor team a unique understanding of the critical business issues faced by lower middle-market companies. Ancor's proven track record includes 29 acquisitions to date in health care, consumer and other industries. For more information about Ancor, visit www.ancorcapital.com.
Sentinel Capital Partners specializes in buying and building lower middle-market companies in the United States and Canada in partnership with management. Sentinel targets eight industry sectors: aerospace / defense; business services; consumer products / services; distribution; food / restaurants; franchising; healthcare products / services, and; industrial manufacturing. Sentinel invests in management buyouts, purchases of family businesses, recapitalizations, corporate divestures, and going-private transactions of established businesses with EBITDA between $7 and $35 million. For more information about Sentinel, visit www.sentinelpartners.com.
WellSpring Pharmaceutical Corporation, a privately-held company headquartered in Sarasota, Florida, manufactures and distributes prescription drugs and OTC brands through pharmaceutical distributors, wholesalers, and major food and drug retailers. WellSpring also manufactures pharmaceuticals for other drug companies on a contract basis in its production facility in Ontario, Canada. For more information about WellSpring, visit www.wellspringpharm.com.
SOURCE Ancor Capital Partners