Harvard Drug Group, a distributor of generic drugs with nearly half-a-billion dollars in sales, has been purchased by a New York private equity firm for an undisclosed sum.
Court Square Capital Partners is the buyer, according to a statement from the seller, another private equity firm, H.I.G. Capital.
Founded in 1967, Harvard Drug is the largest independent generics-focused pharmaceutical distributor in the U.S., according to the statement. Since Harvard Drug is merely being traded from one private equity firm to another, the deal is unlikely to have much impact on its operations.
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H.I.G. acquired the company in 2006. Under H.I.G’s ownership, Harvard Drug doubled its EBITDA (earnings before interest, taxes, depreciation and amortization) to $50 million, according to Lewis Schoenwetter, a managing director with H.I.G.
Harvard Drug has 400 employees and distribution facilities in Livonia, Mich.; Indianapolis, Ind.; and Decatur, Ala.
Court Square’s previous health care investments include Amgen Inc., HealthSouth Corp. and Amerisource Corp.
A Court Square official didn’t immediately return a call.
Photo from flickr user rodrigo senna