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(Swedesboro, New Jersey— June 8, 2016)
New Harbor Capital, a Chicago-based private-equity firm, has completed a
majority equity investment in privately held
Wedgewood Pharmacy, the largest
U.S. compounding pharmacy specializing in animal health, addiction medicine and
Wedgewood Pharmacy, based in Swedesboro, New Jersey, prepares customized
medications for people and their pets when FDA–manufactured drugs cannot meet
their needs. Compounded medications are prescriptions and medication orders that
are written by physicians, veterinarians and other legally authorized
prescribers and prepared by specially trained pharmacists and pharmacy
technicians. The company serves more than 36,000 prescribers and hundreds of
thousands of patients throughout the U.S
New Harbor Capital invests in lower middle market, growth-oriented business
services, healthcare and education companies. New Harbor’s Partners have been
private-equity investors for more than 20 years, partnering with strong
management teams to systematically enable accelerated growth in value creation.
See www.newharborcap.com for
The transaction also marks an important leadership change for the
business. Lucy Malmberg, who acquired the business with her late husband,
George, in 1981, is stepping down from her role as CEO but will remain involved
in strategic decision-making as chairman of the board. Marcy Bliss, long-time
president of Wedgewood Pharmacy, will assume the position of president and CEO.
Bliss said, “Wedgewood Pharmacy is a growing pharmacy practice with a
strong, well-respected brand and an engaged, skilled workforce. New Harbor’s
investment marks an important milestone in Wedgewood’s history. Lucy, the entire
management team and I are thrilled to have them as partners. New Harbor’s
healthcare industry expertise and strong cultural-fit were key differentiators
for us. Its track record for successfully executing growth strategies, as well
as its experience with medical products distribution will elevate our business
to the next level, while upholding the high quality, innovation and reliable
service our patients and prescribers expect.”
Jocelyn Stanley, principal at New Harbor Capital, said, “We look forward to
partnering with the leading veterinary compounding pharmacy in the U.S.”
Tom Formolo, partner at New Harbor Capital added: “Wedgewood is uniquely
positioned as the quality and compliance leader in the compounding pharmacy
market and is well known for its long history of innovation. Equally important
to us is the quality and integrity of Wedgewood Pharmacy’s senior leadership
team. Their commitment to delivering high-quality patient care is clear and
unwavering and we are excited to support the business during its next phase of
George (late) and Lucy Malmberg, both pharmacists, purchased Wedgewood
Pharmacy in 1981; the pharmacy was founded in 1980. In its 35-year history, the
company has grown from a local community pharmacy to become one of the largest
compounding pharmacies in the United States, serving more than 36,000
prescribers and hundreds of thousands of patients throughout the U.S. every year
with customized animal-health and
human-health prescriptions. In June
2016, Chicago-based New Harbor Capital became the majority owner of the company.
Wedgewood Pharmacy is accredited by the Pharmacy Compounding Accreditation
Board (PCAB®) for compliance with PCAB pharmacy compounding accreditation
standards. PCAB is a service of Accreditation Commission for Health Care and is
a third-party accreditation organization that has developed the highest national
standards that providers are measured against in order to illustrate their
ability to effectively and efficiently deliver quality compounded medications to
consumers. Wedgewood Pharmacy was the first pharmacy in the Philadelphia area to
earn this accreditation and was re-accredited in January 2015.
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This content is intended for counseling purposes only. This content is informational/educational and is not intended to treat or diagnose any disease or patient. No claims are made as to the safety or efficacy of mentioned preparations. The compounded medications featured in this content have been prescribed and/or administered by prescribers who work with Wedgewood Pharmacy. You are encouraged to speak with your prescriber as to the appropriate use of any medication. Wedgewood Pharmacy’s compounded veterinary preparations are not intended for use in food and food-producing animals. All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.