BOSTON–(BUSINESS WIRE)–Audax Private Equity (“Audax”) today announced that it has completed the sale of WellSpring Consumer Healthcare (“WellSpring” or the “Company”) to Avista Capital Partners.
Established in 1999 and headquartered in Sarasota, Florida, WellSpring is a leading marketer of iconic over-the-counter brands primarily in the skin care and gastrointestinal care categories. WellSpring’s product portfolio includes long-standing brands such as Bactine, Bonine, Emetrol, Glaxal Base, FDS, Micatin, Gelusil, Barriere, and K-Lyte. The Company sells to retailers and consumers through a network of distribution partners and direct salespeople.
Since being acquired by Audax in 2017, WellSpring has undergone a period of transformation, growth, and success, including:
Expanding the company’s product offerings in high-growth categories with unmet consumer needs
Bolstering R&D capabilities in-house and broadening network of innovation partners
Driving significant growth across retail and e-commerce channels with industry-leading sales and marketing efforts
Jay Mitchell, Managing Director at Audax, said, “We’ve enjoyed a terrific partnership with the WellSpring team and are very proud of the growth the Company has achieved. We look forward to following the Company’s success for many years to come.”
Jason Ellis, Managing Director at Audax, added, “Over the course of our investment, WellSpring expanded its product portfolio, customer base, and sales channels. Management did an exceptional job growing the business. We are thankful for their efforts and wish them the best.”
Chris Brown, Chief Executive Officer of WellSpring, commented, “Audax has been an instrumental partner in supporting our vision for growth. With the support of Audax’ industry experience and operational excellence, we have been able to accelerate our growth plan while enhancing our ability to meet the needs of our customers. We are grateful for the genuine partnership that our team had with Audax and look forward to embarking on our next phase of growth as a part of the Avista portfolio.”
CG Sawaya Partners served as financial advisor and Ropes & Gray served as legal advisor to WellSpring.
About Audax Private Equity
Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $30 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $9 billion in 150 platforms and over 1,100 add-on companies. Through its disciplined Buy & Build approach, Audax Private Equity seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 300 employees, Audax is a leading capital partner for North American middle market companies. For more information, visit the Audax Private Equity website: www.audaxprivateequity.com or follow us on LinkedIn.
Founded in 1999, WellSpring Pharmaceutical Corporation is a privately held company focused on the development and marketing of consumer healthcare products. The company markets numerous trusted over-the-counter and personal care brands in the United States and Canada through its consumer products unit, WellSpring Consumer HealthCare. For more information, visit: https://wellspringpharm.com/
Julie Rudnick / Catherine Livingston