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DermCare Management announces the completion of 3 acquisitions in the fourth quarter of 2022
HOLLYWOOD, Fla., Jan. 30, 2023 /PRNewswire/ -- DermCare Management, a leader in medical and cosmetic dermatologic management services, announces the completion of 3 acquisitions in the fourth quarter of 2022 with the addition of ADF Dermatology in Sarasota, FL, Advanced Dermatology, PA in Jacksonville, FL and First OC Dermatology in Fountain Valley, CA These acquisitions continue to expand DermCare's footprint in California and Florida, adding 5 new locations. For the year, DermCare added 11 new practices and 24 new locations bringing the total number of practice locations to 65.
"We are thrilled to welcome Dr. Alfredo Fernandez, Dr. Christine Ng, and Dr. Tien Nguyen and their colleagues into the Dermcare family. Each of these physicians have built tremendous brands in their communities with decades of loyal patients" said Jeffrey Schillinger, CEO of DermCare Management. He went on to note, "I am encouraged to see that our formula of building true partnerships with leading physicians is resonating in the marketplace."
Dr. Alfredo Fernandez of ADF Dermatology services the Sarasota and Port Charlotte areas of Southwest Florida by providing both clinical and cosmetic dermatologic treatments.
Nestled between the Neptune and Ponte Vedra Beach communities, Advanced Dermatology, PA is a thriving practice proudly serving the East Coast of Jacksonville FL. Dr. Christine Ng provides a plethora of treatments ranging from skin cancer detection to anti-aging procedures.
Led by Dr. Tien Nguyen, First OC Dermatology instills confidence in their Irvine and Fountain Valley, CA patients with over 30 years of combined experience. As providers of general dermatology, cosmetic dermatology, and clinical trials, First OC Dermatology is a practice focused solely on healthy, beautiful skin.
Mr. Schillinger, CEO of DermCare Management added, "It is exciting for our company to partner with such outstanding people and welcome them into our growing organization. Their mission, like ours, has always focused on the patient and the patient experience first and foremost."
ABOUT DERMCARE MANAGEMENT
DermCare Management, a portfolio company of Hildred Capital Management, is a dermatology practice management company founded on the principle of merging seasoned medical professionals with clinically focused management expertise. Founded in 2017 as a group of 5 founding practices, DermCare continues to grow year after year and now manages medical practices with almost 150 providers in three states.
SOURCE Dermcare Management
Will Righeimer, CEO of Hyland's Naturals, Elevates Focus on Empowering Employees and Cultivating Positive Workplace Culture
LOS ANGELES, Aug. 11, 2022 /PRNewswire/ -- Hyland's Naturals, a leading consumer health company with more than a century of history making high quality products to help families live healthier and happier lives, is honored to be certified by Great Place to Work®. The prestigious award is based entirely on what current employees say about their experience working at Hyland's Naturals. This year, 88% of its employees said Hyland's Naturals is a great place to work compared to 57% of employees at a typical U.S.-based company.
Great Place to Work® is the global authority on workplace culture, employee experience, and the leadership behaviors proven to deliver market-leading revenue, employee retention and increased innovation. "Great Place to Work Certification™ isn't something that comes easily – it takes ongoing dedication to the employee experience," said Sarah Lewis-Kulin, Vice President of Global Recognition at Great Place to Work. "It's the only official recognition determined by employees' real-time reports of their company culture. Earning this designation means that Hyland's Naturals is one of the best companies to work for in the country."
"We are proud to become Great Place to Work Certified™, our employees have always been at the heart of what we do. Every day we strive to provide our team an amazing and inclusive work environment with meaningful career growth opportunities. This certification demonstrates that our employees know we truly care about them, and they love working here!" said Will Righeimer, CEO. "Every day, our employees are exemplifying our core values and delivering the highest quality health products for millions of families, which is a key driver of our continued success."
At Hyland's Naturals, employees are passionate about fostering a culture that focuses on their total wellbeing, with comprehensive programs to support physical, emotional, social, financial, and career wellness, with market leading compensation and benefits.
"Hyland's Naturals employees are highly engaged, energized, passionate and dedicated. We also attract and retain top talent at a significantly higher rate than companies with lower levels of employee engagement and satisfaction, as evidenced by our industry-low turnover of 2% and an average tenure of 11 years," said Martha Arias, Vice President and Chief People Officer. "We also know Hyland's Naturals is at its best when every member of our team feels respected, included and heard – when everyone can show up as themselves and do their best work every day."
According to Great Place to Work® research, job seekers are 5 times more likely to find a great boss at a Certified great workplace. Additionally, employees at Certified workplaces are 93% more likely to look forward to coming to work. With its Great Place to Work Certification™, Hyland's Naturals continues to build upon its positive workplace culture to support its strategic vision and accelerate future growth.
Hyland's Naturals is a leading consumer health company with more than a century of history making high quality products to help families live healthier and happier lives. With a trusted brand, rich history, and highly engaged associates, Hyland's Naturals proudly leads several consumer categories across children's and adult's health with over 80% of its sales from product lines that hold #1 or #2 market share in their categories. Hyland's Naturals' new state-of-the-art, FDA-regulated and cGMP compliant facility produces millions of the world's best-loved products each month that are sold in more than 15 countries and can be found in every major retailer in the United States. At the core of Hyland's Naturals business is its mission to create natural wellness products that empower families to live healthier and happier lives, and its corporate values of Quality, Integrity, Passion, Innovation and Accountability are brought to life every day through the company's dedicated employees. Hyland's Naturals is headquartered in Los Angeles, CA. For more information about us, please visit www.hylands.com.
Great Place to Work® Certification™ is the most definitive "employer-of-choice" recognition that companies aspire to achieve. It is the only recognition based entirely on what employees report about their workplace experience – specifically, how consistently they experience a high-trust workplace. Great Place to Work Certification is recognized worldwide by employees and employers alike and is the global benchmark for identifying and recognizing outstanding employee experience. Every year, more than 10,000 companies across 60 countries apply to get Great Place to Work-Certified.
Great Place to Work® is the global authority on workplace culture. Since 1992, they have surveyed more than 100 million employees worldwide and used those deep insights to define what makes a great workplace: trust. Their employee survey platform empowers leaders with the feedback, real-time reporting and insights they need to make data-driven people decisions. Everything they do is driven by the mission to build a better world by helping every organization become a great place to work For All™.
SOURCE Hyland’s Naturals
Mr. Chapman joins Carlin from Advanced Vision Research (“AVR”), the consumer health division of Akorn Operating Company LLC
New York, NY – October 20, 2022 – Carlin Consumer Health (“Carlin”), a preeminent consumer health business established by Hildred Capital Management, LLC, Bourne Partners Strategic Capital and The Emerson Group, today announced that Scott Chapman has been appointed Chief Executive Officer. Mr. Chapman joins Carlin with over 30 years of consumer products experience and a strong track record for successfully renovating existing brands, driving margin expansion and accelerating value creation in the over-the-counter (“OTC”) space.
“We are thrilled to welcome Scott as Carlin’s first CEO,” said Andrew Goldman, Managing Partner of Hildred Capital Management, LLC. “As a seasoned consumer brand executive, Scott will lead Carlin’s acquisition strategy and help to drive growth of its acquired consumer brands. With more than 15 years of experience providing strategic and operational leadership at OTC businesses, we are confident that Scott is the right person to lead the build-out of Carlin’s platform and drive profitability and growth for the firm’s portfolio of brands, including its flagship brand, Zegerid OTC®.”
“I’m excited by the opportunity to lead Carlin and drive the growth of our business,” said Scott Chapman, Chief Executive Officer at Carlin Consumer Health. “Carlin’s operationally focused strategy and collaborative approach to partnering with retailers will enable us to build great brands and enhance consumer health and wellness. I look forward to working alongside the team at Hildred, Bourne and Emerson to capitalize on compelling market opportunities and drive value creation for all of Carlin’s stakeholders.”
Mr. Chapman joins Carlin from Advanced Vision Research (“AVR”), the consumer health division of Akorn Operating Company LLC, where he most recently served as General Manager and Senior Vice President. At AVR, Mr. Chapman tripled sales, revitalized AVR’s consumer brand portfolio and optimized its global supply chain. Prior to AVR, Mr. Chapman was Executive Director at Bausch + Lomb, where he was responsible for the turnaround of Bausch + Lomb’s OTC eye care business. Previously, Mr. Chapman served as Vice President of Global Marketing of AgroFresh Solutions Inc where he built the international marketing organization and drove rapid global expansion of one of their leading products, SmartFresh™.
Mr. Chapman began his career at leading beverage and food manufacturers, including The Coca-Cola Company and Kellogg Company. He earned his B.S. in Business from Ball State University and his MBA from Southern Methodist University’s Cox School of Business.
Launched in 2022 by healthcare private equity firms Hildred Capital Management, LLC and Bourne Partners Strategic Capital, together with The Emerson Group, Carlin is a preeminent consumer health business established to acquire leading over-the-counter (“OTC”) brands. Carlin’s unique positioning enables it to acquire and commercialize well-established brands as well as support its retail partners and their customers. As part of its formation, Carlin acquired Zegerid OTC®, an OTC proton pump inhibitor used for the treatment of frequent heartburn. For more information, please visit www.carlinconsumerhealth.com.
Hildred is a New York-based private equity investment firm that pursues growth equity investments in middle market healthcare companies with leading products, technologies and services. Hildred invests in companies with revenues of up to $100 million and creates value from pursuing organic growth strategies, driving effective resource allocation, implementing operational improvements, generating business development, and supporting best-in-class management teams. Areas with attractive fundamentals where Hildred may invest include the following healthcare subsectors: healthcare services, consumer products, information technology, medical devices, life science tools and diagnostics, healthcare related development and manufacturing, and pharmaceuticals, as well as related businesses that impact these healthcare subsectors. For more information, please visit www.hildredcapital.com.
Headquartered in Charlotte, NC, Bourne Partners is a financial services firm specializing in the pharma, pharma services, OTC, and consumer health sectors. The firm offers investment banking and advisory services, and through Bourne Partners Strategic Capital (“BPSC”) sources and executes direct private equity investment transactions in Bourne’s key focus areas. As owners and operators with over 20 years of experience, BPSC has investment, strategic, and operational experience in companies ranging from $10mm to $3bn in equity value. In some companies, BPSC was the sole equity investor. In larger platforms including Covis Pharma, Millicent Pharma and PAI, BPSC partnered with Cerberus Capital Management, The Carlyle Group and Enhanced Healthcare, respectively. BPSC employees and partners invest a substantial amount of personal capital into each transaction to ensure true alignment of interests between investors, management and other stakeholders. BPSC seeks to add value to its partner companies and fund investments by applying its network of strategic relationships (both private equity and industry relationships), advisory and consulting expertise, and operating experience to generate a positive outcome for management, employees, and investors. For more information, please visit www.bourne-partners.com.
The Emerson Group is a consumer products equity organization singularly focused on brands reaching maximum potential that connect over-the-counter health and beauty brands to loyal shoppers. The Emerson Group specializes in strategic planning, category assessments, due diligence, acquisition, and feasibility studies. The Emerson Group also provides the efficient logistics infrastructure necessary to build brands and offers data and shopper insights for making connections between brands and their target consumers. The Emerson Group leads the industry as a retail partner of choice and provides advanced analytical tools and research for proprietary insights. With over 25 years of experience, The Emerson Group is able to identify opportunities and activate plans that improve sales fundamentals and brand performance. The company was founded in 1995 and is based in Wayne, Pennsylvania. The Emerson Group has long-standing connections to a strong voice with major and regional retailers and is able to provide expertise, competency, and leadership in sales and support to retail partners and clients. They ensure OTC health and beauty brands are given the attention they deserve. For more information, please visit www.emersongroup.com.
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Hildred Capital Management, LLC today announced that Orle Mulamekic has been appointed Managing Director and Chief Financial Officer.
NEW YORK--(BUSINESS WIRE)--Hildred Capital Management, LLC (“Hildred”), a New York based private equity firm focused on healthcare, today announced that Orle Mulamekic has been appointed Managing Director and Chief Financial Officer. Mr. Mulamekic brings nearly two decades of financial operations experience in private equity, including deep expertise in fundraising, financial reporting, tax, investor relations and portfolio company valuation.
“Orle is a seasoned financial professional who will help support Hildred’s continued growth as a firm,” said Managing Partners David Solomon and Andrew Goldman. “Orle has a proven track record of providing strategic, financial and operational leadership at both the fund and portfolio company level, and he will be a key member of the team, developing the infrastructure needed as we become a larger fund. We are confident that his extensive expertise will benefit both Hildred and our valued partners, and we are thrilled to welcome him to the firm.”
“I’m grateful for the opportunity to join Hildred’s management team, which has truly unique investment and operational experience in the healthcare sector,” said Orle Mulamekic, Managing Director and Chief Financial Officer at Hildred Capital Management. “Healthcare is an incredibly attractive and rapidly evolving area, and I look forward to working with David, Andrew and the rest of the team at Hildred as we pursue opportunities that build on Hildred’s enviable track record of generating strong returns for investors while improving patient outcomes, expanding access to high quality care and reducing costs.”
Mr. Mulamekic joins Hildred from Rhône Group, a transatlantic middle market private equity firm, where he most recently served as Chief Financial Officer of Global Funds overseeing four active funds with commitments of approximately $7 billion and AUM of approximately $10 billion. During his 15 year tenure at Rhône Group, Mr. Mulamekic’s responsibilities included all aspects of fund and management company accounting, tax, controls, analysis, planning and decision support to enhance performance and growth. Mr. Mulamekic was instrumental in the successful fundraising of Rhône Group’s Fund IV, which closed with $1.65 billion in commitments, Fund V, which closed with $2.9 billion in commitments, and Fund VI, which closed with $2.4 billion in commitments.
Prior to Rhône Group, Mr. Mulamekic was a Financial Services Manager at Deloitte, where he performed audits of private investment entities and worked closely with senior management teams to advise on external financial statements and valuations.
Mr. Mulamekic earned his BBA in Management from Berkeley College and his MBA from Baruch College.
Hildred is a New York-based private equity investment firm that pursues growth equity investments in middle market healthcare companies with leading products, technologies, and services. Hildred invests in companies with revenues of up to $100 million and creates value from pursuing organic growth strategies, driving effective resource allocation, implementing operational improvements, generating business development, and supporting best-in-class management teams. Areas with attractive fundamentals where Hildred may invest include the following healthcare subsectors: healthcare services, consumer products, information technology, medical devices, life science tools and diagnostics, healthcare related development and manufacturing, and pharmaceuticals, as well as related businesses that impact these healthcare subsectors. For more information, please visit www.hildredcapital.com.
Media:
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Hugh Burns/Pamela Greene
212-433-4600
Hildred Capital Management, today announced that Kevin Regan has been promoted to Vice President.
NEW YORK--(BUSINESS WIRE)--Hildred Capital Management, LLC (“Hildred”), a New York based private equity firm, today announced that Kevin Regan has been promoted to Vice President. Since joining the firm in 2020, Mr. Regan has been an instrumental member of the Investment Team, helping to identify, evaluate and execute high potential investments in healthcare and providing valuable operational and strategic support to the firm’s portfolio companies.
“Kevin’s diligent investment analysis and robust understanding of the healthcare industry has made him a significant contributor to our success in building a leading growth equity investment portfolio,” said Managing Partners David Solomon and Andrew Goldman. “We congratulate Kevin on his well-deserved promotion and are excited to see what he accomplishes in his new, expanded role.”
Mr. Regan joined Hildred from Centre Lane Partners in September 2020 as a Senior Associate. At Centre Lane, he was responsible for investment across various sectors including healthcare, business services, consumer products, industrials, software, media and technology and worked closely with portfolio company board members and management teams. Prior to Centre Lane, Mr. Regan worked as an Investment Banking Analyst in J.P. Morgan’s Leveraged Finance Group where he focused on originating leveraged loans, high yield bonds and bridge facilities in the technology, media and telecommunications sectors.
Mr. Regan graduated magna cum laude with a B.A. in Financial Economics with Honors from the University of Rochester, where he received the Barry Rapoport Prize for general excellence in the field of economics and the William Morse Hastings Essay Prize for the best thesis on a topic of economic research.
Hildred is a New York-based private equity investment firm that pursues growth equity investments in middle market healthcare companies with leading products, technologies, and services. Hildred invests in companies with revenues of up to $100 million and creates value from pursuing organic growth strategies, driving effective resource allocation, implementing operational improvements, generating business development, and supporting best-in-class management teams. Areas with attractive fundamentals where Hildred may invest include the following healthcare subsectors: healthcare services, consumer products, information technology, medical devices, life science tools and diagnostics, healthcare related development and manufacturing, and pharmaceuticals, as well as related businesses that impact these healthcare subsectors. For more information, please visit www.hildredcapital.com.
Media:
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Hugh Burns/Pamela Greene
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Hyland's Naturals, a leading consumer health company, today unveiled its lineup of new premium gummies in the vitamins, minerals, and supplements (VMS) category.
LOS ANGELES, June 1, 2022 /PRNewswire/ -- Hyland's Naturals, a leading consumer health company, today unveiled its lineup of new premium gummies in the vitamins, minerals, and supplements (VMS) category. Consisting of four new preventative health supplements, Hyland's Naturals organic and vegan gummies for adults and children harness nature's best ingredients and are formulated to target specific health goals, ranging from immune support and stress relief to digestive health. The products are launching in over 15,000 retail locations, six countries, and all major e-commerce sites this quarter.
"Hyland's Naturals has been a trusted wellness brand with families for more than a century, and we're thrilled to now offer customers our high-quality gummy supplements for preventative health," said Will Righeimer, CEO of Hyland's Naturals. "Not only do our gummy supplements taste delicious, but they are also manufactured in the USA to ensure the highest level of safety and quality for our consumers."
Since Righeimer joined the company in March 2021, he has led a shared journey to provide Hyland's Naturals customers and retailers the category leadership and product innovation they have wanted from the Hyland's Naturals brand, while continuing to surge ahead of the competition to capture #1, #2 and #3 brand category leadership positions. Righeimer previously served as President and Global GM at Mars, Inc., overseeing the global health and wellness division.
Righeimer is currently overseeing a comprehensive brand refresh, along with Annie Chen, Hyland's Naturals' Chief Marketing Officer. "Annie and her team have incredible thought leadership and alignment with our brand purpose. Their recent rebranding honors the Hyland's Naturals iconic history while also giving it a more modern look and feel based on insights from the brand's core consumers and retailers," Righeimer said.
The entrance into VMS with Hyland's Naturals gummies marks the first of many exciting product launches under the new Hyland's Naturals brand. As part of the company's product innovation strategy, Hyland's Naturals will be introducing over 20 new dietary supplements and topical skincare products in the next year, primarily in the pediatric, general wellness and women's health categories.
As part of its brand promise, Hyland's Natural's products always strive to be as natural as possible, using clean ingredients and avoiding synthetic or artificial additives. The new Hyland's Naturals gummies fulfill this brand promise and are vegan, pectin-based, free of the top nine major allergens, gluten free, and contain no artificial colors, flavors, or sweeteners. Further, the Hyland's Naturals brand specializes primarily in organic formulas that are made with pure and quality ingredients. All the company's products are made in the USA in NSF certified and cGMP facilities and tested with third party labs to ensure safety and quality.
Hyland's Naturals Organic Elderberry Plus
Delivers daily immune support with organic Black Elderberry, Vitamin C and Zinc.
Hyland's Naturals Kids Organic Elderberry Plus
Delivers daily immune support with organic Black Elderberry, Vitamin C and Zinc.
Hyland's Naturals Organic Apple Cider Vinegar Blast
Supports digestive health with the power of antioxidants from apple cider vinegar, within a great-tasting gummy.
Hyland's Naturals Stress Busters
Crafted with L-Theanine, Lemon Balm and Chamomile to provide a non-drowsy solution to help quiet the mind for ample relaxation or focus.
Consumers are invited to follow along and join the brand conversation on Instagram at @HylandsNaturals. For more information on these products please visit www.hylands.com.
Hyland's Naturals is a leading consumer health company with more than a century of history making high quality products to help people live healthier and happier lives. With a trusted brand, rich history, and highly engaged associates, we proudly lead several consumer categories across children's and adult's health with over 75% of our sales from product lines that hold #1 or #2 market share in their categories. Our new state-of-the-art, FDA-regulated and cGMP compliant facility produces millions of the world's best-loved products each month that are sold in more than 15 countries and can be found in every major retailer in the United States. At the core of the Hyland's Naturals business is our mission to create natural wellness products that empower people and pets to live healthier and happier lives. We operate each day based on our five core values of Quality, Integrity, Passion, Innovation and Accountability which is brought to life every day through our dedicated employees. Hyland's Naturals is headquartered in Los Angeles, CA. For more information about us, please visit www.hylands.com.
SOURCE Hyland’s Naturals
Crown Laboratories has finalized an agreement with Eclipse, a medical technology company, to acquire its global, aesthetics-focused assets.
JOHNSON CITY, Tenn., May 24, 2022 /PRNewswire/ -- Crown Laboratories ("Crown"), a leading, fully integrated global skincare company, has finalized an agreement with Eclipse, a medical technology company, to acquire its global, aesthetics-focused assets. The acquisition expands Crown's aesthetics' product portfolio and enhances Crown's overall value proposition as a global leader in science-based aesthetic skincare solutions.
"We pride ourselves on being at the forefront of today's aesthetics market by developing and delivering best-in-class medical technologies and products that are exceptionally safe and effective," said Jeff Bedard, President and CEO of Crown. "This strategic acquisition furthers Crown's mission to drive innovation and provide superior products and customer service to aesthetics providers around the world. Eclipse's excellent products will broaden our product line and customer base, domestically and internationally."
"We are thrilled to have completed this transaction with Crown," added Paul O'Brien, CEO of Eclipse. "The combination of Eclipse's innovative product offerings with Crown's leadership position in the aesthetics market will undoubtedly expand the reach and optimize the range of services health care professionals can provide to their patients."
As an innovative company focused on skin science, Crown will integrate the Eclipse products into the Aesthetics business unit of Crown to complement its award-winning SkinPen® Precision and other brands. Eclipse customers can expect to continue receiving superior customer service, medical education, and access to Crown's expanded range of highly effective aesthetic products.
Crown, a privately held, fully integrated global skincare company, is committed to developing and providing a diverse portfolio of aesthetic, premium and therapeutic skincare products that improve the quality of life for its consumers throughout their skincare journey. An innovative company focused on skin science for life, Crown's unyielding pursuit of delivering therapeutic excellence and enhanced patient outcomes is why it has become the leader in dermatology and aesthetics. Crown has been listed on the Inc. 5000 Fastest Growing Privately Held Companies List for eight years and has expanded its distribution to over 38 countries. For more information, visit www.crownlaboratories.com.
Eclipse was established in January 1993 as a specialty surgical supply company. It quickly became a successful privately held medical device company and one of the pioneers in the aesthetic market, launching several energy-based devices globally. For more than 28 years, Eclipse has been an innovative leader in advancing medical technologies to bring medical supplies to practices in the U.S. and around the globe. Based in Dallas, Eclipse manufactures and distributes high-efficacy, affordable products to physicians that exceed patient expectations and put immediate profit into our partners' practices.
SOURCE Crown Laboratories, Inc.
DermCare Management, a quickly-growing and innovative family of brands focused on both medical and cosmetic dermatologic services, announced new partnerships with Stone Oak Dermatology, Irradiance Medical Group, Altman Dermatology, and Icecreamwala Dermatology today.
HOLLYWOOD, Fla., Feb. 2, 2022 /PRNewswire/ -- DermCare Management, a quickly-growing and innovative family of brands focused on both medical and cosmetic dermatologic services, announced new partnerships with Stone Oak Dermatology, Irradiance Medical Group, Altman Dermatology, and Icecreamwala Dermatology today. These new affiliations further expand DermCare's footprint in Florida, Texas, and California by bringing the platform to 46 locations and approximately 100 medical providers.
Leading Stone Oak Dermatology located in San Antonio, TX is Dr. Linda Banta, an exceptionally skilled Dermatologist, an awarded educator, and a retired Navy Commander. Dr. Banta is a pillar of her community and is recognized as a Top Doctor in the San Antonio area.
A trailblazer in California, Dr. Christopher Ho of Irradiance Medical Group leads his two state-of-the-art practices located in Torrance and Los Angeles. Dr. Ho and IMG pride themselves on their quality of patient care, stemming from quality relationships and the desire to both treat and educate their patients.
Dr. Andrew Altman of Altman Dermatology is best known for his extraordinary focus on personalized patient care. His private practice located in Plantation, FL treats patients to a true one-on-one approach supported by over 20 years of experience in both medical and cosmetic dermatology.
Dr. Devika Icecreamwala, founder of Icecreamwala Dermatology's sister locations in Berkley and Dublin California, operates her practices with a simple mission: to bring simplicity back to skincare via education. Dr. Icecreamwala applies her passion for Dermatology every day with each and every one of her patients, ensuring an outstanding experience whether it be medical or cosmetic.
"Communication, openness about next steps in the practice, and the continuity of care of my patients was of the utmost importance. In the short period of our partnership, DermCare has delivered on all those fronts." –Dr. Christoper Ho on his partnership with DermCare
"As we continue to execute on our growth strategy in our core markets, we are excited to partner with these extraordinary physicians and their staffs," said Jeffrey Schillinger, CEO of DermCare. "Our strength lies in our partners. Our partners are key opinion leaders in dermatology and through their collaboration, we bring innovation that drives the operational excellence our future partners can enjoy."
DermCare Management, a portfolio company of Hildred Capital Management, is a dermatology practice management company founded on the principle of merging seasoned medical professionals with clinically focused management expertise. Founded in 2017 as a group of 5 founding practices encompassing 15 South Florida locations, DermCare continues to grow year after year despite an unprecedented world pandemic.
Media Contact: Steve Estevez, Director of Marketing, sestevez@dermcaremgt.com
SOURCE Dermcare Management
Hildred Capital Management LLC announced that it has closed its first institutional fund, Hildred Equity Partners II (the “Fund”) with total commitments of $362.5 million, exceeding its target.
NEW YORK--(BUSINESS WIRE)--Hildred Capital Management LLC (“Hildred”), a New York based private equity firm, today announced that it has closed its first institutional fund, Hildred Equity Partners II (the “Fund”) with total commitments of $362.5 million, exceeding its target. Hildred will continue to focus on generating strong financial returns for its partners by tapping into secular growth opportunities in attractive healthcare sectors such as consumer products, medical provider services, pharmaceuticals services, information technology, life science tools and diagnostics, as well as related businesses. With deep industry knowledge and relationships, Hildred will pursue both majority and influential minority investments in outstanding healthcare companies where the firm’s strategic, operational, and financial expertise can enhance performance and create enduring value.
The Fund received strong support from a diverse group of both new and existing Hildred investors globally, including public pension plans, insurance companies, financial institutions, private wealth and financial services platforms, family offices, and high-net-worth individual investors. The General Partners of Hildred and their affiliated entities will invest approximately $80 million of capital in the Fund alongside these investors.
The Fund’s leadership team includes Managing Partners David Solomon and Andrew Goldman who have been working together since 2014 and have completed many successful healthcare investments, including Crown Laboratories, Butterfly Network and Kareo. Prior to establishing Hildred, Mr. Solomon served as SVP of Corporate Development and Strategic Planning at Forest Laboratories, and Mr. Goldman was a General Partner of Priam Capital. Mr. Solomon and Mr. Goldman are joined by an investment and operating team with a broad and complementary range of healthcare experience, including partner Bill Meury, former Chief Commercial Officer of Allergan.
“We appreciate the enthusiastic reception we have received for Hildred’s first institutional fund, and we are thrilled about the range of opportunities we see in middle market healthcare and adjacent areas,” said David Solomon, Managing Partner. “This is an incredibly exciting time to be focused in healthcare, as the pandemic has exposed significant areas of unmet need and inefficiency in patient care, resulting in fundamental shifts in the healthcare landscape that are creating highly compelling investment opportunities. Our focus will continue to be on building exceptional companies that add value to the healthcare system by improving patient outcomes, expanding access to high quality care and reducing costs.”
“We are grateful to have the support of investors who share our vision and belief in the growth catalysts for investments in middle market healthcare,” said Andrew Goldman, Managing Partner. “We look forward to continuing to partner with best-in-class businesses and their management teams where we can leverage Hildred’s deep operational experience and highly collaborative, hands-on approach to accelerate the provision of high-quality healthcare to the patients globally. With seven investments already completed, a robust acquisition pipeline, and ample dry powder, Hildred is exceptionally well positioned to drive strong returns for our investors in the evolving healthcare space.”
“The incredibly strong show of support Hildred has received for its first institutional fund amid the ongoing challenges associated with the pandemic is a testament to the strength of its team,” said Bart Malloy, Partner, Monument Group. “With extensive industry relationships, a deep bench of seasoned healthcare and investment professionals and exceptionally strong operational capabilities, Hildred has a compelling investment strategy. Congratulations to the entire team on a successful capital raise!”
To date, Hildred has completed seven investments in the Fund, including DermCare Management, a dermatology practice management company; HealthCare.com, a leading data-driven healthcare insurtech platform; Project Natural, an integrated manufacturer of natural and homeopathic consumer health OTC products; binx, the creator of high-quality diagnostic testing aimed at driving better compliance and health outcomes; SportsMed, a provider of physical therapy and related therapeutic services; Tesseract, the originator of a non-invasive diagnostic device to detect health conditions through the eye; and Carlin Consumer Health, a platform to acquire leading over-the-counter healthcare brands. The Fund is approximately 61% committed.
Kirkland & Ellis LLP served as legal counsel to Hildred. Monument Group, Inc. acted as placement agent.
Hildred is a New York-based private equity investment firm that pursues growth equity investments in middle market healthcare companies with leading products, technologies, and services. Hildred invests in companies with revenues of up to $100 million and creates value from pursuing organic growth strategies, driving effective resource allocation, implementing operational improvements, generating business development, and supporting best-in-class management teams. Areas with attractive fundamentals where Hildred may invest include the following healthcare subsectors: healthcare services, consumer products, information technology, medical devices, life science tools and diagnostics, healthcare related development and manufacturing, and pharmaceuticals, as well as related businesses that impact these healthcare subsectors. For more information, please visit www.hildredcapital.com.
Media:
Reevemark
Hugh Burns/Pamela Greene
212-433-4600
HealthCare.com, a leading data-driven insurtech platform, announced today the extension of its recent Series C equity round, which was led by Oaktree Capital Management, L.P. (“Oaktree”) as well as existing investors AXIS Capital, Second Alpha and Link Ventures.
NEW YORK & MIAMI--(BUSINESS WIRE)--HealthCare.com, a leading data-driven insurtech platform, announced today the extension of its recent Series C equity round, which was led by Oaktree Capital Management, L.P. (“Oaktree”) as well as existing investors AXIS Capital, Second Alpha and Link Ventures. The additional $31.5M in Series C equity financing came from healthcare-focused private equity firm Hildred Capital Management (“Hildred”), bringing the total funding round to $211.5M.
“We are excited to have Hildred as a partner in this round,” said Don Loonam, Chief Executive Officer of HealthCare.com. “With deep strategic and operational experience and long-standing industry relationships, Hildred is a perfect strategic partner for us as we look to expand our direct-to-consumer insurance and pharmacy initiatives.”
“HealthCare.com is revolutionizing how consumers shop for health insurance. We are thrilled to help build on their strong momentum and partner with them to drive innovation and accelerate the development of their AI platform,” said David Solomon, Co-Founder and Managing Partner of Hildred Capital Management.
The HealthCare.com team is committed to changing the U.S. consumer’s relationship to their healthcare, creating solutions that make it easy to discover, choose, buy and use health insurance and other healthcare-related products – across every life-stage. Leveraging its deep data assets and AI algorithms, HealthCare.com matches individuals to an increasingly wide array of products in the healthcare space, including its own proprietary insurance plans and customizable insurance product bundles.
David Solomon has joined the HeathCare.com Board of Directors on behalf of Hildred. As previously announced, Brian Laibow, Managing Director and Co-Head of North America for Oaktree's Global Opportunities strategy, and Linda Ventresca, Chief Strategy Officer for AXIS Capital, have joined the HealthCare.com Board of Directors in conjunction with the funding round.
HealthCare.com is a digital healthcare platform connecting consumers, service providers and payors with the goal of bringing simplicity and transparency to an industry famous for its complexity and opacity. HealthCare.com also develops and markets a portfolio of proprietary, direct-to-consumer insurance and pharmacy plan products. Founded in 2014, the company is headquartered in New York City and Miami, Florida. For more info, visit www.healthcare.com.
Hildred is a New York-based private equity investment firm that pursues growth equity investments in middle market healthcare companies with leading products, technologies and services. Hildred invests in companies with revenues of up to $100 million and creates value from pursuing organic growth strategies, driving effective resource allocation, implementing operational improvements, generating business development, and supporting best-in-class management teams. Areas with attractive fundamentals where Hildred may invest include the following healthcare subsectors: healthcare services, consumer products, information technology, medical devices, life science tools and diagnostics, healthcare related development and manufacturing, and pharmaceuticals, as well as related businesses that impact these healthcare subsectors. For more information, please visit www.hildredcapital.com.
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Hildred Capital Management, LLC (“Hildred”) and Bourne Partners Strategic Capital (“Bourne”), together with The Emerson Group (“Emerson”), launch Carlin Consumer Health (“Carlin”) to establish a preeminent consumer health business and to acquire leading over-the-counter (“OTC”) brands.
Acquires ZEGERID OTC® for Heartburn Treatment from Bayer
Well-Capitalized OTC Platform to Acquire and Grow OTC Brands
NEW YORK & CHARLOTTE, N.C. & WAYNE, Pa.--(BUSINESS WIRE)--Healthcare private equity firms Hildred Capital Management, LLC (“Hildred”) and Bourne Partners Strategic Capital (“Bourne”), together with The Emerson Group (“Emerson”), launch Carlin Consumer Health (“Carlin”) to establish a preeminent consumer health business and to acquire leading over-the-counter (“OTC”) brands. Carlin will be uniquely positioned to acquire and commercialize well-established brands as well as support its retail partners and their customers.
OTC products offer 24/7 access to important treatment solutions and deliver significant value to the US healthcare system as the first line of healthcare defense for millions of Americans. They are convenient and effective solutions for self-treating conditions, such as the common cold, allergies, gastrointestinal issues, and pain.
In connection with its formation, Carlin today announced the acquisition of Zegerid OTC® (“Zegerid”) from Bayer AG (“Bayer”). Zegerid is an OTC proton pump inhibitor used for the treatment of frequent heartburn with a unique dual-ingredient, branded combination that provides 24-hour relief from one daily capsule. Carlin plans to launch new consumer awareness campaigns using print and digital media as well as promotional programs with the top US retailers.
“As the OTC market continues to grow rapidly and large pharmaceutical companies look to divest one-off consumer brands, we see a number of compelling investment opportunities for firms with the healthcare experience, industry relationships and operational know-how needed to drive growth,” said Andrew Goldman, Managing Partner of Hildred. “We believe our firms’ collective expertise and track record for building similar platforms, such as Crown Laboratories, Inc. and Covis Pharma, position Carlin extremely well to drive substantial value creation for all stakeholders.”
“We are excited to collaborate with Hildred and Emerson to build a platform of strategically-aligned brands that can benefit from our operationally-focused strategy and collaborative approach to partnering with retailers to meet the health and wellness needs of consumers and their families,” said Minor Hinson, Chief Investment Officer of Bourne. “We look forward to transitioning Zegerid to Carlin and pursuing additional attractive opportunities in our pipeline.”
“With market-leading consumer loyalty and significant potential for growth through investments in sales, marketing and product development, Zegerid is a terrific first asset for Carlin,” said Scott Emerson, CEO of The Emerson Group. “As a well-capitalized platform with shareholders that maintain longstanding industry relationships, Carlin is uniquely positioned in this space, and we look forward to building out our platform with additional accretive acquisitions.”
Carlin represents Hildred’s third platform investment in the OTC industry, and the Zegerid acquisition emerged from Bourne’s partnership with Emerson to establish a preeminent consumer health business. The financial terms were not disclosed. Lowenstein Sandler served as legal adviser to Carlin on the acquisition.
Hildred is a New York-based private equity investment firm that pursues growth equity investments in middle market healthcare companies with leading products, technologies and services. Hildred invests in companies with revenues of up to $100 million and creates value from pursuing organic growth strategies, driving effective resource allocation, implementing operational improvements, generating business development, and supporting best-in-class management teams. Areas with attractive fundamentals where Hildred may invest include the following healthcare subsectors: healthcare services, consumer products, information technology, medical devices, life science tools and diagnostics, healthcare related development and manufacturing, and pharmaceuticals, as well as related businesses that impact these healthcare subsectors. For more information, please visit www.hildredcapital.com.
Headquartered in Charlotte, NC, Bourne Partners is a financial services firm specializing in the pharma, pharma services, OTC, and consumer health sectors. The firm offers investment banking and advisory services, and through Bourne Partners Strategic Capital (“BPSC”) sources and executes direct private equity investment transactions in Bourne’s key focus areas. As owners and operators with over 20 years of experience, BPSC has investment, strategic, and operational experience in companies ranging from $10mm to $3bn in equity value. In some companies, BPSC was the sole equity investor. In larger platforms including Covis Pharma, Millicent Pharma and PAI, BPSC partnered with Cerberus Capital Management, The Carlyle Group and Enhanced Healthcare, respectively. BPSC employees and partners invest a substantial amount of personal capital into each transaction to ensure true alignment of interests between investors, management and other stakeholders. BPSC seeks to add value to its partner companies and fund investments by applying its network of strategic relationships (both private equity and industry relationships), advisory and consulting expertise, and operating experience to generate a positive outcome for management, employees, and investors. For more information, please visit www.bourne-partners.com.
The Emerson Group is a consumer products equity organization singularly focused on brands reaching maximum potential that connect over-the-counter health and beauty brands to loyal shoppers. The Emerson Group specializes in strategic planning, category assessments, due diligence, acquisition, and feasibility studies. The Emerson Group also provides the efficient logistics infrastructure necessary to build brands and offers data and shopper insights for making connections between brands and their target consumers. The Emerson Group leads the industry as a retail partner of choice and provides advanced analytical tools and research for proprietary insights. With over 25 years of experience, The Emerson Group is able to identify opportunities and activate plans that improve sales fundamentals and brand performance. The company was founded in 1995 and is based in Wayne, Pennsylvania. The Emerson Group has long-standing connections to a strong voice with major and regional retailers and is able to provide expertise, competency, and leadership in sales and support to retail partners and clients. They ensure OTC health and beauty brands are given the attention they deserve. For more information, please visit www.emersongroup.com.
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Kareo, a leader in cloud-based clinical and financial software, and PatientPop, a leader in practice growth technology, today announced the closing of their merger and the unveiling of the combined company’s new name
Combination of leaders in practice growth and operations will create an all-in-one practice success platform to help independent practitioners thrive in the era of consumer-driven healthcare
IRVINE, Calif. & SANTA MONICA, Calif.--(BUSINESS WIRE)--Kareo, a leader in cloud-based clinical and financial software, and PatientPop, a leader in practice growth technology, today announced the closing of their merger and the unveiling of the combined company’s new name. Tebra combines leading technologies from both companies, which currently support more than 100,000 healthcare providers, to deliver an all-in-one platform purpose-built to drive practice success and modernize every step of the patient journey.
“Tebra is building the operating system for the connected practice of the future with solutions to support practice growth, the patient experience, care delivery, and the billing and payments process”
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The consumerization of healthcare has finally arrived at your local doctor’s office. Patients are paying more for their healthcare, spending more time searching for providers online, and demanding convenient tools like online scheduling, telehealth, and two-way messaging. The COVID-19 pandemic has hyper-accelerated these trends as providers adopt digital technology to extend access to care and stay connected to patients.
“Patients today expect a seamless, digital experience from healthcare like they have in every other aspect of their lives. But unfortunately, not all doctors have been able to keep pace with these expectations like other industries have,” Dan Rodrigues, CEO and founder of Kareo, said. “That’s why we’re so excited to join forces with PatientPop to help doctors grow their practices online and deliver a modern experience.”
PatientPop contributes technology to support practice growth, including practice websites, online appointment booking, search marketing, digital registration, messaging, and more. Kareo contributes technology to support practice operations, including a fully certified Electronic Health Record (EHR), scheduling, insurance billing, patient payments, and more. Together as Tebra, PatientPop and Kareo will support the connected practice of the future and modernize every step of the patient journey.
“PatientPop helps doctors attract more patients, manage their reputation, and grow their business,” Luke Kervin, co-CEO and co-founder of PatientPop, said. “But the one thing our customers have been asking for over the years is a deeper integration with their clinical and financial system of record. Now with Kareo we can finally bring to the market the all-in-one platform our practices have been demanding.”
The name Tebra is derived from the word “vertebrae” and symbolizes the role the new company serves as the backbone of practice success, delivering digital technology to connect providers and their patients. The combined company currently has approximately 1,000 employees supporting more than 100,000 healthcare providers who are delivering care to more than 85 million patients in the U.S.
“Tebra is building the operating system for the connected practice of the future with solutions to support practice growth, the patient experience, care delivery, and the billing and payments process,” Travis Schneider, co-CEO and co-founder of PatientPop, said. “But this merger also creates a network of providers and patients and we’re excited to bring new solutions to the market built on top of our network.”
Tebra will leverage the expertise of the PatientPop and Kareo founders, executive teams, and boards of directors. Kareo CEO and founder Dan Rodrigues will serve as the CEO of Tebra. PatientPop co-CEOs and co-founders Luke Kervin and Travis Schneider will serve as Tebra’s Chief Innovation Officer and Chief Corporate Development Officer, respectively. Tebra has formed a new executive team and board of directors comprised of executives and board members drawn from both PatientPop and Kareo. Tebra has received $65 million in additional growth financing from Golub Capital to support the merger.
PatientPop and Kareo will continue to operate under their respective brands for now. With Tebra, joint customers will be able to use PatientPop and Kareo together powered by a deep, seamless product integration. Both companies also remain committed to supporting and expanding integrations with EHR and practice management partners and other third-party healthcare technology products.
J.P. Morgan Securities LLC acted as exclusive financial advisor to Kareo. Fenwick & West LLP provided legal counsel to Kareo. Cooley LLP provided legal counsel to PatientPop.
For more information and updates on the merger, visit www.tebra.com.
About PatientPop
PatientPop is an industry leader in practice growth technology with a platform that helps thousands of providers promote their practice, attract and acquire patients, and retain them, for a thriving business. The integrated platform eases and enhances the patient journey from start to finish, with a streamlined digital workflow that significantly reduces work for providers and staff. PatientPop has been recognized with many industry awards and accolades including the Inc. 500, Deloitte Fast 500, Entrepreneur 360, Consumer World Awards, Capterra Shortlist, G2 Leader, and Silicon Review 50 Fastest Growing Companies. PatientPop has headquarters in Santa Monica, California. For more information, visit www.patientpop.com.
About Kareo
Kareo is a cloud-based healthcare technology platform built to meet the unique needs of independent practices in dozens of specialties. Today, Kareo helps over 80,000 providers in 50 states deliver outstanding patient care and run more efficient and profitable practices. The Kareo technology platform helps providers find more patients, manage patient care with a fully certified and easy-to-use EHR, and get paid quickly within a unified, easy-to-use solution. Kareo has received extensive industry recognition, including the 2021 Best in KLAS award for Small Practice Ambulatory EMR/PM Solutions, the Deloitte Technology Fast 500, Inc. 5000, and a ranking at the top of Gartner’s Leader Quadrant in the FrontRunners Software Analysis of EHR. Kareo’s headquarters are based in Irvine, California. For more information, visit www.kareo.com.
Crown Laboratories has entered into a definitive agreement under to acquire StriVectin.
JOHNSON CITY, Tenn. and GREENWICH, Conn., August 26, 2021 – Crown Laboratories, (“Crown”), a leading, fully integrated, global skincare company and a Hildred Capital Management LLC (“Hildred”) portfolio company, and L Catterton, the largest global consumer-focused private equity firm, today announced that they have entered into a definitive agreement under which Crown will acquire StriVectin. The transaction is expected to close by mid-September 2021 and is subject to regulatory approvals and other customary closing conditions. Terms of the transaction were not disclosed. Other equity sponsors in Crown include Greenspring Associates and Montreux Growth Partners.
Upon completion of the transaction, StriVectin’s products will become part of Crown’s new Premium Skincare Division and will operate as a wholly owned subsidiary of Crown Laboratories. StriVectin’s President, Cori Aleardi, will become President and Chief Commercial Officer of Crown and will join the Crown Executive Leadership Team. StriVectin will continue to be based in New York City.
“Partnering with StriVectin is an exciting and significant next step in diversifying and scaling our organization,” said Jeff Bedard, Crown Laboratories CEO. “StriVectin has assembled a truly impressive team, a proven business model, and a premier product portfolio that is beloved by its customers. We are particularly excited that Cori will be assuming a senior executive role at Crown, helping to guide the merged businesses, and we think the combined talents of both teams will enable us to accelerate growth across all our product areas. The addition of StriVectin to Crown’s portfolio enriches our focus on partnering with our customers throughout their lifetime skin health journey.”
“We are excited to build on our success in this next chapter as StriVectin continues to redefine the science of skincare and changes the way people feel about their skin,” added Cori Aleardi, President of StriVectin. “As part of Crown, StriVectin will benefit from additional resources to expand infrastructure, support future growth, and deliver on our commitment to provide next generation skincare to every generation and put the science of skin health first.”
The acquisition strengthens Crown’s overall skincare product portfolio:
NEW Crown Premium Skincare will include StriVectin, comprised of a broad range of award- winning skincare solutions for all skin types, tones, and ages, including TL Advanced Tightening Neck Cream Plus, the #1 selling cream exclusively for the neck and décolleté, and Vita Liberata, a multiple award-winning sunless tanning brand.
“On behalf of Hildred, Greenspring and Montreux, I am delighted to bring Crown and StriVectin together to create a world-class, comprehensive premium skincare portfolio and to welcome Cori and her colleagues to our team,” said David Solomon, Hildred Managing Partner and Chairman of the Board for Crown Laboratories. “Both of these companies are generating impressive growth, and the opportunity for complementary growth between the two organizations is tremendous. The StriVectin portfoliocomplements Crown’s current skincare offering and expands the combined organization’s potential to grow and drive further product development, which is the heartbeat of any organization.”
“When L Catterton invested in StriVectin in 2009, we saw a fantastic opportunity to transform a niche product into an iconic premium skincare brand, changing the game in beauty with a scientific approach to formulation,” said Avik Pramanik, a Partner of L Catterton’s Flagship Buyout Fund. “Working together with the talented management team, we established StriVectin as the largest independent brand in the U.S. prestige skincare market with broad geographic and multi-generational appeal. We are pleased to have played a role in their dramatic growth and are confident that Crown is the right partner for StriVectin as they strive to continue their strong growth and reach their next level of success.”
“L Catterton’s support of StriVectin showcases the firm’s expertise as a brand-builder,” said Joan Malloy, Chief Executive Officer of StriVectin. “They were true partners throughout the brand journey, bringing strategic, operational, and industry expertise to foster innovation, growth, and market expansion.”
Launched in 2002, StriVectin is ranked the most effective anti-aging skincare brand by consumers. L Catterton has partnered with management to drive significant growth and value creation through a strategic plan focused on marketing and operational enhancements. Together with L Catterton, StriVectin:
Crown, a privately held, fully integrated global skincare company, is committed to developing and providing a diverse portfolio of aesthetic, premium beauty, and therapeutic skincare products that improve the quality of life for its customers. An innovative company focused on skin science for life, Crown’s unyielding pursuit of delivering therapeutic excellence and enhanced patient outcomes is why it has become a leader in Dermatology and Aesthetics. Crown has been listed on the Inc. 5000 Fastest Growing Privately Held Companies List for eight years and has expanded its distribution to over 38 countries. For more information, visit www.crownlaboratories.com.
StriVectin, the #1 independent prestige skincare company in the U.S., empowers people to outsmart aging with our disruptive science and targeted solutions for aging and changing skin. Backed by over 35 years of clinical research, our proprietary NIA-114 TechnologyTM is clinically proven to strengthen the skin barrier and supercharge the efficacy of other performance ingredients to visibly transform skin. The results are real, visible and validated with independent clinical studies on every formula – including the groundbreaking SD AdvancedTM Intensive Concentrate for Wrinkles & Stretch Marks and the #1 selling cream in the U.S. exclusively for the neck and décolleté, TL AdvancedTM. Cruelty Free, Paraben Free and Suitable for All Skin Types, StriVectin products are sold through department stores and specialty retailers in North America, Europe and Asia. The company maintains corporate offices in New York, NY. For more information, visit www.strivectin.com.
Hildred is a New York-based private equity investment firm that pursues growth equity investments in lower middle market healthcare companies with leading products, technologies and services. Hildred
focuses on opportunities to create value from earnings growth, operational improvements and multiple expansion in companies with revenues of $0 to $100 million. Areas with attractive fundamentals where Hildred may invest include the following healthcare subsectors: healthcare services, consumer products,
information technology, medical devices, and pharmaceuticals; including the related industries that
surround these healthcare subsectors. For more information, visit
With approximately $30 billion of equity capital across its fund strategies and 17 offices around the world, L Catterton is the largest global consumer-focused private equity firm. L Catterton's team of nearly 200 investment and operating professionals partner with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad partnership network. Since 1989, the firm has made over 250 investments in leading consumer brands. For more information about L Catterton, please visit www.lcatterton.com.
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Financing led by OrbiMed, and includes Arrowmark Partners, Hildred Capital Management, Alta Life Sciences and Parian Global.
BOSTON, May 27, 2021 /PRNewswire/ -- binx health, a healthcare technology and diagnostics company that makes routine testing convenient by enabling access to care where people live, work, study and shop, today announced the closing of a Series E financing of $104 million. The financing was led by OrbiMed, and included other new investors Arrowmark Partners, Hildred Capital Management, Alta Life Sciences and Parian Global, along with existing investors LSP and Johnson and Johnson Development Corporation, among others. In connection with the financing, Andrew Goldman, Co-founder and Managing Partner of Hildred Capital Management, will join the Company's Board of Directors.
"We believe binx is positioned to transform how people think about access to routine testing. With their 'everywhere care' strategy, and remarkable molecular platform, we are thrilled to have led this round with a blue-chip syndicate, all as partners in the journey ahead," said Matthew Rizzo, OrbiMed Partner.
"We're especially excited by our investment in binx, given its commitment to scientific rigor and its leadership position in sexual health in CLIA-waived settings," said Tuan Huyn of ArrowMark.
"With key catalysts in place to accelerate effective point-of-care testing, we're excited to be working with the binx team in its mission to provide better and faster diagnostic capabilities to healthcare providers and consumers," said Andrew Goldman of Hildred Capital Management.
"binx is a unique company that sits at the intersection of high-quality testing, consumer convenience, and a shift to decentralized settings. We are thrilled to have joined the story at its commercial inflection," said Scott Moonly of Alta Life Sciences.
"We are witnessing a transition in healthcare from centralized to decentralized models, supported by proprietary solutions at point-of-care and at-home that have the potential to broaden access to care for millions. We are gratified that our new investor syndicate shares our vision around consumer convenience, healthcare equity and 'everywhere' access to high-quality testing," said Jeff Luber, Chief Executive Officer of binx health. "The proceeds from this financing will help us reach even more people with the care they need where they live, work and shop, while we ramp manufacturing and scaling of our proprietary binx io testing instrument and cartridges, expand our sales efforts in the U.S. and abroad, and further build out our proprietary software platform and data infrastructure."
The Company's 'Everywhere Care' business model is premised on the view that testing solutions for many diseases and disorders are needed in both traditional healthcare delivery locations and through remote and at-home access, to truly provide better access in support of total population health. For in-clinic/at-retail locations, the binx io rapid molecular point of care platform offers onsite convenience in a CLIA–waived solution for chlamydia and gonorrhea that can provide testing, diagnosis and treatment in the same visit. For those unable to access in-person testing, binx at-home offers convenience and high-quality access to care through remote sample collection. Through our omnichannel platform, we enable our enterprise customers to service their patient populations, no matter their preference or location.
Torreya Capital served as binx's financial advisor and placement agent for the financing. binx health was represented by its UK counsel, Taylor Vinters, and its US counsel, Foley Hoag LLP in connection with the financing, OrbiMed was represented by Morrison & Foerster LLP.
OrbiMed is a leading healthcare investment firm, with approximately $18 billion in assets under management. OrbiMed invests globally across the healthcare industry through a range of private equity funds, public equity funds, and royalty/credit funds. OrbiMed's team of over 100 professionals is based in New York City, San Francisco, Shanghai, Hong Kong, Mumbai, Herzliya and other key global markets.
ArrowMark Partners is an employee-owned asset management firm founded in 2007. Today, ArrowMark manages $23.2 billion in assets on behalf of a broad array of institutional clients and professional asset allocators across alternative credit and capacity-constrained equity strategies, as well as through the management of broadly syndicated and middle-market CLO Funds. Our unique approach, based on the team's collective experience navigating market cycles, provides extensive insights across the capital structure and a skilled understanding of how to manage complex risk/reward tradeoffs through fundamental research.
Hildred Capital Management, LLC is a New York-based private equity investment firm that pursues growth equity investments in lower middle market healthcare companies with leading products, technologies and services. Hildred focuses on opportunities to create value from earnings growth, operational improvements and multiple expansion in companies with revenues of $0 to $100 million. Areas with attractive fundamentals where Hildred may invest include the following healthcare subsectors: healthcare services, consumer products, information technology, medical devices, and pharmaceuticals; including the related industries that surround these healthcare subsectors. www.hildredcapital.com
Alta Life Sciences Spain I FCR (ALSS I FCR) is a venture capital fund that invests in companies in all their stages of development: from financing through seed capital to business growth, and in all spheres of life sciences including biotechnology, medical devices, diagnosis, genomics and digital health. Altamar Private Equity SGIIC, a leading independent firm in the management of international private assets with approximately €8.5b of historically committed capital and assets under distribution is the managing company of ALSS I FCR and Alta Life Sciences, S.L., formed by leading professionals in the life sciences business, act as exclusive investment advisor. www.altals.com
Parian Global is a fundamentally oriented investment manager focused on technology-enabled businesses in the healthcare and financial sectors. The firm seeks out opportunities created by innovation, strategic evolution, and structural change within these industries through investments in public and late-stage private companies.
binx health is a healthcare technology and diagnostics company that makes routine testing convenient by enabling access to care where people live, work, study and shop. The Company works with large corporate partners and institutions who have access large patient populations and have a significant interest in delivering or facilitating better healthcare to provide access to and enable more streamlined delivery of diagnostic testing and care. Its omnichannel platform includes the point-of-care io platform which puts central-lab quality testing solutions in the hands of clinicians everywhere and the Company's suite of physician-mediated and medically guideline-driven, at-home sample collection offerings which bring high quality testing, population health tools and seamless digital integration capability to those unable or unwilling to visit a clinic location.
binx's FDA-cleared, CLIA-waived io platform is the first ever point-of-care tool for the detection of chlamydia and gonorrhea that provides central lab performance results in about thirty minutes. Its platform is highly flexible, easy-to-use, and rapid, offering molecular point-of-care answers at central-lab quality performance and for the first time enabling single-visit test and treatment. The Company is currently expanding its platform into COVID-19 testing by combining our proprietary electrochemical detection with CRISPR methods.
Brendan Payne
Stern Investor Relations, Inc.
212-362-1200
Brendan.Payne@sternir.com
Paul Kidwell
Stern Investor Relations, Inc.
617-680-1088
Paul.Kidwell@sternir.com
SOURCE binx health, inc
The transaction will merge Quantum-Si’s revolutionary, end-to-end proteomics solution, and HighCape Capital Acquisition Corp., a healthcare-focused SPAC sponsored by leading healthcare growth equity investment firm HighCape Capital LP.
The transaction will merge Quantum-Si’s revolutionary, end-to-end proteomics solution, and HighCape Capital Acquisition Corp., a healthcare-focused SPAC sponsored by leading healthcare growth equity investment firm HighCape Capital LP.
The transaction is further supported by an oversubscribed $425 million PIPE with participation from leading institutional investors, including Foresite Capital Management, LLC, Eldridge, accounts advised by ARK Invest, Glenview Capital Management, LLC, and Redmile Group, LLC.
The pro forma equity value of the business combination is $1.460 billion, with the combined company expected to have an estimated $514 million in cash after closing.
Quantum-Si Founder and Executive Chairman, Dr. Jonathan Rothberg, to become Executive Chairman of the combined company and will be joined on its board of directors by Kevin Rakin, Chief Executive Officer of HighCape Capital and Jim Tananbaum, MD, Founder and CEO of Foresite Capital Management, LLC.
NEW YORK and GUILFORD, Conn., Feb. 18, 2021 (GLOBE NEWSWIRE) -- Quantum-Si Incorporated (“Quantum-Si”, "QSi" or the "Company"), a pioneer in next generation semiconductor chip-based proteomics, and HighCape Capital Acquisition Corp. (Nasdaq: CAPA) (“HighCape”), a special purpose acquisition company sponsored by HighCape Capital LP, announced today that they have entered into a definitive business combination agreement. Upon completion of the transaction, the combined company's Class A common stock is expected to be traded on The Nasdaq Stock Market (“Nasdaq”) under the symbol "QSI".
Quantum-Si has created the first next-generation protein sequencing platform with the goal of revolutionizing the growing field of proteomics. Our unique semiconductor chip has the power to decode the molecules of life, starting with proteins, and holds the potential to expand the scale of the genomics and proteomics market beyond that of next-generation DNA sequencing.
QSi’s end-to-end solution, including Carbon and Platinum, which is on track to launch commercially in 2022 for research use, has the potential to significantly disrupt an existing addressable $21 billion market of pharmaceutical, academic research and drug discovery. The platform also may enable new diagnostic applications in healthcare.
"Quantum-Si’s business strategy aligns well with our investment philosophy. We have confidence that this highly passionate and experienced management team is well-positioned to deliver on its bold vision of revolutionizing the proteomics market,” said Kevin Rakin, Chief Executive Officer of HighCape Capital. "We look forward to supporting Quantum-Si and building a sustainable business that will be a disruptive force in the proteomics industry in the years to come.”
"I was lucky enough to be involved in the invention of next-generation DNA sequencing, so it’s fitting that my team will bring next-generation protein sequencing to the world. DNA sequencing changed medicine and research by revealing what could happen in the body; protein sequencing shows what is happening right now," said Dr. Jonathan Rothberg, Founder of Quantum-Si. "We aim to continue to democratize medicine, by developing the field of proteomics to make a significant impact on drug discovery, academic research, and diagnostics.”
The transaction is expected to deliver up to $540 million of gross proceeds, including up to $115 million of cash held in HighCape's trust account (assuming no redemptions are effected). The transaction is further supported by a $425 million PIPE at $10.00 per share, led by Foresite Capital Management, LLC, Eldridge, accounts advised by ARK Invest, Glenview Capital Management, LLC, and Redmile Group, LLC. The combined company is projected to have approximately $514 million in cash on the balance sheet after closing.
Assuming no public stockholders of HighCape exercise their redemption rights, ownership of the combined company immediately following the closing is expected to be comprised of current QSi equity holders (60.8%), HighCape stockholders (7.9%), HighCape's sponsors and Foresite Capital Management, LLC (2.2%), and PIPE investors (29.1%). Upon the closing of the transaction, Dr. Jonathan Rothberg will become Executive Chairman and hold a controlling voting interest in the combined company through his holdings of 20x voting Class B common stock.
The transaction, which has been unanimously approved by the Boards of Directors of Quantum-Si and HighCape, is subject to approval by the Company’s stockholders, HighCape's stockholders and other customary closing conditions. The proposed business combination is expected to be completed in the second quarter of 2021.
A more detailed description of the transaction terms and a copy of the business combination agreement will be included in a Current Report on Form 8-K to be filed by HighCape with the United States Securities and Exchange Commission ("SEC"). HighCape will file a registration statement (which will contain a joint proxy statement/prospectus) with the SEC in connection with the transaction.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. is acting as legal advisor to Quantum-Si. J.P. Morgan Securities LLC is acting as lead placement agent and Cantor Fitzgerald & Co. is acting as co-placement agent for the PIPE. Mayer Brown is acting as legal counsel to the placement agents. White & Case LLP is acting as legal advisor and J.P. Morgan Securities LLC is acting as exclusive financial advisor to HighCape. Cantor Fitzgerald & Co. is acting as capital markets advisor and underwrote the IPO of HighCape in September, 2020.
A presentation made by the management teams of both Quantum-Si and HighCape regarding the transaction will be available on the websites of Quantum-Si at www.Quantum-Si.com/investors and HighCape at spac.highcape.com. HighCape will also file the presentation with the SEC in a Current Report on Form 8-K, which will be accessible at www.sec.gov.
Founded by Dr. Jonathan Rothberg in 2013, Quantum-Si is focused on revolutionizing the growing field of proteomics. The Company’s suite of technologies are powered by a first-of-its-kind semiconductor chip designed to sequence proteins, and digitize proteomic research in order to advance drug discovery and ultimately diagnostics beyond what has been possible with DNA sequencing.
In connection with the proposed business combination, HighCape intends to file a Registration Statement on Form S-4, including a preliminary proxy statement/prospectus and a definitive proxy statement/prospectus with the SEC. HighCape's stockholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus as well as other documents filed with the SEC in connection with the proposed business combination, as these materials will contain important information about Quantum-Si, HighCape, and the proposed business combination. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to stockholders of HighCape as of a record date to be established for voting on the proposed business combination. Stockholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus, and other documents filed with the SEC that will be incorporated by reference therein, without charge, once available, at the SEC's website at www.sec.gov, or by directing a request to: info@HighCapeacquisition.com.
HighCape and its directors and executive officers may be deemed participants in the solicitation of proxies from HighCape's stockholders with respect to the business combination. A list of the names of those directors and executive officers and a description of their interests in HighCape will be included in the proxy statement/prospectus for the proposed business combination and be available at www.sec.gov. Additional information regarding the interests of such participants will be contained in the proxy statement/prospectus for the proposed business combination when available.
Quantum-Si and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of HighCape in connection with the proposed business combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination will be included in the proxy statement/prospectus for the proposed business combination.
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. HighCape’s and Quantum Si’s actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, HighCape and Quantum-Si’s expectations with respect to future performance, development of products and services, potential regulatory approvals, and anticipated financial impacts and other effects of the proposed business combination, the satisfaction of the closing conditions to the proposed business combination, the timing of the completion of the proposed business combination, and the size and potential growth of current or future markets for the combined company’s future products and services. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside HighCape’s and Quantum-Si’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the occurrence of any event, change, or other circumstances that could give rise to the termination of the business combination agreement; the outcome of any legal proceedings that may be instituted against HighCape and Quantum-Si following the announcement of the business combination agreement and the transactions contemplated therein; the inability to complete the proposed business combination, including due to failure to obtain approval of the stockholders of HighCape and Quantum-Si, certain regulatory approvals, or satisfy other conditions to closing in the business combination agreement; the occurrence of any event, change, or other circumstance that could give rise to the termination of the business combination agreement or could otherwise cause the transaction to fail to close; the impact of COVID-19 on Quantum-Si’s business and/or the ability of the parties to complete the proposed business combination; the inability to obtain or maintain the listing of the combined company’s shares of Class A common stock on Nasdaq following the proposed business combination; the risk that the proposed business combination disrupts current plans and operations as a result of the announcement and consummation of the proposed business combination; the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition and the ability of Quantum-Si to grow and manage growth profitably and retain its key employees; costs related to the proposed business combination; changes in applicable laws or regulations; the ability of the combined company to raise financing in the future; the success, cost and timing of Quantum-Si’s and the combined company’s product development activities; the potential attributes and benefits of Quantum-Si’s and the combined company’s products and services; Quantum-Si’s and the combined company’s ability to obtain and maintain regulatory approval for their products, and any related restrictions and limitations of any approved product; Quantum-Si’s and the combined company’s ability to identify, in-license or acquire additional technology; Quantum-Si’s and the combined company’s ability to maintain Quantum-Si’s existing license, manufacture and supply agreements; Quantum-Si’s and the combined company’s ability to compete with other companies currently marketing or engaged in the development of products and services that Quantum-Si is developing; the size and growth potential of the markets for Quantum-Si’s and the combined company’s future products and services, and each of their ability to serve those markets, either alone or in partnership with others; the pricing of Quantum-Si’s and the combined company’s products and services following anticipated commercial launch; Quantum-Si’s and the combined company’s estimates regarding future expenses, future revenue, capital requirements and needs for additional financing; Quantum-Si’s and the combined company’s financial performance; and other risks and uncertainties indicated from time to time in the final prospectus of HighCape for its initial public offering and the proxy statement/prospectus relating to the proposed business combination, including those under “Risk Factors” therein, and in HighCape’s other filings with the SEC. HighCape and Quantum-Si caution that the foregoing list of factors is not exclusive. HighCape and Quantum-Si caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. HighCape and Quantum-Si do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
Investor Relations
Mike Cavanaugh or Mark Klausner
Westwicke, an ICR Company
(646) 677-1838
QSI-IR@westwicke.com
Media Relations
Cammy Duong
Westwicke, an ICR Company
(203) 682-8380
QSI-PR@westwicke.com
Announces unaudited 2020 full-year revenue of at least $45 million, representing growth of at least 63%, each above prior forecast
-- Announces unaudited 2020 full-year revenue of at least $45 million, representing growth of at least 63%, each above prior forecast
GUILFORD, Conn. and NEW YORK, Feb. 16, 2021 /PRNewswire/ — Butterfly Network, Inc. ("Butterfly" or the "Company") (NYSE: BFLY), an innovative digital health company that is working to democratize medical imaging and contribute to the aspiration of global health equity, today announced that it has completed its business combination with Longview Acquisition Corp. (NYSE: LGVW.U, LGVW, LGVW WS) ("Longview"), a special purpose acquisition company sponsored by an affiliate of Glenview Capital Management, LLC ("Glenview"). The business combination, which was approved by Longview's stockholders at its special meeting held on February 12, 2021, will fuel further adoption and help accelerate Butterfly's current and future pipeline of innovative technologies, which have the potential to transform health care delivery and drive a direct impact for patients.
The transaction resulted in the combined company being renamed to "Butterfly Network, Inc.," with its Class A common stock and warrants to commence trading on the New York Stock Exchange ("NYSE") on February 16, 2021 under the symbols "BFLY" and "BFLY WS", respectively.
Working to create the new image of health, Butterfly has developed a groundbreaking single-probe, whole-body point-of-care ultrasound solution leveraging its patented Ultrasound-on-Chip™ technology. The Company's breakthrough software solutions can integrate into hospital networks to help clinicians transform care delivery and improve efficiencies.
Today, Butterfly also announced that unaudited 2020 full-year revenues are at least $45 million, representing a full-year growth rate of at least 63% compared to the full year 2019, each ahead of the prior forecast. Butterfly plans to disclose its fourth quarter and full-year 2020 financial results in March, followed by a live conference call and webcast to discuss the results and business plans.
"2020 was a milestone year for Butterfly as we made significant progress towards fulfilling our mission to deliver innovative ultrasound technology that is easy to use, integrates into clinical decision-making workflow, and ultimately lowers the cost of care," said Dr. Jonathan Rothberg, founder of Butterfly and Chairman of the Board of Directors of the combined company. "Today marks yet another significant moment for the Company that will enable us to expand and accelerate our collective vision."
"I am incredibly excited to join this talented organization that has the potential to make a profound impact on global health care," stated Dr. Todd Fruchterman, President and Chief Executive Officer of Butterfly Network, Inc. "Butterfly allows people to think differently about the value of ultrasound as a critical and integrated part of the full patient journey. By making ultrasound more accessible and deployable across a variety of care settings, we have the opportunity to expand the use cases of ultrasound and impact disease interception, helping clinicians make more informed decisions to take action earlier. As we further develop our roadmap, we plan to partner with our customers to expand into novel market applications including chronic disease management, which impacts more than 100 million patients in the United States alone."
The combined company will be led by industry veteran, Dr. Todd Fruchterman as President and Chief Executive Officer, alongside its highly capable executive team. The combined company's board of directors will include Dr. Rothberg as Chairman, Dr. Fruchterman, and Glenview founder, Larry Robbins. Butterfly has also welcomed new members to the combined company's board: Dawn Carfora (Vice President, Business Planning and Operations, Global Business Group, Facebook), John Hammergren (former Chairman and CEO, McKesson Corporation), Gianluca Pettiti (Senior Vice President and President of Specialty Diagnostics, Thermo Fisher Scientific, Inc.), and S. Louise Phanstiel (Chair of the Board of Directors, Myriad Genetics).
As a result of the business combination, Butterfly received approximately $589 million prior to transaction fees, including approximately $414 million of cash held in Longview's trust account and $175 million from private placement (PIPE) investors, including Eldridge, Fidelity Management & Research Company LLC, Glenview, Ridgeback, Tenet Healthcare Corporation, UPMC Enterprises, and Wellington Management. In addition, Butterfly's current management and existing equity holders have rolled 100% of their equity into the combined company.
J.P. Morgan Securities LLC acted as financial advisor to Butterfly. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. acted as legal advisor to Butterfly. The Council acted as strategic and integration advisor to the combining entities. UBS Investment Bank acted as financial advisor to Longview as well as the exclusive placement agent for the PIPE. UBS Investment Bank and Cowen acted as capital markets advisors to Longview, and originally underwrote the IPO of Longview in May 2020. Ropes & Gray LLP acted as legal advisor to Longview.
Founded by Dr. Jonathan Rothberg in 2011, Butterfly has created the world's first handheld, single-probe whole-body ultrasound system using its patented Ultrasound-on-Chip™ semiconductor technology. Butterfly's mission is to democratize medical imaging and contribute to the aspiration of global health equity, including for the 4.7 billion people around the world lacking access to ultrasound. Butterfly is paving the way for earlier detection and remote management of health conditions around the world. The Butterfly iQ can be purchased today by healthcare practitioners in the United States, Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, New Zealand, Norway, Poland, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. Butterfly iQ is a prescription device intended for trained and qualified healthcare professionals only.
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. The combined company's actual results may differ from its expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the combined company's expectations with respect to financial results, future performance, development of products and services, potential regulatory approvals, anticipated financial impacts and other effects of the business combination on the combined company's business, and the size and potential growth of current or future markets for the combined company's products and services. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside the combined company's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the impact of COVID-19 on the combined company's business; the ability to maintain the listing of the combined company's Class A common stock on the NYSE following the business combination; the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of the combined company to grow and manage growth profitably and retain its key employees; changes in applicable laws or regulations; the ability of the combined company to raise financing in the future; the success, cost and timing of the combined company's product and service development activities; the potential attributes and benefits of the combined company's products and services; the combined company's ability to obtain and maintain regulatory approval for its products, and any related restrictions and limitations of any approved product; the combined company's ability to identify, in-license or acquire additional technology; the combined company's ability to maintain its existing license, manufacture, supply and distribution agreements; the combined company's ability to compete with other companies currently marketing or engaged in the development of products and services that the combined company is currently marketing or developing; the size and growth potential of the markets for the combined company's products and services, and its ability to serve those markets, either alone or in partnership with others; the pricing of the combined company's products and services and reimbursement for medical procedures conducted using its products and services; the combined company's estimates regarding expenses, revenue, capital requirements and needs for additional financing; the combined company's financial performance; and other risks and uncertainties indicated from time to time in the proxy statement/prospectus relating to the business combination, including those under "Risk Factors" therein, and the combined company's other filings with the SEC. The combined company cautions that the foregoing list of factors is not exclusive. The combined company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The combined company does not undertake or accept any obligation or undertake to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
Butterfly Network, Inc.
Mike Cavanaugh or Mark Klausner
Westwicke, an ICR Company
(646) 677-1838
investors@butterflynetwork.com
Butterfly Network, Inc.
Sean Leous
Westwicke, an ICR Company
(646) 866-4012
media@butterflynetwork.com
SOURCE Butterfly Network
Butterfly Network’s mission is to enable universal access to superior medical imaging, making high quality ultrasound affordable, easy-to-use, globally accessible and intelligently connected.
Butterfly Network’s mission is to enable universal access to superior medical imaging, making high quality ultrasound affordable, easy-to-use, globally accessible and intelligently connected.
Guilford, CT and New York, NY – November 20, 2020 – Butterfly Network, Inc. (“Butterfly” or the “Company”), an innovative digital health company that is working to enable universal access to superior medical imaging, and Longview Acquisition Corp. (NYSE: LGVW.U, LGVW, LGVW WS) (“Longview”), a special purpose acquisition company sponsored by Glenview Capital Management, LLC (“Glenview”), announced today that they have entered into a definitive business combination agreement. Upon closing, the combined company’s Class A common stock is expected to be traded on the New York Stock Exchange (“NYSE”) under the symbol “BFLY.”
Founded in 2011, Butterfly Network, Inc. is an innovative digital health company that has a mission to enable universal access to superior medical imaging, making high quality ultrasound affordable, easy to use, globally accessible and intelligently connected. Butterfly iQ is the only transducer using semiconductor technology that can perform “whole-body imaging” using a single handheld probe. Connected to a mobile phone or tablet, it is powered by Butterfly’s proprietary Ultrasound-on-ChipTM technology and harnesses the advantages of AI to deliver advanced imaging that they believe is easy to use, improves patient outcomes and lowers cost of care.
Historically, the global ultrasound market has been dominated by traditional cart-based devices that are accessible only to highly specialized technicians and are located predominantly in hospitals, imaging centers, and physicians’ offices. Previously introduced Point-of-Care Ultrasound (“POCUS”) devices are limited by 60 year-old technology and significant costs that hinder wide-spread use. Butterfly iQ is designed to address the limitations of currently-available cart-based and POCUS technologies.
Butterfly iQ was launched commercially in 2018, and in 2020, the Company launched the Butterfly iQ+ with additional features and improved performance. Since introduction, more than 30,000 Butterfly iQ and iQ+ devices have shipped to medical professionals globally. The Company has sold to or has agreements in place with the majority of the largest 100 hospitals in the United States, and has built a strong brand among healthcare professionals, achieving an exceptional Net Promoter Score of 71 (USA). Butterfly iQ is commercially available in more than 20 countries including the United States, Canada, greater Europe and Australia.
Butterfly was founded by Dr. Jonathan Rothberg, a scientist and serial entrepreneur who received the Presidential Medal of Technology & Innovation in 2016 for inventing a novel next-generation DNA sequencing method. Prior to this transaction, Butterfly has raised more
than $400 million from investors, including Baillie Gifford, The Bill and Melinda Gates Foundation and Fosun Industrial Co., Limited.
Butterfly’s management team, led by Chief Executive Officer, Laurent Faracci, will continue to lead the combined company following the transaction and Dr. Rothberg will serve as Chairman of the combined company’s Board. Larry Robbins, Chairman of Longview, will become a member of the combined company’s Board.
“Nine years ago, Butterfly was created to make high-quality ultrasound affordable, easy to use and globally accessible to all,” said Dr. Jonathan Rothberg, founder of Butterfly “My pride in our team’s innovation and my gratitude to our partners for their funding and support are only matched by my enthusiasm to realize Butterfly Network’s enormous potential. We are pleased to welcome Longview as well as the PIPE investors to the Butterfly family, and we appreciate the support of the public markets in funding our commercial and societal goals.”
“The success of Butterfly is fueled by a clear mission, superior technology made simple, a passionate community of healthcare practitioners and an immensely talented team,” noted Laurent Faracci, Chief Executive Officer of Butterfly. “We believe the combination with such a premier healthcare partner as Longview Acquisition Corp. will amplify and accelerate the adoption of Butterfly iQ around the world. This partnership will enable us to bring more Butterfly innovative solutions to market faster, helping us improve patient outcomes and the way healthcare is delivered.”
“Butterfly is the epitome of value-based care: better health, lower cost, and patient centric,” said Larry Robbins, founder of Glenview and Chairman of Longview. “We are proud that our Butterfly investment will help accelerate efforts to provide the medical community with tools to diagnose more clearly and enable practitioners to be more effective, more efficient and more confident. We are honored to support Jonathan, Laurent and the Butterfly team to fully capitalize on their revolutionary technology and aspirational vision.”
“Since our May IPO, Longview reviewed more than 50 investment opportunities to find an exciting growth company at an attractive valuation where Glenview could add significant value, and Butterfly emerged as a truly unique partner” said John Rodin, CEO of Longview and Co-President of Glenview. “We are committed to using our two decades of experience as engaged owners in the provider, distributor and payor communities to accelerate constructive collaboration for Butterfly to drive improved health outcomes and greater efficiencies.”
On November 19, 2020, Longview entered into a definitive business combination agreement (“BCA”) with Butterfly. Upon the closing of the transactions contemplated by the BCA, Butterfly will become a wholly-owned subsidiary of Longview, and Longview will be renamed “Butterfly Network, Inc.” Current security holders of Butterfly, including Baillie Gifford, The Bill and Melinda GatesFoundationandFosunIndustrialCo.,Limitedw illhavetherighttoreceivecommonstock
of the combined company, on a one-for-1.0383 basis per share, rounded down to the nearest whole number of shares. The transaction values Butterfly at an enterprise value of approximately $1.5 billion.
The transaction is expected to deliver up to $589 million of gross proceeds, including up to $414 million of cash held in Longview’s trust account (assuming no redemptions are effected). The transaction is further supported by a $175 million PIPE at $10.00 per share, led by Eldridge, Fidelity Management & Research Company LLC, Glenview, Ridgeback, Tenet Healthcare Corporation, UPMC Enterprises, the innovation, commercialization and venture capital arm of leading Pittsburgh-based health system UPMC, and Wellington Management. The company is projected to have approximately $584 million in cash on the balance sheet after closing.
Assuming no public stockholders of Longview exercise their redemption rights, ownership of the combined company immediately following the closing will be comprised of current Butterfly equity holders (63.5%) and convertible note holders (2.5%) which together will own approximately 66%, Longview stockholders (20%), Longview’s sponsors (5%), and PIPE investors (9%). Upon the closing of the transaction, Dr. Jonathan Rothberg will become Chairman and hold a controlling voting interest in the combined company through his holdings of 20x voting Class B common stock.
The transaction, which has been unanimously approved by the Boards of Directors of Butterfly and Longview, is subject to approval by Longview’s stockholders and other customary closing conditions. The proposed business combination is expected to be completed in the first quarter of 2021, with the combined company’s Class A common stock trading on the NYSE under the ticker “BFLY”.
A more detailed description of the transaction terms and a copy of the Business Combination Agreement will be included in a Current Report on Form 8-K to be filed by Longview with the United States Securities and Exchange Commission ("SEC"). Longview will file a registration statement (which will contain a joint proxy statement/prospectus) with the SEC in connection with the transaction.
J.P. Morgan Securities LLC is acting as financial advisor to Butterfly Network. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. is acting as legal advisor to Butterfly Network. UBS Investment Bank is acting as financial advisor to Longview as well as the exclusive placement agent for the PIPE. UBS Investment Bank and Cowen are acting as capital markets advisors to Longview, and originally underwrote the IPO of Longview in May 2020. Ropes & Gray LLP is acting as legal advisor to Longview.
A presentation made by the management teams of both Butterfly and Longview regarding the transaction will be available on the websites of Butterfly at www.butterflynetwork.com and Longview at www.longviewacquisition.com. Longview will also file the presentation with the SEC in a Current Report on Form 8-K, which will be accessible atwww.sec.gov.
Founded by Dr. Jonathan Rothberg in 2011 and led by CEO Laurent Faracci, Butterfly has created the world's first handheld, single-probe whole-body ultrasound system, Butterfly iQ, to make ultrasound technology more universally accessible and affordable. Butterfly Network’s mission is to enable universal access to superior medical imaging, making high quality ultrasound affordable, easy-to-use, globally accessible and intelligently connected, including for the 4.7 billion people around the world lacking access to ultrasound. Through its proprietary Ultrasound-On-ChipTM technology, Butterfly Network is paving the way for earlier detection and remote management of health conditions around the world. The Butterfly iQ+ can be purchased online today by healthcare practitioners in the United States, Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, New Zealand, Norway, Poland, Portugal, Spain, Sweden, Switzerland and the United Kingdom.
Longview was formed to partner with high-quality, growing companies to facilitate their successful entry to the public markets. Longview is sponsored by an affiliate of Glenview Capital Management, a registered investment adviser with a track record of creating value through constructive partnerships with companies operating in the public markets.
Important Information About the Proposed Business Combination and Where to Find It
In connection with the proposed business combination, Longview intends to file a Registration Statement on Form S-4, including a preliminary proxy statement/prospectus and a definitive proxy statement/prospectus with the SEC. Longview’s stockholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus as well as other documents filed with the SEC in connection with the proposed business combination, as these materials will contain important information about Butterfly, Longview, and the proposed business combination. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to stockholders of Longview as of a record date to be established for voting on the proposed business combination. Stockholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus, and other documents filed with the SEC that will be incorporated by reference therein, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to: info@longviewacquisition.com.
Longview and its directors and executive officers may be deemed participants in the solicitation of proxies from Longview’s stockholders with respect to the business combination. A list of the names of those directors and executive officers and a description of their interests in Longview will be included in the proxy statement/prospectus for the proposed business combination and be available at www.sec.gov. Additional information regarding the interests of such participants
will be contained in the proxy statement/prospectus for the proposed business combination when available.
Butterfly and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of Longview in connection with the proposed business combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination will be included in the proxy statement/prospectus for the proposed business combination.
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Longview’s and Butterfly’s actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Longview and Butterfly’s expectations with respect to future performance and anticipated financial impacts of the proposed business combination, the satisfaction of the closing conditions to the proposed business combination, and the timing of the completion of the proposed business combination. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside Longview’s and Butterfly’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the occurrence of any event, change, or other circumstances that could give rise to the termination of the BCA; the outcome of any legal proceedings that may be instituted against Longview and Butterfly following the announcement of the BCA and the transactions contemplated therein; the inability to complete the proposed business combination, including due to failure to obtain approval of the stockholders of Longview and Butterfly, certain regulatory approvals, or satisfy other conditions to closing in the BCA; the occurrence of any event, change, or other circumstance that could give rise to the termination of the BCA or could otherwise cause the transaction to fail to close; the impact of COVID-19 on Butterfly’s business and/or the ability of the parties to complete the proposed business combination; the inability to obtain or maintain the listing of the combined company’s shares of Class A common stock on the NYSE following the proposed business combination; the risk that the proposed business combination disrupts current plans and operations as a result of the announcement and consummation of the proposed business combination; the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition and the ability of Butterfly to grow and manage growth profitably and retain its key employees; costs related to the proposed business combination; changes in applicable laws or regulations; the ability of the combined company to raise financing in the future; the success, cost and timing of Butterfly’s and the combined company’s product development activities; the
potential attributes and benefits of Butterfly’s and the combined company’s products and services; Butterfly’s and the combined company’s ability to obtain and maintain regulatory approval for their products, and any related restrictions and limitations of any approved product; Butterfly’s and the combined company’s ability to identify, in-license or acquire additional technology; Butterfly’s and the combined company’s ability to maintain Butterfly’s existing license, manufacture, supply and distribution agreements; Butterfly’s and the combined company’s ability to compete with other companies currently marketing or engaged in the development of treatments for the indications that Butterfly is currently pursuing for its product candidates; the size and growth potential of the markets for Butterfly’s and the combined company’s products and services, and each of their ability to serve on those markets, either alone or in partnership with others; the pricing of Butterfly’s and the combined company’s products and services and reimbursement for medical produces conducted using their products and services; Butterfly’s and the combined company’s estimates regarding future expenses, future revenue, capital requirements and needs for additional financing; Butterfly’s and the combined company’s financial performance; and other risks and uncertainties indicated from time to time in the final prospectus of Longview for its initial public offering and the proxy statement/prospectus relating to the proposed business combination, including those under “Risk Factors” therein, and in Longview’s other filings with the SEC. Longview and Butterfly caution that the foregoing list of factors is not exclusive. Longview and Butterfly caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Longview and Butterfly do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
Investor Relations
Butterfly Network, Inc.
Mike Cavanaugh or Mark Klausner Westwicke, an ICR Company (646) 677-1838
investors@butterflynetwork.com
Longview Acquisition Corp.
John Rodin info@longviewacquisition.com
Media Relations
Butterfly Network, Inc.
Sean Leous
Westwicke, an ICR Company (646) 866-4012 media@butterflynetwork.com
Hildred Capital Management and Gemini Investors have completed a majority recapitalization of DermCare Management and Skin & Beauty Center Management.
Hildred Capital Management, LLC (“Hildred”), a New York-based private equity firm, and Gemini Investors (“Gemini”) have completed a majority recapitalization of DermCare Management, LLC and Skin & Beauty Center Management, LLC (collectively referred to as “DermCare” or the “Company”). Gemini, the Company’s previous equity sponsor, will retain a minority stake, as will the Company’s physician group and senior management team. Financial terms of the transaction were not disclosed.
The Company, headquartered in Hollywood, FL, is a leading dermatology practice, with nearly 30 locations across Florida, California and Texas, and offers a full range of clinical, medical, aesthetic and cosmetic dermatology services. DermCare’s current Chief Executive Officer, Jeffrey Schillinger, Chief Financial Officer, Christopher Maffei, and Senior Vice President of Operations, Marc Grad, will continue to lead the Company following the recapitalization.
“We are excited to partner with an outstanding group of dermatologists, many of them highly respected leaders in the field, to build a leading medical organization. We look forward to working closely with Jeffrey and his experienced executive team to further expand the existing DermCare platform. We are delighted with this transaction, and we are enthusiastic about the opportunity to continue improving the dermatological clinical experience for both patients and physicians,” said David Solomon, Managing Partner at Hildred.
“This transaction represents a significant milestone for our Company” said Jeffrey Schillinger. “Hildred is the ideal partner for our business as we look to continue our growth into additional geographies and expand in our existing markets. Hildred has a long history in the healthcare sector, including strong support for high-quality medical care; our partnership will allow us to focus on bringing talented physicians to our platform and execute around providing a best-in-class clinical service offering.”
“We have enjoyed the partnership with Jeffrey and his team over the past several years. Under his leadership, DermCare has built a leading dermatology platform and we are confident in the Company’s ability to continue partnering with leading physicians in the sector. Hildred provides great healthcare expertise and we are excited to partner with them to support the continued growth of DermCare,” said Rob Menn, Managing Director at Gemini.
Deutsche Bank Securities Inc. served as the exclusive financial advisor to DermCare. McDermott Will & Emery and Morgan, Lewis & Bockius advised DermCare in the transaction. Waller Lansden Dortch & Davis and Lowenstein Sandler served as legal advisors to Hildred. In addition, Marwood Group and Crowe served as advisors to Hildred in the transaction. Debt financing for the transaction was provided by Oxford Finance.
Founded in 2017, DermCare Management (https://www.dermcaremgt.com/) is a dermatology-focused physician practice management company, with clinics that provide clinical, cosmetic, and pathology services. DermCare was founded on the principle of merging seasoned medical professionals with clinically focused management expertise. DermCare’s partners are key opinion leaders in dermatology that bring innovation to drive operational excellence.
Hildred Capital Management is a New York-based private equity investment firm that pursues growth equity investments in lower middle market healthcare companies with leading products, technologies and services. Hildred focuses on opportunities to create value from earnings growth, operational improvements and multiple
expansion in companies with revenues of $0 to $100 million. Areas with attractive fundamentals where Hildred may invest include the following healthcare subsectors: healthcare services, consumer products, information technology, medical devices, and pharmaceuticals; including the related industries that surround these healthcare subsectors.
Hildred is managed by David Solomon and Andrew Goldman, who have been working together for the last five years as the Managing Partner and Chief Investment Officer, respectively, of Hildred Capital Partners, LLC (“HCP”). HCP was founded in January 2014 by Howard and David Solomon (former Forest Laboratories Inc. (“Forest”) Chairman and Chief Executive Officer and Senior Vice President, Corporate Development and Strategic Planning, respectively) following the sale of Forest to Actavis plc for over $28 billion.
Gemini Investors is a private equity investor with a focus on the smaller end of the middle market, investing in established companies with experienced management teams and strong growth prospects. Gemini provides both debt and equity capital in either minority ownership or control transactions. Areas of particular investment interest include Business Services, Consumer Products and Services, Healthcare, Later Stage Technology, and Manufacturing and Distribution. Gemini has invested in over 150 different companies throughout the United States since the firm was founded in 1993.
For Hildred Capital Management, LLC info@hildredcapital.com
For DermCare info@dermcaremgt.com
Crown Laboratories Invests in cutting-edge technological capabilities in the microbiome space.
JOHNSON CITY, Tenn., May 22, 2019 /PRNewswire/ -- Crown Laboratories, Inc. ("Crown"), a leading, fully integrated skin care company, today announced it has acquired Xycrobe Therapeutics, Inc. ("Xycrobe").
Xycrobe's technology focuses on utilizing the ubiquitous nature of skin microbes by turning them into vehicles for the delivery of biotherapeutics. By developing innovations that take advantage of these microbes, better solutions are possible for an array of clinical indications. Xycrobe technology addresses the needs of patients with inflammatory skin disease through the development of "good" bacteria strains, designed to be used for therapeutic purposes. Xycrobe's technology is challenging the current treatment paradigm for inflammatory skin issues.
The skin microbiome is comprised of good and bad microbes. Depending upon a multitude of factors such as age, sex, environment, genetics and lifestyle, a person may experience a break down or flare in their skin leading to inflammation or even skin infections. Xycrobe has developed patent-pending "probiotic-like" Xycrobes intended to replace pathogenic bacterial flora with microbes expressing skin-healthy biotherapeutics.
"Acquiring Xycrobe Therapeutics is a significant milestone, as it not only allows us to explore the ways we will leverage microbiome science across our portfolio, but also brings a very talented team of scientists to our R&D group," said Jeff Bedard, Crown's President and CEO. "Incorporating this technology into our portfolio will be a major focus and once commercialized, will elevate our place in therapeutic skin care. I am inspired by the team and the research to date and look forward to significant innovation coming out of this group in the near future."
"Using naturally occurring, skin-healthy microbes to deliver biotherapeutic molecules to the skin allows for safe and controlled treatments," said Thomas Hitchcock, Ph.D., Founder and CEO of Xycrobe and Chief Science Officer of Crown Laboratories. "Current therapies often can have safety or side-effect issues that can limit efficacy and compliance. By using our own skin microbes, we are optimizing our natural skin environment and reducing the need for harsh, system-altering treatments. Xycrobe technology is an important development in improving the way skin treatments are delivered. The opportunities Crown has identified for Xycrobe's technology are synergistic with the vision I had for the company, and I am thrilled to advance to the next stage the remarkable efforts of everyone who was instrumental in getting Xycrobe to this point."
"We continue to seek opportunities that will enhance our portfolio," added David Solomon, Partner of Hildred Capital Partners and Chairman of Crown. "Investing in innovative science to deliver novel skin care treatments supports our mission of providing high quality therapies for our physicians and their patients. Xycrobe's cutting edge microbiome science is a great addition as we continue to build a world class skin care company."
Crown intends to explore use of the Xycrobe technology across its brand portfolio; including its Aesthetics (Bellus Medical), Beauty (Vita Liberata) and Consumer divisions. Financial terms of the transaction were not disclosed.
Crown Laboratories, Inc., a privately held, fully integrated global skin care company is committed to developing and providing a diverse portfolio of aesthetic, beauty, therapeutic OTC and prescription skin care products that improve the quality of life for its customers. As an innovative company with key products such as the first FDA-cleared medical grade microneedling device, SkinPen®, Crown has enjoyed rapid growth and is poised to become a leader in Dermatology. Crown has a robust portfolio of therapeutic OTC skin care products, including Blue Lizard® Australian Sunscreen, PanOxyl® acne wash, Sarna® anti-itch lotion, Zeasorb® and Desenex® anti-fungal powders, Mineral Ice® pain-relieving gel, Keri® Lotion, and Vita Liberata sunless tanning and skin care beauty products. Crown has been listed on the Inc. 5000 Fastest Growing Privately Held Companies List for six consecutive years. For more information about Crown or its products, visit www.crownlaboratories.com.
In this press release, the use of words such as "expect," "anticipate," "possible," "potential," "believe," "commit," "intend," "continue," "may," "would," "could," "should," or similar expressions is intended to identify forward-looking statements that represent Crown Laboratories management's current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or results, and actual results may differ materially due to a variety of important factors. Such risks and uncertainties may include, but are not limited to: the satisfaction of closing conditions to the investment by Hildred; the possibility that the transaction will not be completed or, if completed, not completed in the expected timeframe; the potential that the expected benefits and opportunities of the transaction may not be realized or may take longer to realize than expected; and adverse litigation or government action. Crown Laboratories undertakes no obligation to update the information contained in this release.
SOURCE: Crown Laboratories, Inc.
Related Links: https://www.crownlaboratories.com
Crown Laboratories adds a portfolio of significant legacy skin care brands to its portfolio.
JOHNSON CITY, Tenn., May 1, 2019 /PRNewswire/ -- Crown Laboratories, Inc. ("Crown"), a leading, fully integrated skin care company, today announced it has acquired the North American rights for Keri® from GlaxoSmithKline ("GSK") and received an equity investment from Greenspring Associates, Inc. ("Greenspring"). Other current equity investors in Crown include Hildred Capital Partners, LLC ("Hildred") and Montreux Equity Partners, LLC ("Montreux").
The acquisition of Keri from GSK marks the sixth product from GSK that Crown has acquired in the past five months. Keri has a long and successful history in the market, supported by dermatologists and healthcare practitioners across the world. Keri provides Crown with another major skin care brand with a rich heritage, that has provided elegant therapeutic formulations to consumers for decades.
"Acquiring the Keri brand supports Crown's objective of providing its customers with a broad offering of skin care solutions for every age and skin type," said Jeff Bedard, Crown's President and CEO. "We approach our business with a cradle-to-grave philosophy. Our product portfolio treats, protects and nourishes skin of all ages. Keri is a welcomed addition to every daily skin care regimen, and we are proud to now have the opportunity to build on the brand's heritage."
"We continue to find ways to provide meaningful diversification for our consumer portfolio and enhance our breadth of trusted skin care therapies," added David Solomon, Partner of Hildred and Chairman of Crown. "Providing value for our customers and investing in products they love is critical. We are committed to doing just that, and we are pleased to have Greenspring on board as a new equity partner with Montreux to continue supporting business development programs that enhance Crown's consumer healthcare, aesthetic and prescription product lines."
Financial terms of the transaction were not disclosed. Lowenstein Sandler, LLP acted as legal advisor to Crown, while Hildred, Montreux, and Greenspring provided equity financing in connection with the transaction. Hayfin Capital Management, LLP continues to act as the debt financing provider to Crown. Crosstree Capital Partners New York, LLC and Latham & Watkins (London) LLP served as financial and legal advisors, respectively, to GlaxoSmithKline.
About Crown Laboratories, Inc.
Crown Laboratories, Inc., a privately held, fully integrated global skin care company is committed to developing and providing a diverse portfolio of aesthetic, beauty, therapeutic OTC and prescription skin care products that improve the quality of life for its customers. As an innovative company with key products such as the first FDA-cleared medical grade microneedling device, SkinPen®, Crown has enjoyed rapid growth and is poised to become a leader in Dermatology. Crown has a robust portfolio of therapeutic OTC skin care products, including Blue Lizard® Australian Sunscreen, PanOxyl® acne wash, Sarna® anti-itch lotion, Zeasorb® and Desenex® anti-fungal powders, Mineral Ice® pain-relieving gel, and Vita Liberata sunless tanning and skin care beauty products. Crown has been listed on the Inc. 5000 Fastest Growing Privately Held Companies List for six consecutive years. For more information about Crown or its products, visit www.crownlaboratories.com.
Hildred Capital Partners is a private investment firm that invests in a broad range of securities, including equity and debt, across geographies and sectors, on both an actively and passively managed basis. Founded in 2014, Hildred has a particular interest in private equity, including situations where the principals can apply their extensive management experience to help a company reach its full potential. Hildred is headed by Howard Solomon, former CEO of Forest Laboratories, and David Solomon, former Senior Vice President, Corporate Development & Strategic Planning at Forest Laboratories, together with Andrew Goldman, the firm's Chief Investment Officer.
Montreux Equity Partners is dedicated to making growth capital investments in high growth, category-leading companies with products, technologies and services that are advancing health. Founded in 1993, Montreux has invested in more than 60 companies, including MINDBODY, Glaukos, Tobira Therapeutics (acquired by Allergan), MAKO Surgical (acquired by Stryker), SkinMedica (acquired by Allergan) and Renal CarePartners (acquired by Ambulatory Services of America). Montreux is based in San Francisco, CA, and is currently investing out of its second healthcare growth capital fund, Montreux Growth Partners II, L.P. For more information about Montreux Equity Partners, visit www.mepvc.com.
Greenspring Associates was founded in 2000 to focus solely on venture capital investments. Through a comprehensive platform, the Firm serves as a lifecycle partner for fund managers and entrepreneurs, investing across multiple stages, sectors and geographies. Greenspring Associates currently manages over $7.3 billion in committed capital across a variety of specialized venture strategies on behalf of a diverse group of global investors. For more information on Greenspring Associates, please visit its website at www.greenspringassociates.com.
In this press release, the use of words such as "expect," "anticipate," "possible," "potential," "believe," "commit," "intend," "continue," "may," "would," "could," "should," or similar expressions is intended to identify forward-looking statements that represent Crown Laboratories management's current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or results, and actual results may differ materially due to a variety of important factors. Such risks and uncertainties may include, but are not limited to: the satisfaction of closing conditions to the investment by Hildred; the possibility that the transaction will not be completed or, if completed, not completed in the expected timeframe; the potential that the expected benefits and opportunities of the transaction may not be realized or may take longer to realize than expected; and adverse litigation or government action. Crown Laboratories undertakes no obligation to update the information contained in this release.
SOURCE: Crown Laboratories, Inc.
Related Links: https://www.crownlaboratories.com
Pursuant to the terms of the Transaction Agreement, the Business Combination will be structured as a merger between Columbia Care and a newly-formed Delaware subsidiary of CGGC.
TORONTO, Nov. 21, 2018 /CNW/ - Canaccord Genuity Growth Corp. ("CGGC") (NEO: CGGC.UN) and Columbia Care LLC ("Columbia Care"), a leading medical cannabis company in the United States, are pleased to announce that they have entered into a definitive transaction agreement (the "Transaction Agreement") providing for the previously announced business combination between the two companies (the "Business Combination").
"The execution of this agreement marks a critical milestone in Columbia Care's evolution as a global industry leader. Access to a permanent equity capital base beginning in the first quarter of 2019 will not only enable us to leverage our proven track record for operationalizing new markets and day-to-day execution, but will also significantly accelerate our global expansion and leadership plan. In addition, our ability to use a public currency as a strategic asset to enhance both transparency and independent validation to establish global partnerships and stakeholder support will be a significant advantage in comparison to being a privately-held company," said Nicholas Vita, co-founder and chief executive officer of Columbia Care.
Pursuant to the terms of the Transaction Agreement, the Business Combination will be structured as a merger between Columbia Care and a newly-formed Delaware subsidiary of CGGC. To implement the Business Combination, CGGC will, among other things, amend its articles to provide for a new class of proportionate voting shares (the "Proportionate Voting Shares"), which will be issued to holders of Columbia Care securities resident in the United States. Holders of Columbia Care securities resident outside the United States will receive common shares of CGGC (the "Common Shares").
In connection with the Business Combination, all outstanding Class A Restricted Voting Shares and Class B Shares of CGGC shall be automatically converted into Common Shares. In addition, the approximately US$85 million held in escrow pursuant to the terms of the subscription receipt agreement entered into in connection with the previously announced brokered institutional private placement of subscription receipts (the "Subscription Receipts") will be released. Holders of Subscription Receipts will be issued Common Shares upon completion of the Business Combination. It is expected that the Common Shares of CGGC will consolidate on a 3:1 basis prior to the completion of the Business Combination.
Following the closing of the Business Combination, it is expected that former holders of Columbia Care securities will hold approximately 91% of the outstanding equity interests in the resulting entity (assuming conversion of all Proportionate Voting Shares into Common Shares), which will remain a reporting issuer under Canadian securities laws. The remaining approximately 9% will be held by the securityholders of CGGC.
The Business Combination remains subject to the satisfaction or waiver of certain customary conditions, including, among other things, receipt of all required third party consents, regulatory approvals (including that of the NEO Exchange) and the approval of shareholders of CGGC and holders of ownership interests in Columbia Care. The Business Combination constitutes CGGC's qualifying transaction and must be approved by at least two-thirds (662/3%) of the votes cast by CGGC's shareholders.
The boards of directors of each of CGGC and Columbia Care have approved the Business Combination and determined that the transaction is in the best interests of their respective companies. The board of directors of CGGC recommends that its shareholders vote in favour of the Business Combination and the related transactions contemplated by the Transaction Agreement. The managers and board of directors of Columbia Care recommend that its unitholders vote in favour of the Business Combination and the related transactions contemplated by the Transaction Agreement.
In connection with the Business Combination, CGGC will prepare and file a long-form prospectus that provides prospectus level disclosure regarding the resulting issuer. CGGC will also prepare and deliver an information circular relating to the Business Combination containing further details regarding the terms and conditions of the transaction. Investors and security holders may obtain a copy of the Transaction Agreement and of the information circular and the prospectus, when filed, on the SEDAR website at www.sedar.com under CGGC's profile.
Completion of the Business Combination is currently expected to occur in the first quarter of 2019. Upon closing of the Business Combination, the name of CGGC is anticipated to be changed to Columbia Care Inc.
Following closing of the Business Combination, Columbia Care's current Executive Chairman, Michael Abbott, and its current Chief Executive Officer, Nicholas Vita, along with Columbia Care's current management team, will continue to lead the business.
Upon closing, the entity's board of directors is expected to include:
CGGC's capital markets advisor for this transaction was Canaccord Genuity Corp. Blake, Cassels & Graydon LLP and Goodwin Procter LLP are acting as legal counsel to CGGC. Stikeman Elliott LLP, Eversheds Sutherland (US) LLP and Ropes & Gray LLP are acting as legal counsel to Columbia Care.
This press release is not an offer of securities for sale in the United States, and the securities referred to herein may not be offered or sold in the United States absent registration or an exemption from registration. The securities have not been and will not be registered under the United States Securities Act of 1933.
Columbia Care is one of the U.S.'s largest and most experienced manufacturers and providers of medical cannabis products and services. It is licensed in highly selective and regulated jurisdictions and has completed more than 750,000 successful patient interactions since its inception. Working in collaboration with globally renowned and innovative teaching hospitals and medical centers, Columbia Care is a patient-centered healthcare company setting the standard for compassion, professionalism, quality, caring and innovation for a rapidly expanding new industry. For more information on Columbia Care, please visit www.col-care.com.
Canaccord Genuity Growth Corp. is a newly organized special purpose acquisition corporation incorporated under the laws of the Province of Ontario for the purpose of effecting a qualifying transaction on the NEO Exchange within a specified period of time.
This press release may contain forward‐looking information within the meaning of applicable securities legislation, which reflects CGGC's current expectations regarding future events including the proposed Business Combination. Forward‐looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond CGGC's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking information. Such risks and uncertainties include, but are not limited to, timing and requirements applicable to completion of the Business Combination, failure to complete the Business Combination, inability to obtain requisite regulatory and shareholder approvals, changes in general economic, business and political conditions, changes in applicable laws, compliance with extensive government regulation, as well as the factors discussed under "Risk Factors" in the final prospectus of CGGC dated September 13, 2018, a copy of which is available on SEDAR at www.sedar.com. CGGC undertakes no obligation to update such forward‐looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
The NEO Exchange does not accept responsibility for the adequacy or accuracy of this press release.
SOURCE Canaccord Genuity Growth Corp.
For further information: Canaccord Genuity Growth Corp., Michael Shuh, Chairman and Chief Executive Officer, (416) 869-7376; Columbia Care LLC, Josephine Belluardo, Ph.D., LifeSci Public Relations, (646)751-4361, jo@lifescipublicrelations.com
Crown Laboratories, a Hildred Capital Partners portfolio company, establishes aesthetics division with innovative, non-invasive product line.
JOHNSON CITY, Tenn. & ADDISON, Texas--(BUSINESS WIRE)--Crown Laboratories, Inc. (“Crown Laboratories”), a leading, fully integrated, specialty pharmaceutical company and Hildred Capital Partners LLC (“Hildred”) portfolio company, today announced it has acquired Bellus Medical, a leader in medical aesthetics treatments dedicated to delivering innovative repair and restoration products to aesthetic practices around the world.
“On behalf of Hildred, I am delighted to work with Crown on launching its new Aesthetics Division and to welcome Joe and his colleagues to the team”
Bellus’s non-invasive products give it a unique position in aesthetics, providing a range of products that draw first-time consumers to leading physician-directed practices globally. Most notable among its products is the SkinPen® – a medical grade microneedling device used exclusively by healthcare professionals to improve the appearance of facial acne scars – the first microneedling device in the industry to be granted clearance and marketing authorization by the U.S. Food and Drug Administration (FDA) for this indication. Bellus’s full line of innovative products and devices includes:
Bellus Medical will become the new Aesthetics Division of Crown Laboratories and be renamed Bellus Aesthetics. Bellus will continue to be based in Dallas, Texas and operate as a wholly-owned subsidiary of Crown Laboratories. Bellus CEO Joe Proctor will become President of Crown’s Aesthetics Division and join the Crown Board of Directors.
“Partnering with Bellus is a truly exciting and significant first step in building our Aesthetics Division,” said Jeff Bedard, Crown Laboratories President and CEO. “Bellus has assembled a truly impressive team with an enviable track record of innovation in aesthetics, exemplified by the SkinPen®, the first ever FDA-cleared microneedling device for acne scarring. We believe there is a tremendous opportunity for us in aesthetics, and with Bellus as the cornerstone of our new division, we expect to expand our portfolio meaningfully in the years ahead.”
“We are thrilled to have found such a compelling opportunity with a partner that shares our vision and approach to growing the business and improving patient outcomes,” said Joe Proctor, Bellus Medical CEO. “The Crown Labs organization is culturally compatible and brings us the additional resources we need to expand our infrastructure, support future growth, and better serve our valued network of providers. This transaction represents a unique opportunity to build Bellus into an elite aesthetics company and we look forward to joining with our new colleagues and to building the Crown aesthetics franchise.”
“On behalf of Hildred, I am delighted to work with Crown on launching its new Aesthetics Division and to welcome Joe and his colleagues to the team,” said David Solomon, Hildred Partner and Chairman of the Board for Crown Laboratories. “With its unique market position and portfolio, led by the first ever recognized Class II microneedling device, Bellus represents an exciting opportunity for Crown, complements its current skincare offering and expands its potential to grow and drive future consolidation. We will continue to look for distinct and attractive opportunities to build on Crown’s consumer healthcare and prescription product lines – and now its aesthetic product line – with the launch of this new division.”
Financial terms of the transaction were not disclosed. Lowenstein Sandler, LLP acted as legal advisor to Crown Laboratories and Hildred, while Hayfin Capital Management, LLP provided debt financing in connection with the transaction. Piper Jaffray and Perkins Coie served as financial and legal advisors, respectively, to Bellus Medical.
Earlier this month, Montreux Equity Partners completed a growth capital financing in Crown Laboratories out of its new healthcare growth capital fund, Montreux Growth Partners II, L.P. With the financing, Crown continues to broaden its distribution across existing channels, and add new product lines to support its growth as a leading player focused on dermatology.
Crown Laboratories, Inc. is a privately held, fully integrated, specialty pharmaceutical company, focused in dermatology and committed to developing and providing a diverse portfolio of pharmaceutical and consumer products, which improve the quality of life for its customers. Crown Laboratories is an innovative company, whose Blue Lizard Australian sunscreen, Vita Liberata organic sunless tanning and skincare, and robust portfolio of dermatological products have paved the way for Crown Laboratories’ rapid growth. Crown Laboratories’ prescription portfolio includes key branded products AlaScalp, AlaQuin and Tri-Derm. For more information about Crown Laboratories or its products, visit www.crownlaboratories.com.
Hildred Capital Partners, LLC is a private investment firm that invests in a broad range of securities, including equity and debt, across geographies and sectors, on both an actively and passively managed basis. Founded in 2014, Hildred has a particular interest in private equity, including situations where the principals can apply their extensive management experience to help a company reach its full potential. Hildred is headed by Howard Solomon, former CEO of Forest Laboratories, and David Solomon, former Senior Vice President, Corporate Development & Strategic Planning at Forest Laboratories, together with Andrew Goldman, the firm’s Chief Investment Officer.
Bellus Medical, headquartered in Addison, TX, is an industry leader in medical aesthetics with an unmatched reputation of providing the highest levels of safe and effective products and the most innovative technology on the market. Founded in 2012, Bellus quickly became an industry pioneer with the introduction of its flagship product SkinPen®, a state-of-the-art microneedling device, which was the first ever FDA-cleared medical grade microneedling device on the market. Bellus' product portfolio continually expands with unique and differentiated products developed to enhance the patient experience and represent a significant business opportunity for medical practices. Built upon three guiding principles - technology, education and customer service - Bellus is much more than a supplier to aesthetic practices, it is a trusted business partner. To learn more about Bellus Medical, visit www.BellusMedical.com.
Montreux Equity Partners is dedicated to making growth capital investments in high growth, category-leading companies with products, technologies and services that are advancing health. Founded in 1993, Montreux has invested in more than 60 companies, including MINDBODY (Nasdaq:MB), Glaukos (NYSE:GKOS), Tobira Therapeutics (acquired by Allergan), MAKO Surgical (acquired by Stryker), SkinMedica (acquired by Allergan) and Renal CarePartners (acquired by Ambulatory Services of America). Montreux is based in San Francisco, CA, and is currently investing out of its second healthcare growth capital fund, Montreux Growth Partners II, L.P. For more information about Montreux Equity Partners, visit www.mepvc.com.
In this press release, the use of words such as "expect," "anticipate," "possible," "potential," "believe," "commit," "intend," "continue," "may," "would," "could," "should," or similar expressions is intended to identify forward-looking statements that represent Crown Laboratories management’s current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or results, and actual results may differ materially due to a variety of important factors. Such risks and uncertainties may include, but are not limited to: the satisfaction of closing conditions to the investment by Hildred; the possibility that the transaction will not be completed or, if completed, not completed in the expected timeframe; the potential that the expected benefits and opportunities of the transaction may not be realized or may take longer to realize than expected; and adverse litigation or government action. Crown Laboratories undertakes no obligation to update the information contained in this release.
Hildred Capital Partners portfolio company, Crown Laboratories, adds leading, all-natural product line in sunless tanning to the company’s dermatology portfolio.
NEW YORK & JOHNSON CITY, Tenn.--(BUSINESS WIRE)--Crown Laboratories, Inc. (“Crown Laboratories”), a leading, fully integrated, specialty pharmaceutical company and a Hildred Capital Partners, LLC (“Hildred”) portfolio company, today announced it has acquired Vita Liberata, an Ireland-based company with advanced organic formulations, specializing in sunless tanning and skincare products.
“The harmful effects of UVA and UVB exposure are undeniable, and skin cancer rates continue to rise worldwide”
Founded in 2003 by Alyson Hogg, Vita Liberata was the first completely non-toxic tanning brand, with a collection of odorless products free from parabens, perfume and alcohol. Vita Liberata products employ the company’s proprietary Advoganic™ Technology, which combines cutting edge skin chemistry with highly potent organic botanicals. The technology fully releases the premium ingredients’ potential, enabling skincare benefits that are superior to those found in formulas using traditional cosmetic chemicals. Vita Liberata’s award-winning collection is sold in premium retailers across the U.S. and Europe, as well as in more than 26 countries worldwide. The brand is the self tanner of choice for the world’s top spas, including George V Paris, St Regis, Viceroy, Ritz-Carlton and Burj Al Arab. Ms. Hogg will stay on as President of Consumer Brands for Crown Laboratories.
“We believe the Vita Liberata product line and the company’s strength in premium retail are a terrific complement to Crown’s Blue Lizard sunscreen brand and builds on Crown’s consumer healthcare products strategy in the dermatology space,” said Jeff Bedard, Crown Laboratories President and CEO. “Alyson and her entire team have done a remarkable job disrupting the self-tanning space, and we look forward to welcoming them to the Crown family. We will work together to continue to provide high-quality products that are at the forefront of skincare innovation.”
“The harmful effects of UVA and UVB exposure are undeniable, and skin cancer rates continue to rise worldwide,” said Alyson Hogg. “Before Vita Liberata, few natural alternatives existed. Our ingredients are natural, certified organic and Ecocert – the purest in the tanning world. Crown and Hildred have a genuine understanding of the suncare market and a very impressive vision for the Vita Liberata brand. We are thrilled to partner with them to leverage Crown’s strong positioning within the dermatology space and advance our mission of making self tanning a viable alternative to sun exposure for all.”
“Hildred’s goal for Crown is to build value by providing the company with the flexibility needed to foster organic growth while leveraging our experience to identify products that would complement Crown’s current offerings and contribute to accelerated growth,” said Hildred Partner David Solomon. “With a distinctive portfolio and an impressive track record of growth, Vita Liberata is a very exciting opportunity and a natural fit with Crown. As we mentioned at the time of the Crown acquisition, we will continue to actively look for interesting acquisitions, licenses and partnerships as we seek to build upon the growing overlap between medical, aesthetic, and over-the-counter dermatology,”.
Financial terms of the transaction were not disclosed. Centerview Partners served as financial advisor to Crown Laboratories, and Lowenstein Sandler and A&L Goodbody served as its legal advisors. The Sage Group and Tughans served as financial and legal advisors, respectively, to Vita Liberata.
Crown Laboratories, Inc. is a privately held, fully integrated, specialty pharmaceutical company, focused in dermatology, and committed to developing and providing a diverse portfolio of pharmaceutical and consumer products, which improve the quality of life for its customers. Crown Laboratories is an innovative company, whose Blue Lizard Australian Sunscreen and robust portfolio of dermatological products have paved the way for Crown Laboratories’ rapid growth. Crown Laboratories’ prescription portfolio includes key branded products AlaScalp, AlaQuin, Daxbia and Dermasorb HC & TA Kits. For more information about Crown Laboratories or its products, visit www.crownlaboratories.com.
Hildred Capital Partners, LLC is a private investment firm that invests in a broad range of securities, including equity and debt, across geographies and sectors, on both an actively and passively managed basis. Founded in 2014, Hildred has a particular interest in private equity, including situations where the principals can apply their extensive management experience to help a company reach its full potential. Hildred is headed by Howard Solomon, former CEO of Forest Laboratories, and David Solomon, former Senior Vice President, Corporate Development & Strategic Planning at Forest Laboratories, together with Andrew Goldman, the firm’s Chief Investment Officer.
In this press release, the use of words such as "expect," "anticipate," "possible," "potential," "believe," "commit," "intend," "continue," "may," "would," "could," "should," or similar expressions is intended to identify forward-looking statements that represent Crown Laboratories management’s current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or results, and actual results may differ materially due to a variety of important factors. Such risks and uncertainties may include, but are not limited to: the satisfaction of closing conditions to the investment by Hildred; the possibility that the transaction will not be completed or, if completed, not completed in the expected timeframe; the potential that the expected benefits and opportunities of the transaction may not be realized or may take longer to realize than expected; and adverse litigation or government action. Crown Laboratories undertakes no obligation to update the information contained in this release.
Hildred Capital Partners will assume major stake in leading dermatology and skincare product company.
Sarah Pringle, Buyouts Insider / PE Hub
The family office launched by former Forest Laboratories executives may be on a path toward more sizable deals as it weighs bringing in third-party capital, according to one of Hildred Capital Partners’ co-founders.
Hildred, founded by father and son Howard and David Solomon in 2014, said Monday it would buy a majority stake in Crown Laboratories Inc. The deal is the 11th private investment for Hildred, which the Solomons launched after the $28 billion sale of Forest Labs to Actavis plc.
David Solomon declined to comment on the terms of the investment. Hildred aspires to build the skincare-focused specialty pharmaceutical company to meaningful scale, he said.
Add-ons in sight
“There’s an opportunity to build a business that’s got several hundred million in sales in the next year or two,” Solomon said of the Johnson, Tennessee, company best known for its Blue Lizard Australian Sunscreen.
Hildred, which Solomon said explored a number of opportunities in the space before engaging with Crown several months ago, is in advanced discussions when it comes to potential add-on deals, licensing or partnership agreements.
Crown plans to consolidate in the three areas of dermatology in which it operates: medical, aesthetic and over-the-counter, Solomon said.
Solomon said he expects opportunities to arise as large pharma companies divest non-core assets and as privately held assets that are too small to garner attention from giants like Allergan or GlaxoSmithKline come available.
Hildred, which the Solomons lead alongside CIO Andrew Goldman, may soon have the capacity to make larger bets itself.
While the firm’s investments typically range from $5 million to $50 million, raising third-party capital could enable the firm to engage in larger deals.
Solomon declined to comment about fundraising but said the firm is in serious discussions. “It’s likely to happen within one form or another within [six to 12] months, whether on a single deal or a larger overall arrangement,” he said.
Howard Solomon, 90, was CEO of Forest Labs from 1977 through September 2013, helping lead its transformation from a small vitamin business to a multibillion-dollar pharmaceutical behemoth. He also was chairman of the company from 1998 through the company’s July 2014 sale.
David Solomon spent 14 years at Forest Labs, most recently leading the company’s M&A, licensing and product acquisition efforts as SVP of corporate development and strategic planning.
The duo’s Forest Labs experience also bodes well for the firm. They’ve navigated through strategic and operational challenges, worked with insurers and providers, and dealt with the complexities of reimbursement for years, Solomon said.
“A lot of the PE investors that we meet with have not actually run a business,” Solomon said. “Having done that is really useful.”
The firm has also leveraged its deep roots and relationships in the healthcare arena. For instance, Hildred brought in former Forest Labs colleagues and specialists to help evaluate commercial opportunities and manufacturing capabilities for Crown, Solomon said.
Taking an active role
While Hildred doesn’t require a controlling ownership position, it’s important for the firm to have an active role in its investments, often through board representation, Solomon said. The firm’s investments range from deals in which it is the sole investor to co-investments with other families or PE groups.
Hildred invests in a broad range of securities including equity and debt, seeking opportunities in industries ranging from regional banks to real estate. Not surprisingly, Solomon described healthcare as the sector in which it is particularly well-suited.
In connection with Hildred’s current investments, David Solomon serves on the board of Quantum-Si; holds a board observer seat at Kareo; is an executive partner at Tyree & D’Angelo; and is member of the shareholders’ council for Columbia Care.
Named after their dog, Hildred, the firm today manages only the wealth of the family.
Hildred Capital Partners will assume major stake in leading dermatology and skincare product company.
NEW YORK & JOHNSON CITY, Tenn.--(BUSINESS WIRE)--Hildred Capital Partners, LLC (“Hildred”), the private investment firm formed by Howard Solomon and David Solomon, former Chairman and CEO of Forest Laboratories and former Senior Vice President, Corporate Development & Strategic Planning of Forest Laboratories, today announced that Hildred has entered into an agreement under which it will assume a major stake in Crown Laboratories, Inc. (“Crown Laboratories”), a leading, fully integrated, specialty pharmaceutical company based in Tennessee.
Hildred will partner with Crown Laboratories Chief Executive Officer Jeff Bedard and Chief Operating Officer Jack Songster, who will remain in their current positions and continue to be substantial equity owners in the Company.
Crown Laboratories was founded in 2000 and is known for its branded products including Blue Lizard Australian Sunscreen and medical products AlaQuin, AlaScalp and Daxbia. Crown Laboratories currently operates three distinct areas of focus related to skincare and treating skin-related conditions: Consumer Healthcare Products, Prescription Products and Contract Development and Manufacturing Services.
“Nearly forty years ago, we introduced the specialty pharma model at Forest Labs and demonstrated how that business strategy could be used to build a dynamic and responsive company that achieved great success through the development and marketing of many highly innovative products. Crown Laboratories is an ideal fit for us to employ our expertise and know-how in applying the specialty pharma model within the dermatology space. Jeff Bedard and Jack Songster have done an excellent job building Crown into the company it is today, and we are pleased to partner with them and the entire Crown team to further grow the Company and enable it to advance its mission to achieve better outcomes for patients, doctors and customers,” said Hildred Partner Howard Solomon.
“Specialty pharmaceuticals is a key area of investment for Hildred. We have been interested in the growing overlap between medical, aesthetic, and over-the-counter dermatology. We have been looking for a platform we could use to construct a business in this area, and we are impressed with the way in which Crown has brought several of these segments together in a growing business. We believe there is a substantial opportunity for us to build the company further, by fostering organic growth of the company’s existing portfolio and by leveraging our experience to identify products which would complement the company’s current offerings and contribute to further growth. We see an opportunity to be a leading consolidator in the dermatology space, and we will be actively looking for interesting acquisitions, licenses and partnership transactions,” said Hildred Partner David Solomon.
“We could not be more excited to partner with Hildred. Their track record in identifying and developing both consumer and prescription products in our industry is unmatched, and we welcome the opportunity to work with them to take what we’ve built over the last decade to the next level. We believe Howard and David and the Hildred team share our passion for understanding the underlying causes of skin-related conditions and providing solutions that improve quality of life. On behalf of the entire leadership team at Crown Laboratories, I would like to say that we are truly excited about what lies ahead for our company,” said Jeff Bedard, Crown Laboratories President and CEO.
Financial terms of the transaction were not disclosed. The transaction is expected to close in the fourth quarter of 2017. Lowenstein Sandler, LLP served as legal advisor to Hildred. Torreya Partners, LLC and Michael Best & Friedrich LLP served as financial and legal advisors, respectively, to Crown Laboratories.
Hildred Capital Partners, LLC is a private investment firm that invests in a broad range of securities, including equity and debt, across geographies and sectors, on both an actively and passively managed basis. Founded in 2014, Hildred has a particular interest in private equity, including situations where the principals can apply their extensive management experience to help a company reach its full potential. Hildred is headed by Howard Solomon, former CEO of Forest Laboratories, and David Solomon, former Senior Vice President, Corporate Development & Strategic Planning at Forest Laboratories, together with Andrew Goldman, the firm’s Chief Investment Officer.
Crown Laboratories, Inc. is a privately held, fully integrated, specialty pharmaceutical company, focused in dermatology, and committed to developing and providing a diverse portfolio of pharmaceutical and consumer products, which improve the quality of life for its customers. Crown Laboratories is an innovative company, whose Blue Lizard Australian Sunscreen and robust portfolio of dermatological products have paved the way for Crown Laboratories’ rapid growth. Crown Laboratories’ prescription portfolio includes key branded products AlaScalp, AlaQuin, Daxbia and Dermasorb HC & TA Kits. For more information about Crown Laboratories or its products, visit www.crownlaboratories.com.
In this press release, the use of words such as "expect," "anticipate," "possible," "potential," "believe," "commit," "intend," "continue," "may," "would," "could," "should," or similar expressions is intended to identify forward-looking statements that represent Crown Laboratories management’s current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or results, and actual results may differ materially due to a variety of important factors. Such risks and uncertainties may include, but are not limited to: the satisfaction of closing conditions to the investment by Hildred; the possibility that the transaction will not be completed or, if completed, not completed in the expected timeframe; the potential that the expected benefits and opportunities of the transaction may not be realized or may take longer to realize than expected; and adverse litigation or government action. Crown Laboratories undertakes no obligation to update the information contained in this release.
The Solomons sold their pharma business for $28 billion, made 10 investments through their family office, and are now considering raising third-party capital.
By Annabelle Ju, Private Equity International
When father and son Howard and David Solomon founded their family office after selling Forest Laboratories, they named it after their dog, Hildred.
Howard sold the pharma company to corporate Actavis for an enterprise value of $28 billion. “I retired as chief executive of Forest Laboratories, which I had been running for 30 years, prematurely; I was only 85 years old,” he chuckles.
He had grown what was a small pharmaceutical company with one product and an enterprise value of a few million dollars, to one with over $4 billion in revenue and a diversified product line.
The duo launched Hildred Capital Partners to use the family capital, network of contacts and operational knowledge they gained from running a pharma company. Its aim is to find investment opportunities in the evolution of the healthcare sector fuelled by Obamacare, continuing consolidation, pressure on pricing and cost, and technological innovation.
One of the benefits of investing as a family office is flexibility. Hildred, unlike a private equity GP investing from a 10-year fund, is not constrained by strategy, cheque size or holding period.
“That flexibility can make you an appealing investor for a lot of companies,” David says. “For us, we can be patient and wait until we find the deals we love.”
The firm has therefore been able to access a broad range of opportunities, in which it will typically invest between $5 million and $50 million.
Of the 10 transactions the family office has done in the past two years, roughly a third had Hildred as the sole investor, another third saw the firm invest with other family offices, and the rest were co-investments with private equity funds.
If the duo sees a compelling opportunity requiring a cheque beyond its range, they join forces with co- investors. Last month, Hildred partnered with Signet Healthcare Partners, Athyrium Capital Management and Pharmascience to invest $93 million in Pharmaceutics International.
The team is also involved in a traditional private equity structure, helping an outside business partner establish his own fund. Hildred is providing access to its investment team and back office, and, in exchange, is receiving a piece of the general partnership.
The firm is also actively considering raising third-party capital, although the pair decline to comment on any specific plans.
“We’ve built a very strong team here and we’re seeing interesting dealflow, so the idea of leveraging that with outside capital is interesting,” David says. “We’d like to do that over the next year or so.
“We’re not going to do that unless we’re highly confident what we can do is going to create substantial value for other investors, but we certainly could leverage what we’re doing here.”
Hildred Capital Partners with Athyrium Capital and Signet Healthcare takes major stake in leading contract development and manufacturing business.
HUNT VALLEY, MARYLAND, September 6, 2016 /PRNewswire/ -- Pharmaceutics International, Inc. ("Pii"), a contract development and manufacturing organization ("CDMO") based in Hunt Valley, MD, announced today that it has entered into a definitive agreement with a consortium of investors led by Signet Healthcare Partners and including Athyrium Capital Management, Hildred Capital Partners and Pharmascience Inc. Pursuant to the agreement, the consortium has invested $93 million in exchange for an equity stake in the company and debt refinancing. Uses of the growth capital will include making significant capital expenditures in the company's formulation capabilities and commercial manufacturing operations. The company also intends to develop its pipeline of generic products, some in conjunction with marketing partners. Founder Dr. Syed Abidi will remain Chairman and CEO of Pii, and veteran pharmaceutical executive Michael Bogda, most recently President of Lannett Company, Inc., will join the company as President and COO.
"This investment and partnering with experienced life sciences investors will allow us to better serve our clients and marketing partners and to build a bigger pipeline of products." said Dr. Abidi. "And we are excited to be adding an executive of Michael Bogda's caliber as a senior executive of the company. He has a tremendous track record in the industry, and I look forward to working with him as the company embarks on its next growth phase."
Pii has been offering development and manufacturing services to pharmaceutical clients, for both NDA and aNDA products, for more than 20 years. The company has formulation capabilities across virtually all dosage forms and is a sought-after partner for the most complex formulations. The company develops and manufactures drug products for its clients on a fee-for-service basis, and for its marketing partners on a profit-share or royalty basis.
"We are pleased to be partnering with Dr. Abidi and Pii, and we see its renowned development services business as a platform for tremendous growth in commercial manufacturing as both its fee-for-service and profit-share pipelines mature," said James Gale, Founding Partner of Signet Healthcare Partners, who will join the Pii Board. "Hildred is well positioned to help the company become a premiere U.S.-based pharmaceutical manufacturer," said Hildred partner and new Pii board member, David Solomon. "Pii has a number of new products to be launched over the next several years, which have already been filed or are soon to be filed with the FDA, and which we expect will significantly contribute to the Company's growth. Pii fits well with our operational experience, and we look forward to working with founder Syed Abidi, new President Michael Bogda, and our partners Signet, Athyrium and Pharmascience, to achieve significant growth over the coming years."
Teneo Capital acted as exclusive financial advisor to Pii. Hogan Lovells and Jacobs & Dembert acted as legal counsel for Pii, Lowenstein Sandler LLP acted as legal counsel for Hildred, and Sheppard Mullin and Covington & Burling acted as legal counsel for the remainder of the consortium.
Pii is a privately held contract development and manufacturing organization providing dosage form development and manufacturing services to the global pharmaceutical industry. Headquartered in Hunt Valley, Maryland with European facilities in the UK, services include preformulation testing, formulation development, clinical and commercial CGMP manufacturing of solid, parenteral, inhalation, semi-solid and liquid dosage forms, clinical packaging and labeling, and analytical services. Pii's facilities include manufacturing and containment suites, automated packaging lines and a wide selection of equipment. For more information, please visit www.pharm-int.com.
Signet Healthcare Partners ("Signet") is an established provider of growth capital to innovative healthcare companies. Signet invests in commercial-stage healthcare companies that are revenue generating or preparing for commercial launch. Signet focuses primarily on the pharmaceutical and medical technology sectors. Signet is an active investor and partners closely with management teams to support growth and build successful businesses. During Signet's 18-year history, Signet has developed a strong reputation and track record of successful investments. Signet has raised four funds with total capital commitments of over $400 million and has invested in more than 45 companies.
Athyrium Capital Management, LP ("Athyrium") is a specialized asset management company formed in 2008 to focus on investment opportunities in the global healthcare sector. Athyrium advises funds with over $1.7 billion in committed capital. The Athyrium team has substantial investment experience in the healthcare sector across a wide range of asset classes including public equity, private equity, fixed income, royalties, and other structured securities. Athyrium invests across all healthcare verticals including biopharma, medical devices and products, and healthcare focused services. The team partners with management teams to implement creative financing solutions to companies' capital needs. For more information, please visit www.athyrium.com.
Hildred Capital Partners, LLC ("Hildred") is a family investment firm that invests in a broad range of securities, including equity and debt, across geographies and sectors, on both an active and passively managed basis. Founded in 2014, Hildred has a particular interest in private equity, including situations where the principals can apply their extensive management experience to help a company reach its full potential. Hildred is headed by Howard Solomon, former CEO of Forest Laboratories, and David Solomon, the former Senior Vice President, Corporate Development & Strategic Planning at Forest Laboratories.
Founded in 1983, Pharmascience Inc. is a full-service privately owned pharmaceutical company with strong roots in Canada and a growing global reach with product distribution in over 60 countries. Ranked 47th among Canada's top 100 R&D investors with $56 million invested annually, Pharmascience Inc. is the 10th largest pharmaceutical company in Canada. Pharmascience Inc. is a leading manufacturer and marketer of prescription, generic, over-the-counter, and behind-the-counter products as well as FDA approved Canadian-made injectables. In Canada alone, more than 45 million prescriptions a year are filled with Pharmascience products.
