With the investment, Praxis Packaging will expand its sales and marketing team and broaden its existing service offering for a new phase of growth and expansion
US-based pure-play healthcare investor BPOC has announced a strategic investment in Praxis Packaging Solutions for its new phase of growth and expansion.
Praxis Packaging offers primary and secondary contract packaging services for over-the-counter and prescription pharmaceutical, medical device, animal health and health and beauty industries.
As per the deal, Huizenga Group, which bought Praxis in 2008, will retain a minority stake in the firm.
With the investment, Praxis Packaging will expand its sales and marketing team and broaden its existing service offering.
John Lowry, a former CEO of Amerigen Pharmaceuticals and Catalent Pharma Solutions who will join Praxis as executive chairman, is one of the industry professionals that BPOC will call upon to speed up value development.
Praxis, established in 1989, is a packaging provider for the healthcare sector, offering services such as primary solid and liquid filling, secondary packaging, repackaging, serialisation, and labelling.
Praxis Packaging Solutions CEO and president Richard King said: “We are very proud of everything that we have achieved with Huizenga Group’s support. As we enter an exciting phase of growth, we are very happy to welcome BPOC.
“BPOC is a true industry leader, and I am confident that they are the right strategic partner for our business.”
Huizenga Group chairman J.C. Huizenga said: “Praxis has an incredible management team, and it has been a pleasure to work together to grow the business since 2008.
“We see BPOC as a great go-forward partner, we remain committed to Praxis and are optimistic about its future prospects.”
BPOC, founded in 1996, is a Chicago-based private equity firm that only invests in healthcare firms.
The company has invested in several providers, manufacturing, outsourcing, distribution and information technology firms.