Hildred Capital Partners, LLC to Invest in Crown Laboratories, Inc.
NEW YORK, NY & JOHNSON CITY, TN (Oct. 30, 2017)—(BUSINESS WIRE)—Hildred Capital Partners, LLC (“Hildred”), the private investment firm formed by Howard Solomon and David Solomon, former Chairman and CEO of Forest Laboratories and former Senior Vice President, Corporate Development & Strategic Planning of Forest Laboratories, today announced that Hildred has entered into an agreement under which it will assume a major stake in Crown Laboratories, Inc. (“Crown Laboratories”), a leading, fully integrated, specialty pharmaceutical company based in Tennessee.
Hildred will partner with Crown Laboratories Chief Executive Officer Jeff Bedard and Chief Operating Officer Jack Songster, who will remain in their current positions and continue to be substantial equity owners in the Company.
Crown Laboratories was founded in 2000 and is known for its branded products including Blue Lizard Australian Sunscreen and medical products AlaQuin, AlaScalp and Daxbia. Crown Laboratories currently operates three distinct areas of focus related to skincare and treating skin-related conditions: Consumer Healthcare Products, Prescription Products and Contract Development and Manufacturing Services.
“Nearly forty years ago, we introduced the specialty pharma model at Forest Labs and demonstrated how that business strategy could be used to build a dynamic and responsive company that achieved great success through the development and marketing of many highly innovative products. Crown Laboratories is an ideal fit for us to employ our expertise and know-how in applying the specialty pharma model within the dermatology space. Jeff Bedard and Jack Songster have done an excellent job building Crown into the company it is today, and we are pleased to partner with them and the entire Crown team to further grow the Company and enable it to advance its mission to achieve better outcomes for patients, doctors and customers,” said Hildred Partner Howard Solomon.
“Specialty pharmaceuticals is a key area of investment for Hildred. We have been interested in the growing overlap between medical, aesthetic, and over-the-counter dermatology. We have been looking for a platform we could use to construct a business in this area, and we are impressed with the way in which Crown has brought several of these segments together in a growing business. We believe there is a substantial opportunity for us to build the company further, by fostering organic growth of the company’s existing portfolio and by leveraging our experience to identify products which would complement the company’s current offerings and contribute to further growth. We see an opportunity to be a leading consolidator in the dermatology space, and we will be actively looking for interesting acquisitions, licenses and partnership transactions,” said Hildred Partner David Solomon.
“We could not be more excited to partner with Hildred. Their track record in identifying and developing both consumer and prescription products in our industry is unmatched, and we welcome the opportunity to work with them to take what we’ve built over the last decade to the next level. We believe Howard and David and the Hildred team share our passion for understanding the underlying causes of skin-related conditions and providing solutions that improve quality of life. On behalf of the entire leadership team at Crown Laboratories, I would like to say that we are truly excited about what lies ahead for our company,” said Jeff Bedard, Crown Laboratories President and CEO.
Financial terms of the transaction were not disclosed. The transaction is expected to close in the fourth quarter of 2017. Lowenstein Sandler, LLP served as legal advisor to Hildred. Torreya Partners, LLC and Michael Best & Friedrich LLP served as financial and legal advisors, respectively, to Crown Laboratories.