Pharmachem Innovations, the nutraceuticals business of US-based speciality materials company Ashland, has been acquired by an affiliate of Turnspire Capital Partners.
Turnspire is a special situation private equity investment firm that invests in high-quality businesses that may benefit from our hands-on, operationally focused approach.
Following the acquisition, Pharmachem Innovations will operate as an independent company.
As part of the transaction, Turnspire appointed its operating partner Maurice Murphy as executive chairman, and Jeff Rogers as interim CEO of Pharmachem.
Murphy said: “I am delighted to join Pharmachem and to once again partner with Turnspire, which has a fantastic track record of supporting management teams to create and grow best-in-class businesses.
“I look forward to working with Jeff and the talented employees to build on Pharmachem’s rich legacy as an innovator in the exciting and rapidly growing nutraceuticals space.”
Rogers said: “We look forward to partnering with our valued customers to develop new and creative custom formulations and proprietary products.
“We are excited to leverage our vast capabilities to pursue a wide array of attractive growth opportunities while continuing to provide the highest-quality service for our customers.”
Pharmachem provides unique nutrition ingredients and custom formulation services, supplied to a broad portfolio of both active ingredients and formulation for nutritional product companies.
It also offers custom formulation and contract manufacturing for the nutrition market, from formula design and ingredient sourcing to finished product manufacturing.
The company’s products are used in a wide range of products used in many applications, including hydration, joint health, women’s and men’s health, and cardiovascular health.
Pharmachem has around 500 employees working at four production facilities in New Jersey, Utah in the US, and Tamaulipas, Mexico.
Winston & Strawn served as legal counsel and Piper Sandler & Co. as financial advisor to Turnspire on the transaction.
Turnspire managing partner Ilya Koffman said: “We are excited to acquire Pharmachem and its highly compelling formulation and manufacturing capabilities, underpinned by a broad portfolio of proprietary ingredients.
“Led by Maurice and Jeff, and with the benefit of Turnspire’s extensive experience transforming corporate carve-outs into thriving standalone companies, Pharmachem is well positioned to capitalise on attractive growth opportunities in its markets.”
