HIG Capital exited its Harvard Drug Group investment, selling it to Court Square Capital Partners.

Terms of the deal were not publicized and calls seeking comment were not returned by press time. Harvard Drug Group, which is based in Michigan, is a generic pharmaceutical distributor with about $500 million in annual sales.
 
In 2006, HIG re-capped Harvard Drug Group and the company has executed a number of strategic deals since. Lewis Schoenwetter, a managing director with the PE firm who worked on the deal, said the company’s current Ebitda is in excess of $50 million.

HIG’s decision to unload its generic drug asset comes on the heels of Obama administration legislation that, if fully executed, may hamper growth in the space for smaller companies by providing brand-name drugmakers comparatively better government tax breaks. With better clarity as to how regulation around the sector will play out in coming years, private equity firms (including HIG) have made plays all over the space.

Almost immediately after the legislation’s passage was announced, Cerberus Capital Management bought a not-for-profit hospital system in Massachusetts, Caritas Christi Health Care, for more than $800 million.

Also, recently, healthcare loan and bond deals have offered attractive terms to investors who, in turn, responded with fists full of cash for companies like IMS Health and LifePoint Hospitals, among others.

HIG’s prior investments in the healthcare space include Accupac, a pharmaceuticals packaging manufacturer; AligNetworks, a Florida-based physical therapy provider; APS Healthcare, a specialty care provider and PSMI, another Florida-based care provider. Earlier this year, the Florida-based private equity firm announced plans to buy Tampa-based, privately-held Surgery Partners Holdings.

But Thursday’s deal wasn’t the only one for HIG this week. The PE firm also bought yet another entertainment production company.

For terms that were, again, not disclosed, the private equity firm bought Laser-Pacific Media Corp., an Eastman Kodak subsidiary that works on post-production entertainment. Its involvement in projects includes AMC’s Mad Men and HBO’s Eastbound and Down.

HIG has also bought a number of entertainment production companies for its Telecorps Holdings Inc.; this includes Coffey Sound, Hula Post Production and Orbit Digital California.