Wedgewood Pharmacy, a portfolio company of New Harbor Capital, has sold to Partners Group
Founded in 1980, Wedgewood is one of the largest providers of compounded animal medications for acute and chronic conditions in the United States and employs more than 700 people in New Jersey, California, Colorado and Arizona. Compounded medications are created and prepared by specialist pharmacists and pharmacy technicians when there is no commercially available alternative. The company holds over 66,000 relationships with veterinarians and directly serves more than 360,000 pet owners annually. Wedgewood has a broad and diverse portfolio of offerings leading to low customer and stock concentration, holds strategic partnerships with veterinary corporate groups and offers a defined value proposition to veterinary clinics and pet owners.
Following the investment, Partners Group will work closely with Wedgewood’s management team to implement new strategic initiatives that support ongoing organic growth. Key areas of focus will be investing in the company’s sales and marketing functions, enhancing technology to drive digital engagement with veterinarians and pet owners through multiple channels, continuing its veterinary footprint expansion through corporate group partnerships and new customer acquisitions as well as opportunistic mergers and acquisitions.
Marcy Bliss, Chief Executive Officer of Wedgewood, stated, “Lincoln’s work was exemplary throughout the process. The Lincoln team did an outstanding job. Their unique approach to investment banking leveraged a highly targeted process and demonstrated a strong commitment to Wedgewood. The entire Lincoln team’s process, knowledge of the animal health market and work ethic ultimately produced an incredible result for our investors, and I would be very excited to work with them again in the future.”
Roddy O’Neill, Managing Director and Co-head of Lincoln International’s Healthcare Group in North America, added, “We are honored to advise New Harbor and the Wedgewood team on the sale of the company to Partners Group. The company has established a highly differentiated platform serving one of the fastest growing segments of the animal health market, and we look forward to following the future success of the partnership between Wedgewood and Partners Group.”
Lincoln acted as the lead investment banking advisor to Wedgewood, working closely with the company’s management team and shareholders throughout the sale process.
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