Norwest Equity Partners Acquires Apothecary Products
Minneapolis investment firm Norwest Equity Partners (NEP) purchased Apothecary Products Inc., a Burnsville, Minnesota-based health care and pharmacy products supplier with a manufacturing facility in St. Charles, Mich. The transaction closed Friday, but financial terms were not disclosed.
Apothecary founder and CEO Terry Noble will remain with the company as an 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, who is also a pharmacist, said. " 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 coercing the most innovative and critical pharmacy products available."
Research has shown half of medications prescribed in the U.S. are not taken as directed, resulting in an increase of deaths, hospital admissions and health care costs. Apothecary, which has been selling pharmaceutical supplies and over-the-counter health care products to pharmacies, food retailers, distributors and wholesalers worldwide since 1975, is an innovator for medication compliance, which has proven to lower health care costs.
"On behalf of the NEP partnership, we are impressed with Apothecary's solid reputation, long-term customer relationships, category leadership and solid financial performance," Tim Kuehl, a NEP partner and Apothecary board member, said. "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."
For more information, visit www.apothecaryproducts.com.