H.I.G. Capital Completes Recapitalization of the Harvard Drug Group
MIAMI – January 31, 2007 – H.I.G. Capital, a leading Miami-based private equity firm, announced today the recapitalization of The Harvard Drug Group, L.L.C. (Harvard Drug). With approximately $400 million in revenues, Harvard Drug, based in Livonia, Michigan, is the second largest generics-focused pharmaceutical distributor in the United States. Harvard Drug supplies generic and branded pharmaceuticals to over 6,000 retail customers, which include independent, regional and national pharmacies. Harvard Drug also services institutional clients through its “Major” label of generic drugs, which has a product offering of over 1,000 prescription pharmaceuticals, over-the-counter (“OTC”) products, vitamins and unit-of use products. Harvard Drug’s institutional clients include hospital central-purchasing agents, long-term-care facilities, and government clients. Founded in 1967, Harvard Drug benefits from long-standing relationships with key pharmaceutical manufacturers.
H.I.G. partnered with management to consummate the transaction. “With H.I.G. as a partner, we are poised to continue growing our business and expanding our offering of products and services” said Randy Friedman, the Chief Executive Officer of Harvard Drug. “We are excited about Harvard Drug’s prospects in an expanding market driven by the growing role which generic drugs play in checking rising health care costs. We intend to actively support the Company as it expands its current business” said Doug Berman, Managing Director of H.I.G. Capital.
About H.I.G. Capital
H.I.G. Capital LLC (“H.I.G.”) is a leading private equity and venture capital investment firm with more than $3 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, and San Francisco, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding, H.I.G. has completed more than 75 transactions. The firm currently manages a portfolio of more than 40 companies with combined revenues in excess of $5 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.