New Harbor Capital, a Chicago-based private equity firm, announced Wednesday it has completed a majority equity investment in Swedesboro-based Wedgewood Pharmacy, a compounding pharmacy that specializes in animal health, addition medicine and urology.Wedgewood currently serves more than 36,000 prescribers and hundreds of thousands of patients throughout the U.S.
The transition also marks leadership changes for the business, according to New Harbor. Lucy Malmberg is stepping down from her role as CEO, but will remain as chairman of the board. Marcy Bliss, president of Wedgewood Pharmacy, will assume the position of CEO and president.
“Wedgewood Pharmacy is a growing pharmacy practice with a strong, well-respected brand and an engaged, skilled workforce. New Harbor’s investment marks an important milestone in Wedgewood’s history. Lucy, the entire management team and I are thrilled to have them as partners. New Harbor’s health care industry expertise and strong cultural fit were key differentiators for us. Its track record for successfully executing growth strategies, as well as its experience with medical products distribution, will elevate our business to the next level, while upholding the high quality, innovation and reliable service our patients and prescribers expect,” Bliss said in a prepared statement.
“We look forward to partnering with the leading veterinary compounding pharmacy in the U.S.,” Jocelyn Stanley, principal at New Harbor, said in a prepared statement.
“Wedgewood is uniquely positioned as the quality and compliance leader in the compounding pharmacy market, and is well known for its long history of innovation. Equally important to us is the quality and integrity of Wedgewood Pharmacy’s senior leadership team. Their commitment to delivering high-quality patient care is clear and unwavering, and we are excited to support the business during its next phase of growth,” Tom Formolo, partner at New Harbor, said in a prepared statement.
Financial terms of the deal were not disclosed.