New York investment firms buys majority stake in Apothecary by Design
BelHealth Investment Partners, a New York firm, has bought a majority stake in Portland’s Apothecary by Design, the Portland Press Herald reported Monday.
An official from the investment firm told the newspaper that the firm is well-positioned to become a major national player in the fast-growing pharmaceutical industry that provides specialized fertility drugs to women.
BelHealth acquired a controlling interest for an undisclosed sum, estimated to be between $20 million and $50 million, according to the newspaper.
The company will maintain its headquarters in Portland after the acquisition and will begin looking for independent pharmacies to acquire along the East Coast and possibly in the Midwest, Apothecary by Design CEO Mark McAuliffe told the newspaper. He said the company expects sales of at least $160 million this year.
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