Olympus Partners has sold Columbia, South Carolina-based The Ritedose Corp, a maker of respiratory and ophthalmic drugs. The buyer was not identified in the announcement on the sale although a previous news item on the deal stated it was a consortium led by AGIC Capital. No financial terms were disclosed.
STAMFORD, Conn., Sept. 13, 2017 — Stamford, Conn.-based private equity firm Olympus Partners is pleased to announce the sale of The Ritedose Corporation, a leading manufacturer of respiratory and ophthalmic drugs. Ritedose is the foremost pharmaceutical manufacturer utilizing “blow-fill-seal” technology, where a container is formed, filled, and sealed in a continuous, highly automated process inside a sterile enclosed machine in a “clean room” facility. Olympus acquired the company in 2009 and since that time has grown to the second largest generic respiratory player, launched its own generic pharmaceutical brand, increased production capacity by 80%, and expanded into new therapeutic categories such as dry eye.
Umesh Dalvi, CEO of The Ritedose Corporation, commented that, “Olympus has been a great partner, contributing valuable insight and support of growth strategies, building the TRC and RDP brands, and investing significant capital, all with a long term perspective in mind.”
Jim Conroy, a Managing Partner at Olympus, remarked that, “Umesh and his team at Ritedose have done a remarkable job building Ritedose into the world class company it is today. They have demonstrated an ability to grow through multiple avenues and we look forward to watching that growth continue.”
Founded in 1988, Olympus Partners is a private equity firm focused on providing equity capital for management buyouts and for companies needing capital for expansion. Olympus is an active, long-term investor across a broad range of industries, including restaurants, consumer products, healthcare services, financial services and business services. Olympus manages in excess of $5.5 billion primarily on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs.
The Olympus team included Jim Conroy, Evan Eason, Jason Miller, Griffin Barstis, and Michael Cueter. Ritedose was represented in the sale by William Blair and Robert W. Baird with legal representation from Kirkland & Ellis.