Sentinel, Ancor Buys OTC Pharma Biz

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Sentinel Capital Partners adds WellSpring Pharmaceutical Corporation, a North American manufacturer and marketer of specialty prescription and over-the-counter pharmaceuticals, to its collection.  Sentinel teamed up with Ancor Capital Partners, an independent sponsor with extensive healthcare expertise, on the deal. Terms of the deal were undisclosed.

WellSpring’s prescription drugs and OTC brands have extensive distribution through pharmaceutical distributors, wholesalers, and major food and drug retailers. WellSpring also manufactures pharmaceuticals for other drug companies on a contract basis from its production facility in Ontario, Canada.

According to the press release, WellSpring is Ancor’s fifteenth acquisition of a healthcare company. J. Randall Keene, a managing Partner at Ancor, will serve as CEO of WellSpring.

Dr. Robert A. Vukovich, founder and CEO of WellSpring, reinvested in the company and will serve on its board of directors. “…I have passed the company into very capable hands that will continue to accelerate growth,” Vukovich said in the press release.  Bonnie Feeney, president and COO of Wellspring Pharmaceutical Canada Corporation, and Wendy Shusko, COO and CFO of Wellspring Pharmaceutical Corporation USA, also reinvested in WellSpring and will continue in their current positions.

Sentinel’s investment in WellSpring continues its focus on healthcare. In September 2011, Sentinel acquired National Spine & Pain Centers, a provider of management services to physicians specializing in interventional pain management procedures.

The firm’s healthcare holdings include Massage Envy, a provider of therapeutic massage services, and Interim Healthcare, a provider of home nursing care.

Sentinel successfully exited two healthcare investments in 2010, ReachOut Healthcare America, a mobile dental services, and Strategic Partners, a provider of medical uniforms. Sentinel previously sold Metro Dentalcare, a regional multi-specialty dental group, to American Dental Partners (NASDAQ:ADPI) in 2007, and Castle Dental Centers, a regional dental services provider, to Bright Now! Dental in 2004.

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