NEW YORK — Pharmapacks announced on Thursday a strategic investment of more than $250 million from global investment firm The Carlyle Group  to accelerate the company’s growth plans. The growth investment places Pharmapacks’ enterprise value at approximately $1.1 billion.

Pharmapacks was founded as a single brick and mortar pharmacy and has since evolved into a platform providing brands with best-in-class ecommerce capabilities. Since 2010, Pharmapacks has cultivated extensive partnerships with consumer brands across ecommerce marketplaces in North America, including Amazon, Walmart, eBay, Target, Google and Facebook.

Powered by its proprietary platform, Pharmapacks is used by millions of customers to provide for their daily needs. After reaching over $250 million in sales in 2019, Pharmapacks is on a current run rate to achieve approximately 60% year-over-year growth and, with the opening of an additional 230k square foot replenishment center this month, Pharmapacks is expected to fuel accelerated growth in Q4.

“Pharmapacks is experiencing unprecedented growth with massive market support and highly attractive industry dynamics,” said Andrew Vagenas, chief executive officer of Pharmapacks. “We are thrilled that our partnership with Carlyle, a world-class investment firm with extensive connectivity, data and global resources, will provide us with an opportunity to take significant steps to enter the next phase of our growth plans.”

“We’re thrilled to partner with another founder-led growth company, leveraging the global resources of the Carlyle platform to support Pharmapacks’ acceleration,” said Jay Sammons, Carlyle’s head of global consumer, Media & Retail. “We are focused on identifying companies that are growing significantly faster than the market and benefiting from strong secular tailwinds. As a company sitting at the cross section of a number of attractive trends, including the massive and rapid expansion of ecommerce, we have strong conviction in Pharmapacks’ ability to achieve sustainable growth.”

“We’re excited to partner with Andrew and the Pharmapacks management team to execute a multi-dimensional growth strategy for the Company,” said Yue Bonnet, a Principal specializing in Consumer, Media & Retail at Carlyle. “We believe there are significant opportunities to support the Company’s value creation plans by helping to rapidly increase the number of consumer brand partners, building out the data and analytics platform and increasing capacity through additional warehouse expansion.”