Geritrex, a portfolio company of BelHealth Investment Partners LLC, has acquired a portfolio of OTC topical products from PL Developments. No financial terms were disclosed.
PRESS RELEASE
New York, NY and Middletown, NY – October 10, 2018 – Geritrex Holdings, Inc. (“Geritrex” or the Company), a leading manufacturer and distributor of niche dosage form OTC products and pharmaceuticals and a portfolio company of BelHealth Investment Partners, LLC (“BelHealth”), a New York-based healthcare private equity firm, announced today that is has completed the acquisition of a portfolio of OTC topical products from P&L Development, LLC (“PL Developments”).
The acquired portfolio represents four product families – hydrocortisone, vitamin A&D, white petrolatum and zinc oxide. The products are currently sold by Sandoz and marketed under the Fougera label through the institutional, hospital-based channel. PLD considered the products non-core to its focus of serving US retailers in their store brands.
Tim Sawyer, CEO and Executive Chairman of Geritrex, said, “We are excited to expand Geritrex’s product offering and better serve our institutional customer base. The new products and health systems that we will touch with this acquisition are highly synergistic with Geritrex’s current institutional business and present cross selling opportunities. The products are complementary with Geritrex’s existing offering and will easily transition into the Company’s infrastructure and quality systems to further accelerate growth.”
Nathan Kronforst, Managing Director of BelHealth and Geritrex Board Member, added “We had targeted a number of these products as strong market performers and are thrilled with the opportunity to complete this transaction with PL Developments. This product acquisition presents an opportunity to supplement the organic development of Geritrex’s product portfolio.”
About Geritrex
Founded in 1978 and headquartered in Middletown, New York, Geritrex is a manufacturer and distributor of niche dosage form OTC products and pharmaceuticals to patients across a number of institutional channels as well as consumers through traditional retail channels. The Company’s core product categories include dermatological, analgesic, digestive and cough/cold products across various dosage forms including creamsand ointments, powders and liquids.
About BelHealth Investment Partners
BelHealth Investment Partners, 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 invests across three core healthcare segments: Services, Products and Distribution. BelHealth is investing from its current $350 million fund.
For further information, please visit:
Geritrex: www.geritrex.com
BelHealth Investment Partners: www.belhealth.com
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