The Harvard Drug Group, has acquired Spectrum Pharmacy Products, a maker of fine chemicals and laboratory products, from Spectrum Chemical Manufacutring Corp. No financial terms were disclosed. Harvard Drug is a portfolio company of Court Square Capital Partners.
Spectrum Pharmacy Products, a business of Spectrum Chemical Mfg. Corp. was acquired by The Harvard Drug Group, LLC, a portfolio company of Court Square Capital Partners, a private equity firm based in New York. Transaction terms were not disclosed.
McGladrey Capital Markets led the negotiations and acted as exclusive financial advisor to Spectrum Chemical. The transaction occurred on May 3, 2010.
“We’re very happy with the sale of our pharmacy business to an industry leader such as The Harvard Drug Group,” said Marc Hayem, CEO of Spectrum Chemical. “We’re confident that Harvard will continue providing our customers with same high quality products and services we’ve supplied in the past. At the same time we can redirect our management team’s full attention to our core laboratory chemicals and supplies space focus on serving scientists engaged in the discovery and development of regulated products.”
“This transaction is really a win-win situation,” said Jay Kuo, vice president at McGladrey Capital Markets’ Chemicals group. “The Harvard Drug Group will emerge as a key market leader in terms of size, product portfolio breadth and geographical coverage. At the same time, Spectrum can dedicate both the financial and human resources to continue growing their key chemicals and laboratory supplies business, particularly in new product categories and international growth.”
About The Harvard Drug Group
Harvard Drug is the largest independent distributor of generic-focused pharmaceuticals, over-the-counter drugs, vitamins, supplements, medical supplies and compounding chemicals. The company sells to over 42,000 independent pharmacies, retail pharmacy chains, long-term care facilities, government facilities and buying groups in the United States, as well as Canada and select Global Markets through more than 100 sales representatives and partnerships with over 35 vendor partners. The company has headquarters in Livonia, Michigan.
About Spectrum Chemicals & Laboratory Products, a division of Spectrum Chemical Mfg. Corp
Founded in 1971, Spectrum Chemicals & Laboratory Products manufactures and distributes fine chemicals and laboratory products with quality and delivery you can count on every time. Spectrum’s chemical offering consists of over 15,000 active pharmaceutical ingredients (API’s), excipients, biochemicals, nutraceuticals, cosmetic ingredients, analytical reagents, and chemical solutions in research and production quantities. Spectrum also distributes nearly 80,000 supply and equipment items from over 200 manufacturers like Mettler-Toledo, Ohaus®, Corning, Denver Instrument, Hirschmann, Jencons, Microflex®, DynaMed®, Thermo Scientific, Wheaton Science Products, Kimble Chase, Health Engineering Systems, SPEX CertiPrep®, and LabChem. Spectrum’s ISO 9000:2008 certified facilities are FDA registered and operate under current Good Manufacturing Practices (cGMP). To learn more about Spectrum visit www.SpectrumChemical.com.
About McGladrey Capital Markets
McGladrey Capital Markets LLC (www.mcgladreycm.com) is a global provider of investment banking services to private and public companies with annual revenues of up to $1 billion. The firm’s services include mergers, acquisitions, divestitures, recapitalizations, capital raising, fairness opinions and restructurings. McGladrey Capital Markets, which offers in-depth expertise in many distinct industry sectors, brings together companies, capital and creativity on a national and international scale to help clients achieve their personal and strategic objectives.
McGladrey Capital Markets is affiliated with RSM McGladrey Inc., a professional services firm providing accounting, tax and business consulting. Both firms are indirect subsidiaries of H&R Block Inc. (NYSE: HRB), the world’s preeminent tax services provider. McGladrey Capital Markets’ international headquarters are located in Costa Mesa, Calif. The firm is a member of FINRA.