BelHealth Investment Partners has acquired Mount Vernon, New York-based Geritrex Corp, a maker of generic OTC products and drugs. No financial terms were disclosed.
New York, NY – July 31, 2015 – BelHealth Investment Partners (“BelHealth”), a healthcare-focused private equity firm, announced the acquisition of the business and assets of Geritrex Corp. (“Geritrex” or the “Company”).
Founded in 1978 and headquartered in Mt. Vernon, New York, Geritrex is a manufacturer and distributor of primarily topical generic OTC products and pharmaceuticals to patients in institutional healthcare settings.
Geritrex’s prominent list of customers includes: the Veterans Administration, Columbia Presbyterian Hospital, Albert Einstein Hospital, St. Jude Hospital, Mayo Clinic and Duke University Hospital.
Nathan Kronforst, BelHealth Managing Director, stated, “Given BelHealth’s deep experience in generic OTC products and pharmaceuticals, we have actively pursued investments in this segment and are excited to partner with Geritrex and build upon the success that the Company has achieved over the past thirty years. Geritrex’s product mix and customer base of over 5,000 hospitals and nursing homes positions it perfectly to take advantage of the aging demographic trends. We look forward to growing Geritrex into a national platform in this fragmented and growing industry segment.”
Harold S. Blue, BelHealth Managing Partner, stated, “We commend Tony Madaio, Geritrex’s Founder, for building a terrific business, and we look forward to partnering with him as he remains a Board member and shareholder. Geritrex is BelHealth’s first platform company in Fund II and a great fit given our expertise in the generics industry. Generic products and pharmaceuticals is a segment we know extremely well and Geritrex is the ideal base from which to drive substantial growth both organically and through add-on acquisitions. BelHealth’s strategic plan will focus on building an industry leading executive management team; adding new OTC products as well as pursuing ANDAs and other prescription products; acquiring add-on businesses; and driving organic growth through the addition of sales associates. BelHealth will leverage its considerable experience in the generics industry to drive exponential growth at Geritrex.”
About BelHealth Investment Partners
BelHealth Investment Partners (“BelHealth”), based in New York, is a healthcare private equity firm focused on lower middle market companies. BelHealth has a unique combination of investing, executive management and entrepreneurial experience. BelHealth acquires majority positions in entrepreneur-owned companies that it believes would benefit from its extensive operating and private equity investment expertise. The firm typically invests $20-40 million per platform company across three healthcare segments: Services, Products and Distribution.