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Pharmaceutical distribution and services company
$65 million offering of convertible subordinated debentures
Wireless communications distributor
$40 million follow-on offering of common stock
Contract finisher of sterile injectible antibiotics and proprietary veterinary products
Sold to: Steri-Pharma LLC (Paramus, NJ), a subsidiary of ACS Dobfar spa (Milan, Italy)
Western Reserve acted as exclusive financial advisor to the G.C. Hanford Manufacturing Co. (d/b/a Hanford Pharmaceuticals) in the divestiture of its cephalosporin finishing facility to Steri-Pharma LLC.
Founded by George C. Hanford in 1846 and based in Syracuse, New York, Hanford Pharmaceuticals is the only U.S.-based independent contract antibiotic finisher, specializing in the sterile filling of injectable antibiotics. The company also fills proprietary veterinary products and provides ancillary product development and support services for its customers.
Western Reserve was engaged by the Board of Directors to assist them in exploring strategic alternatives that would strengthen Hanford’s financial position and achieve long-term value for the business and shareholders. After several rounds of preliminary discussions with certain strategic parties, the Company elected to pursue a sale of its cephalosporin finishing facility to Steri-Pharma LLC, a Paramus, New Jersey-based sterile pharmaceutical finisher. Steri-Pharma is a subsidiary of ACS Dobfar spa, a top five producer and exporter of bulk cephalosporins and penicillins. Proceeds from the divestiture were used to pay down Hanford’s debt and reinvest in the remaining business.
George W. Hanford, Chief Executive Officer of Hanford, said, “Western Reserve did an outstanding job of evaluating our alternatives and advising us through all stages of the transaction.”
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Distributor of computer systems and electronic components
$45 million follow-on offering of common stock
Full service distributor of communications products
Recapitalized by: Primus Venture Partners (Cleveland, OH)