Avista Capital Partners Acquires WellSpring Consumer Healthcare

Avista to leverage its expertise and resources to accelerate WellSpring's growth trajectory for the benefit of all stakeholders

NEW YORK, Aug. 23, 2022 /PRNewswire/ -- Avista Capital Partners ("Avista"), a leading private equity firm focused exclusively on healthcare, today announced the completion of its acquisition of WellSpring Consumer Healthcare ("WellSpring"), a developer and marketer of leading over-the-counter ("OTC") and personal care brands, from Audax Private Equity. Transaction terms were not disclosed.

Founded in 1999 in Sarasota, Florida, WellSpring develops and markets a diversified portfolio of trusted OTC brands in the U.S. and Canada, with several that enjoy #1 and #2 positions in important needs-based product segments such as first aid, therapeutic skincare and digestive health. Key brands in the WellSpring portfolio include Bactine (first aid), Bonine (motion sickness), Emetrol (anti-nausea), and Glaxal Base (therapeutic skincare), and five other established OTC brands. With its sophisticated omni-channel distribution network that includes leading brick and mortar and e-commerce retailers, a robust new product innovation infrastructure, and a clear strategic vision for growth across several offerings, WellSpring is an established consumer healthcare platform poised to continue its strong growth trajectory.

Alex Yu, Partner at Avista, said: "Our acquisition of WellSpring represents another compelling opportunity for Avista to invest in the highly attractive consumer healthcare sector, following our recent success with Arcadia Consumer Healthcare. We are excited to partner with Chris Brown and the WellSpring team, and leverage our industry experience, operational expertise and financial resources to help accelerate WellSpring's growth with investments in innovation, market expansion, and strategic acquisitions. The diversified and highly-established nature of WellSpring's product portfolio, coupled with a strong innovation pipeline and exciting growth opportunities in e-commerce, provides an excellent foundation."

Chris Brown, CEO of WellSpring, said: "We are thrilled to be working closely with Avista, whose deep experience partnering with healthcare companies, particularly in the consumer healthcare sector, will propel us forward as we execute on new product innovation, distribution expansion, and strategic acquisitions. Improving the health and wellness of our consumers is core to our mission. In collaboration with Avista and the retail community, we are excited to continue growing our differentiated and trusted brands in these important needs-based categories."

Avista has invested in and built several successful platforms in the consumer healthcare space, including Arcadia Consumer Healthcare, a North American marketer of premium vitamin and nutritional supplements and OTC medicines, Cooper Consumer Health, a leading European independent OTC drug manufacturer and distributor, Trimb Healthcare, a Sweden-based Northern European consumer healthcare platform focused on the development, sales, and marketing of OTC medicines and other consumer healthcare products, and Vision Healthcare, a fast-growing, European digitally-focused omni-channel consumer healthcare platform. Arcadia Consumer Healthcare was sold to Bansk Group in September 2021 and Trimb was sold to Karo Pharma in September 2019.

About Avista Capital Partners

Founded in 2005, Avista Capital is a leading New York-based private equity firm with over $8 billion invested in more than 40 growth-oriented healthcare businesses globally. Avista partners with businesses that feature strong management teams, stable cash flows and robust growth prospects – investing in the medical devices and technologies, pharmaceuticals, outsourced pharmaceutical services, healthcare technology, healthcare distribution, and consumer-driven healthcare sectors. Avista helps its portfolio companies to accelerate growth through strategic acquisitions, having completed nearly 100 add-on acquisitions historically across its healthcare portfolio. Avista's Operating Executives and Advisors are an integral part of the team, providing strategic insight, operational oversight and senior counsel, which helps drive growth and performance, while fostering sustainable businesses and creating long-term value for all stakeholders. For more information, visit www.avistacap.com.

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SOURCE Avista Capital Partners