Supplier News Breaks Archives
Apothecary Products sold to investment company
March 3rd, 2014
MINNEAPOLIS – Health care products supplier Apothecary Products Inc. has been acquired by investment firm Norwest Equity Partners (NEP).
Norwest said Monday that it purchased Apothecary from company founder, chief executive officer and pharmacist Terry Noble. Terms of the deal weren't disclosed, but Norwest said Noble will remain as an Apothecary investor.
"I am very proud of the strong business our team has built and am excited about the future possibilities with our new investment partner," Noble stated. "NEP's investment capital, coupled with their experience in the consumer health care products industry and working with family-owned businesses, will help Apothecary continue to achieve its growth plans and mission of designing and sourcing the most innovative and critical pharmacy products available."
Launched in 1975 and based in Burnsville, Minn., Apothecary sells pharmaceutical and consumer health care products to independent and chain pharmacies, food/mass retailers and distributors worldwide. Its products include both over-the-counter consumer health products and behind-the-counter pharmacy items in the pharmacy supply, medication management and home health care categories, with a specialty in products that promote medication compliance.
Apothecary also is a private-label manufacturing partner for major retailers.
"We are impressed with Apothecary's solid reputation, long-term customer relationships, category leadership, and solid financial performance," commented Tim Kuehl, a Norwest partner and Apothecary board member. "Medical compliance is critical to enhancing health care outcomes while simultaneously lowering health care costs, both of which are central tenets of our health care investment strategy. We are excited to work with management toward further building Apothecary for the future."