Palladium Equity Partners LLC has acquired Pennsylvania-based Accupac, a provider of outsourced manufacturing and packaging solutions for the personal care and beauty markets. The seller was J.H. Whitney Capital Partners LLC. No financial terms were disclosed.
NEW YORK and MAINLAND, Pa., Jan. 22, 2020 /PRNewswire/ — Palladium Equity Partners, LLC (along with its affiliates, “Palladium”), a middle market private equity firm with approximately $3 billion in assets under management, today announced that it has acquired Accupac, Inc. (“Accupac” or the “Company”), a leading U.S. provider of outsourced manufacturing and packaging solutions for the personal care and beauty markets, from J.H. Whitney Capital Partners, LLC (“J.H. Whitney”).
Accupac offers complex formulation capabilities to its world-class customer base, specializing in liquid topical and oral care products, including skin creams, toothpastes and other personal care products. The Pennsylvania-based company is distinguished by its R&D and quality assurance expertise, state-of-the-art facilities, and long-term relationships with leading established and emerging consumer packaged goods brands. Accupac’s manufacturing facilities, which are strategically located in Mainland, PA and Lakewood, NJ, are FDA registered and cGMP compliant.
“We look forward to partnering with the Accupac team and supporting the company’s continued growth,” said Caleb Clark, a Partner at Palladium. “We believe the company is uniquely positioned with opportunities to deepen its relationships with existing customers, penetrate new accounts through its unique innovation capabilities, develop new products, and drive growth in adjacent categories both organically and through M&A. We believe Accupac is a best-in-class operator in its space and we are excited to work with management to continue to drive the business.”
Bruce Wright, the President and CEO of Accupac, said: “We are pleased to partner with Palladium Equity Partners in the next phase of our growth. We see significant opportunity to expand Accupac’s role in helping to build the world’s supply of personal care products, benefitting from our more than four decades of experience working with both leading brands in the industry as well as some exciting rapidly emerging brands through our innovation programs.”
Lincoln International, LLC served as financial advisor to Accupac on the transaction. Gibson, Dunn & Crutcher LLP served as the Company’s legal advisors. Houlihan Lokey served as financial advisor for Palladium. Greenberg Traurig, LLP served as the legal advisors for Palladium.
The transaction terms were not disclosed.
About Accupac, Inc.
Accupac, Inc., headquartered in Mainland, PA, is a U.S. provider of outsourced manufacturing and packaging solutions to pharmaceutical and over-the-counter (OTC) personal care product manufacturers. Founded in 1974, the company is a specialist in liquid topical and oral care products, including skin creams, toothpastes, moisturizing lotions, mouthwash and other personal care products, many of which require FDA approval. The company has differentiated production and testing capabilities that lead to industry-leading quality assurance. Accupac is uniquely positioned in the $26 billion U.S. beauty and personal care manufacturing market, of which approximately $7 billion is within the company’s topical and oral care product categories. The company operates two manufacturing facilities in the Mid-Atlantic region. Accupac employs more than 400 employees in Pennsylvania and nearly 200 in New Jersey. The company generated more than $200 million of revenue in 2019.
About Palladium Equity Partners, LLC
Palladium is a middle market private equity firm with approximately $3 billion in assets under management. The firm seeks to acquire and grow companies in partnership with founders and experienced management teams by providing capital, strategic guidance and operational oversight. Since its founding in 1997, Palladium has made 34 platform investments and over 135 add-on acquisitions. For more information on Palladium Equity Partners, please visit www.palladiumequity.com.