The Harvard Drug Group sold to Court Square Capital Partners

H.I.G. CapitalApr 9 2010

H.I.G. Capital, L.L.C., a leading global private equity investment firm, today announced the successful sale of The Harvard Drug Group, LLC ("Harvard Drug") to Court Square Capital Partners, a private equity firm based in New York, NY.

“They have done an exceptional job, more than doubling EBITDA to over $50 million and building the leading company in this industry. We are confident that Harvard Drug will continue this success in the future.”

Harvard Drug, based in Livonia, Michigan, is the largest independent generics-focused pharmaceutical distributor in the United States with nearly $500 million in annual sales. Harvard Drug supplies generic and branded pharmaceuticals to over 42,000 customers which include independent, regional and national pharmacies, hospitals, long-term-care facilities, and government clients. Founded in 1967, Harvard Drug benefits from long-standing relationships with key pharmaceutical manufacturers. H.I.G. partnered with management to recapitalize the company in December 2006. Since that time, the company completed several complementary acquisitions and has grown earnings every year.

"During the past fours years with H.I.G. as our financial sponsor and partner, we have had great successes," said Randy Friedman, Chief Executive Office of Harvard Drug. "They have been instrumental with both strategic direction and capital. Together we have grown the Company into the leading independent generic distributor that will continue to provide exceptional service and value to our customers for years to come."

"Our partnership with Harvard Drug's outstanding management team has been a tremendous success," commented Lewis Schoenwetter, a Managing Director of H.I.G. Capital. "They have done an exceptional job, more than doubling EBITDA to over $50 million and building the leading company in this industry. We are confident that Harvard Drug will continue this success in the future."