H.I.G. Capital News
John Von Bargen
500 Boylston Street
Boston, MA 02116
H.I.G. Capital Announces the Sale of Accupac
BOSTON – September 18, 2017 – H.I.G. Capital (“H.I.G.”), a leading global private equity investment firm with $22 billion of equity capital under management, is pleased to announce the sale of its portfolio company Accupac, Inc. (“Accupac” or the “Company”) to J.H. Whitney Capital Partners.
Accupac is a leading U.S. provider of outsourced manufacturing and packaging solutions to the world’s largest pharmaceutical and over-the-counter (OTC) personal care product manufacturers. 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. All Accupac manufacturing facilities are FDA registered and cGMP compliant.
Through H.I.G.’s partnership with Accupac’s leadership team, the Company made significant improvements in both operations and sales. During H.I.G.’s investment period, Accupac implemented facility improvements to substantially increase and expand manufacturing capacity. Furthermore, the Company has driven significant growth with new and existing customers given Accupac’s unique ability to manufacture specialty products.
Paul Alvater, Accupac's CEO, said, "We are proud of what we accomplished during our partnership with H.I.G. Capital and we are excited to continue Accupac’s growth trajectory with our new partner J.H. Whitney Capital Partners. We believe that this transaction is the right step for Accupac to continue offering our customers superior quality products."
“We have had a great partnership with the Accupac management team and we are proud of the changes made to further position the Company for success,” commented John Von Bargen, a Managing Director of H.I.G. Capital. “Through substantial investment in people and facilities, with a constant focus on customers, Accupac has developed into a market leader. We look forward to seeing Accupac continue its successful growth with J.H. Whitney Capital Partners.”
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-best 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.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with $22 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Mexico City and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.