Tecum Capital Announces Investment in Spirit Pharmaceuticals
April 27, 2021
Ronkonkoma, NY - Spirit Pharmaceuticals LLC (“Spirit Pharmaceuticals” or the “Company”), a family-owned business, announced today a growth capital injection by NewSpring Capital, Tecum Capital, Leedon Park Capital, and PNC Bank. The investor group backed CEO and Founder Ajoy Joshi to support the Company’s continued growth.
Established in 2003, Spirit Pharmaceuticals innovates, develops, packages, and distributes private label over-the-counter pharmaceutical products. The Company has realized strong growth in recent years, transitioning from a supplier of bulk finished pharmaceutical products to a leading turnkey provider of private label solutions for large, big box retailers, medical distributors, insurance companies, group purchasing organizations, and ecommerce businesses. The Company’s close relationships with blue-chip big-box retailers provide ample room for continued growth.
The Company develops and packages a wide range of pharmaceutical products including analgesics, cold and cough remedies, allergy medication, digestive medicines, and more. Based in Long Island, New York, Spirit Pharmaceuticals has expanded into two additional facilities, supporting 11 packaging lines. Growing consumer preference for private label options is fueling demand.
Spirit Pharmaceuticals has long-standing relationships with raw material suppliers and manufacturing partners that ensure reliability of high-quality pharmaceutical products and dependability of on-time delivery and breadth of inventory. The Company is uniquely positioned through its diversified supply chain and history of innovation to continue establishing entrenched strategic customer partnerships.
“For nearly 20 years, Spirit Pharmaceuticals has adapted to market changes and evolved into a leading provider of private label over-the-counter pharmaceutical products. As our relationships with retailers continue to grow and consumer demand for generic medicines increases, we’re very excited about our Company’s future.” – Ajoy Joshi, Spirit Pharmaceuticals CEO
“At NewSpring, we’re always looking to partner with high-performing, innovative management teams that are able to capitalize on new industry tailwinds. Having close partnerships with its customers and a growing desire among consumers for private label over-the-counter pharmaceutical products, Spirit Pharmaceuticals is poised for continued growth. Partnering with Tecum Capital and Leedon Park Capital will ensure Spirit is well-positioned to continue on its growth trajectory and culture of innovation.” – Anne Vazquez, NewSpring General Partner
“We’re excited about our partnership with the investor group and management. Ajoy has a long history in the industry and has reinvented the business as market dynamics have changed over the years. The team’s dedication to innovation is a large part of the Company’s success and this commitment is alive and well at the business today.” – Steven Gurgovits, Jr., Tecum Managing Partner. Tyson Smith, Tecum Partner added, “with committed institutional backing, Spirit is primed for future growth and innovation in an expanding marketplace.”
The Tecum Deal Team included Tyson Smith, Husnain Safdar, and Dan Drew.
About Tecum Capital
Tecum Capital is a Pittsburgh, Pennsylvania based investment firm deploying private capital in lower middle market companies. Tecum provides mezzanine debt and equity investments in growth-oriented middle market companies across the broader high-value manufacturing, value-added distribution, and business services sectors, with a focus on opportunities that demonstrate strong long-term industry fundamentals, differentiated products or services, and identifiable secular growth tailwinds. Our team partners with independent sponsors, family offices, committed funds, business owners seeking succession plans, and management teams to create shared success. Tecum focuses on businesses with EBITDA greater than $3 million. Tecum seeks to invest $5 million to $20 million in potential portfolio companies. Tecum is a licensed Small Business Investment Company (“SBIC”) and is currently investing out of Tecum Capital Partners II, L.P, a $265 million fund launched in June 2017. Since 2006, the team has collectively invested more than $750 million in over 100 platform and add-on acquisitions. For more information, please visit www.tecum.com.