Ancor Capital cashes out of WellSpring Pharma Services


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U.S. private equity firm Ancor Capital Partners has sold its interest in WellSpring Pharma Services Inc, an Oakville, Ontario-based pharmaceutical contract manufacturing organization operating across North America.

Wellspring was sold earlier this month to ANI Pharmaceuticals Inc (Nasdaq: ANIP) for US$18 million in cash, PE Hub Canada previously reported.

Ancor and Sentinel Capital Partners together acquired WellSpring in 2011. Sentinel also exited with the sale.

PRESS RELEASE

Ancor Capital Partners Sells WellSpring Pharma Services, Inc.

August 13, 2018

SOUTHLAKE, Texas–(BUSINESS WIRE)–Ancor Capital Partners, a Dallas private equity firm, announces the sale of WellSpring Pharma Services, Inc. to ANI Pharmaceuticals, Inc., an emerging leader in the specialty pharmaceuticals industry based in Baudette, Minnesota. The sale was finalized Aug. 6, 2018, and terms were not disclosed.

WellSpring Pharma Services Inc., headquartered in Ontario, Canada, has established itself as a leading pharmaceutical contract manufacturing organization by emphasizing quality, precision and constant improvement. Today WellSpring provides pharmaceutical manufacturing services for virtually all nonsterile finished dosage form products, including solids, semisolids, and oral liquids and suspensions, as well as primary and secondary packaging in a variety of presentations.

When Ancor, along with co-investor Sentinel Capital Partners, acquired the WellSpring business in 2011, it consisted of three separate business operations – prescription drugs, consumer health care and over-the-counter products, and contract manufacturing of pharmaceutical products. Ancor sold the prescription drug business in 2014 and the consumer health care division in 2017. This transaction represents the sale of the contract manufacturing operation, the final WellSpring business segment.

“We are extremely pleased with our WellSpring business investment,” said Randall Keene, a founding partner at Ancor. “On our watch, the operation was able to advance its position as a market leader and has emerged into a powerful platform poised for continued and sustainable growth.”

Keene continued, “Along with our outstanding partners on this deal, Sentinel, and the leadership of WellSpring CEO Wendy Shusko, we have been able to achieve a number of key strategic initiatives over the course of this investment. I am confident the company’s talented management team and state-of-the-art facilities will continue to drive them toward new opportunities in the industry.”

About Ancor Capital Partners

Ancor Capital Partners is a Dallas, Texas-based private equity firm focused on helping companies reach their next level of growth. Ancor’s experienced team has the acumen, expertise and resources to invest wisely in existing successful companies through private equity buyouts. As a seasoned operating partner, Ancor works to operationally optimize businesses, maximize growth opportunities and instill a lasting culture. With a proven track record of over 50 successful acquisitions to date, Ancor targets health care, consumer staples, industrial manufacturing, automotive and emerging market businesses with an EBITDA of $5-$15 million. For more information about Ancor, visit www.ancorcapital.com.

About Sentinel Capital Partners

Sentinel Capital Partners specializes in buying and building businesses at the lower end of the midmarket in the United States and Canada in partnership with management. Sentinel targets aerospace and defense, business services, consumer, distribution, food and restaurants, franchising, health care and industrial businesses. Sentinel invests in management buyouts, recapitalizations, corporate divestitures and going-private transactions of established businesses with EBITDA of up to $65 million. Sentinel also invests in special situations, including balance sheet restructurings and operational turnarounds. For more information about Sentinel, visit www.sentinelpartners.com.
Contacts

for Ancor Capital Partners
Jeff Cheathum, 972-247-1369

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