Geritrex, a portfolio company of BelHealth Investment Partners, has acquired PurinePharma. No financial terms were disclosed. Based in Massena, New York, Purine is a maker of over the counter generic products.
PRESS RELEASE
New York, NY – November 9, 2015 – Geritrex, a leading manufacturer of generic over-the-counter (OTC) products and pharmaceuticals and a BelHealth Investment Partners (“BelHealth”) portfolio company, announced the acquisition of the business and assets of PurinePharma (“Purine” or the “Company”).
Founded in 2012 and headquartered in Massena, New York, Purine is a private label manufacturer and distributor of OTC generic products. Purine specializes in manufacturing liquid nasal, allergy, and cough and cold products for retail clients in the U.S. and abroad. Purine operates out of a 32,778 sq. ft. facility on 4.2 acres in upstate New York. The facility is CGMP (Current Good Manufacturing Practices) class 100,000 with a controlled temperature warehouse and offices.
Mitch Blashinsky, Geritrex CEO, stated, “We are excited to welcome the Purine team to Geritrex. The combined business with access to both the institutional healthcare setting and retail sales channel is well positioned to accelerate its growth and become a dominant, global manufacturer of generic pharmaceuticals and OTC products. We commend Venkat Kakani, Purine’s CEO, for the Company’s accomplishments to date, and we look forward to partnering with him through Geritrex’s next growth phase.”
Harold S. Blue, BelHealth Managing Partner, stated, “When BelHealth acquired Geritrex in July, we sought to accomplish three strategic initiatives: 1) Expand Geritrex’s product capabilities – Purine expands Geritrex’s business from semi-solid manufacturing into liquids; 2) Enter the private label retail channel -Purine’s primary focus is on private label retail sales as well as export sales; and 3) Acquire an additional facility – Purine’s facility has liquid product capability and recently received FDA approval (April 2015). Additionally, Geritrex’s newly formed executive management team will benefit from the added expertise of Venkat and the Purine team.”
About Geritrex
Founded in 1978 and headquartered in Mt. Vernon, New York, Geritrex is a manufacturer and distributor of topical generic OTC products and pharmaceuticals to patients in institutional healthcare settings. Since inception, Geritrex has evolved from a local direct distributor to a national provider through wholesale distributors. The Company’s top selling products are ointments, cream, lotions, balms and shampoos.
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.
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 $20-50 million per platform company across three healthcare segments: Services, Products and Distribution
For further information, please visit:
Geritrex: www.geritrex.com
PurinePharma: www.purinepharma.com
BelHealth Investment Partners: www.belhealth.com
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