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 NewSpring Capital
NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages over $2.0 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Having invested in over 170 companies, NewSpring brings a wealth of knowledge, experience, and resources to take growing companies to the next level and beyond. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. To learn more, visit www.newspringcapital.com.
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. For more information, please visit www.tecum.com.
About Leedon Park Capital LLC
Leedon Park Capital LLC (“Leedon Park Capital”) is a private equity firm based in Charlotte, North Carolina. The firm takes a unique approach to investing, focused on establishing lasting, long-term partnerships with companies and management teams in the middle market. For more information about Leedon Park Capital, visit www.leedonpark.com.
About PNC Bank
PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.