RoundTable Healthcare Partners Portfolio Company, Renaissance Acquisition Holdings, LLC Acquires DPT Laboratories
Acquisition provides Renaissance with world-class semi-solid, liquid, and sterile pharmaceutical contract development and manufacturing capabilities
LAKE FOREST, Ill., July 5, 2012 /PRNewswire/ -- RoundTable Healthcare Partners ("RoundTable"), an operating-oriented private equity firm focused exclusively on the healthcare industry, announced today that its portfolio company, Renaissance Acquisition Holdings, LLC ("Renaissance"), has acquired DPT Laboratories Inc. ("DPT"). DPT is a leading pharmaceutical contract development and manufacturing organization with facilities in San Antonio, TX and Lakewood, NJ. As part of the transaction, the current shareholders of DPT will maintain a meaningful equity stake in the combined business.
"Renaissance is excited by the opportunity to further invest in the continued growth and success of DPT," said Pierre Frechette, President and CEO of Renaissance. "We are committed to supporting DPT's leading market position in semi-solid contract manufacturing and development as well as their emerging business in sterile manufacturing and specialty products."
"RoundTable and Renaissance are ideal partners for DPT," said John Feik, President and COO of DPT's parent company, DFB Pharmaceuticals, Inc. ("DFB"). "RoundTable's track record of building strong, successful businesses combined with their unique capabilities in this industry truly differentiates them." Paul Dorman, Chairman and CEO of DFB, added "RoundTable's depth of experience gave us confidence to work exclusively with them to execute on the strategic plan that will drive accelerated growth at DPT." The existing DPT management team will continue to run day-to-day operations at DPT while assuming additional responsibilities within Renaissance.
"Renaissance's acquisition of DPT is an important milestone in RoundTable's strategy to build new pharmaceutical platforms," stated Lester B. Knight, Chairman of Renaissance and Founding Partner and Co-Chairman of RoundTable. "We continue to be enthusiastic about the opportunities in this important market and look forward to partnering with the DPT management team to build on their success and accelerate the growth of their business."
To finance the acquisition of DPT and further growth opportunities, RoundTable facilitated the successful completion of new senior credit facilities and a private placement of senior subordinated notes. The senior credit facilities were led by GE Commercial Finance Healthcare Financial Services as Administrative Agent and Co-Lead Arranger, and included PNC Bank National Association as Co-Lead Arranger and Syndication Agent. DPT's senior subordinated notes were acquired by RoundTable Capital Partners II ("Capital Fund II"), RoundTable's second captive subordinated debt fund. Capital Fund II is a dedicated subordinated debt fund that makes fixed rate subordinated debt investments alongside the equity investments of RoundTable's equity funds. The current shareholders of DPT also acquired a portion of the senior subordinated notes.
About RoundTable Healthcare Partners
RoundTable Healthcare Partners, Lake Forest, IL, is an operating-oriented private equity firm focused exclusively on the healthcare industry. RoundTable partners with companies that can benefit from its extensive industry relationships and proven operating and transaction expertise. RoundTable has established a successful track record of working with owner/founders, family companies, management teams, entrepreneurs and corporate partners who share a vision and believe in the value creation potential of its partnership model. RoundTable currently manages $1.9 billion in capital, including three equity funds totaling $1.5 billion and two subordinated debt funds totaling $400 million. More information about RoundTable Healthcare Partners can be found at www.roundtablehp.com.
About Renaissance Acquisition Holdings
Renaissance Acquisition Holdings (Renaissance), Lake Forest, IL, is a pharmaceutical company formed in partnership with RoundTable Healthcare Partners and Pierre Frechette, the former CEO of Sabex, a previous RoundTable portfolio company. The mission of Renaissance is to invest in small to mid-size pharmaceutical companies that can benefit from its extensive industry relationships and operational expertise.
About DPT Laboratories
Founded in 1938, DPT Laboratories Inc. is an industry leading contract development and manufacturing organization specializing in semi-solid, liquid and sterile dosage forms. With unmatched technical expertise and fully integrated drug development and manufacturing services for sterile and non-sterile dosage forms, DPT helps its customers successfully develop and commercialize pharmaceutical products. DPT has locations in San Antonio, TX and Lakewood, NJ. More information about DPT can be found at www.dptlabs.com.
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