Ancor Capital Partners and Sentinel Capital have closed on the sale of Wellspring Consumer Healthcare to Audax Private Equity. Terms of the sale were not disclosed. Ancor will retain its ownership in Wellspring’s contract manufacturing business.
Headquartered in Sarasota, FL, WellSpring is a leading manufacturer of iconic cosmetic and over-the-counter brands in skin care, feminine hygiene, and gastrointestinal care such as Bactine, Bonine, FDS, Emetrol, Micatin, Gelusil, Glaxal Base, Barriere, and K-Lyte.
“When we acquired WellSpring six years ago the company had three separate business operations of prescription drugs, OTC products and contract manufacturing. We sold the prescription drug segment in 2014 and focused on OTC products and contract manufacturing” said Randall Keene, partner at Ancor Capital. He continued, “the businesses were separated in order to isolate and pursue individual growth strategies and we began an aggressive acquisition strategy in the OTC market.” In 2014 the company acquired Bonine and followed up with the purchase of FDS and Bactine in 2015.
“We could not have partnered with better capital providers on WellSpring, including Sentinel Capital for equity, and Yukon Partners for subordinated debt,” said Keene. “And we are extremely grateful to our management team, especially WellSpring President Wendy Shusko, for her leadership and vision.”
Shusko will remain with the company in the contract manufacturing business.