SC&H Capital, a leading investment bank specializing in M&A advisory for middle-market companies, is pleased to announce that its client, Spirit Pharmaceuticals, LLC (“Spirit” or the ”Company”), has completed a sale of its assets, under Article 9 of the Uniform Commercial Code (UCC), to Prodose, Inc. (“Prodose”), an Everstone Capital company.
Spirit Pharmaceuticals is a leading contract packaging and concept-to-shelf solutions provider of private-label OTC pharmaceuticals and nutraceuticals, primarily serving a customer base encompassing the nation’s leading retail and pharmacy chains. The Company operates out of a ~115,000 square foot facility in New York which was expanded in 2022 to increase production capacity and create operational efficiencies.
SC&H Capital was retained to conduct an expedited, extensive marketing process in search of a buyer for the Company’s assets in order to maximize recovery for the Company’s creditors. SC&H ran a broad marketing process, resulting in several interested parties conducting due diligence, including multiple site visits and discussions with management. Ultimately, SC&H conducted a competitive auction for the assets with multiple qualified bidders. After several rounds of bidding, Prodose purchased the assets via an Article 9 sale and rehired the majority of the employees.
“We were pleased to find a strategic buyer who saw the going concern value of Spirit’s customer relationships and infrastructure, resulting in continued employment for much of the workforce,” said Michael Alessi, Principal at SC&H Capital.
About SC&H Capital
SC&H Capital is an investment banking and advisory firm specializing in mergers and acquisitions (M&A), employee stock ownership plans (ESOP), distressed M&A, and business valuations for middle-market companies nationally. SC&H Capital delivers services across numerous industries including technology, healthcare, manufacturing, business and professional services, and government contracting. We are recognized for delivering relevant market insights and tailored solutions to help owners achieve their true strategic value. To learn more, visit www.schcapital.com.
