US-based healthcare private equity firm BPOC has made a strategic investment in contract packaging service provider Praxis Packaging Solutions.
Based in Grand Rapids, Michigan, Praxis provides primary and secondary contract packaging services for various industries, including over-the-counter (OTC) and prescription (Rx) pharmaceuticals, medical devices, animal health, and health and beauty.
The company offers a wide range of capabilities such as primary solid and liquid filling, as well as secondary packaging, repackaging, serialisation and labelling.
BPOC principal Adam Hentze said: “For over 30 years, Praxis has provided flexible, high-quality contract packaging services across the healthcare sector.
“BPOC is excited to partner with the company’s proven management team and John Lowry to enhance Praxis’ unique market position and capabilities.”
BPOC’s investment is expected to help Praxis strengthen its sales and marketing team and expand its existing service offering.
The company has appointed John Lowry, the former CEO of Amerigen Pharmaceuticals and Catalent Pharma Solutions, as Praxis’ executive chairman.
In addition, the investment will grant a minority ownership interest to Huizenga Group, which acquired Praxis in 2008.
The financial terms of the transaction have not been disclosed.
Praxis Packaging Solutions president and CEO Richard King said: “We are very proud of everything that we have achieved with Huizenga Group’s support.
“As we enter an exciting phase of growth, we are very happy to welcome BPOC.
“BPOC is a true industry leader, and I am confident that they are the right strategic partner for our business.”
Paul Hastings acted as the legal counsel to BPOC in relation to the transaction, while Twin Brook Capital Partners provided debt financing.
SVB Securities served as financial adviser to Huizenga Group for the deal, with Honigman acting as the company’s legal counsel.
Earlier this year, BPOC invested in consultancy firm Networking Packaging Group, which also operates as Network Partners.