New Harbor Capital Completes Majority Equity Investment in Wedgewood Pharmacy

SWEDESBORO, N.J.–(BUSINESS WIRE)–#CompoundingPharmacy—New
Harbor Capital, a Chicago-based private-equity firm, has completed a
majority equity investment in privately held Wedgewood
Pharmacy, the largest U.S. compounding pharmacy specializing in
animal health, addiction medicine and urology.

Wedgewood Pharmacy, based in Swedesboro, N.J., prepares customized
medications for people and their pets when FDA–manufactured drugs cannot
meet their needs. Compounded medications are prescriptions and
medication orders that are written by physicians, veterinarians and
other legally authorized prescribers, and prepared by specially trained
pharmacists and pharmacy technicians. The company serves more than
36,000 prescribers and hundreds of thousands of patients throughout the
U.S.

New Harbor Capital invests in lower middle market, growth-oriented
business services, healthcare and education companies. New Harbor’s
Partners have been private-equity investors for more than 20 years,
partnering with strong management teams to systematically enable
accelerated growth in value creation. See www.newharborcap.com
for additional information.

The transaction also marks an important leadership change for the
business. Lucy Malmberg, who acquired the business with her late
husband, George, in 1981, is stepping down from her role as CEO but will
remain involved in strategic decision making as chairman of the board.
Marcy Bliss, long-time president of Wedgewood Pharmacy, will assume the
position of president and CEO.

Bliss said, “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 healthcare 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.”

Jocelyn Stanley, principal at New Harbor Capital, said, “We look forward
to partnering with the leading veterinary compounding pharmacy in the
U.S.”

Tom Formolo, partner at New Harbor Capital, added: “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.”

ABOUT WEDGEWOOD PHARMACY

George (late) and Lucy Malmberg, both pharmacists, purchased Wedgewood
Pharmacy in 1981; the pharmacy was founded in 1980. In its 35-year
history, the company has grown from a local community pharmacy to become
one of the largest compounding pharmacies in the United States, serving
more than 36,000 prescribers and hundreds of thousands of patients
throughout the U.S. every year with customized animal-health
and human-health
prescriptions. In June 2016, Chicago-based New Harbor Capital became the
majority owner of the company.

Wedgewood Pharmacy is accredited by the Pharmacy Compounding
Accreditation Board (PCAB®) for compliance with PCAB pharmacy
compounding accreditation standards. PCAB is a service of Accreditation
Commission for Health Care, and is a third-party accreditation
organization that has developed the highest national standards that
providers are measured against in order to illustrate their ability to
effectively and efficiently deliver quality compounded medications to
consumers. Wedgewood Pharmacy was the first pharmacy in the Philadelphia
area to earn this accreditation and was re-accredited in January 2015.

Contacts

Wedgewood Pharmacy
Marcy Bliss, 856-832-1303
President and CEO
MBliss@WedgewoodPharmacy.com
or
thePRguy
LLC
David Kirk, 480-382-9201
DavidKirk@thePRguy.com