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By Armie Margaret Lee, The Deal
On the hunt for its next investment, healthcare private equity firm Hildred Capital Management LLC is looking at opportunities that include product-related businesses, a s well as companies in the pharmaceutical services sector, according to sources.
New York-based Hildred closed it's inaugural institutional fund, Hildred Equity Partners I, with $362.5 million in February last year. So far, more than 70% of capital from the fund has been deployed and reserved, sources said.
Hildred typically invests $20 million to $75 million in companies with revenue of up to $100 million and enterprise value of $50 million to $250 million, according to its website.
There are nine platform companies in Fund II, including one that will be announced in the coming weeks, sources said.
The private equity firm is looking at product-related businesses within both the prescription and consumer space, and pharma services companies including manufacturing and R&D service businesses, sources said.
The private equity firm is looking at product-related businesses within both the prescription and consumer space, and pharma services companies including manufacturing and R&D service businesses, sources said.
In the healthcare products realm, Hildred's Fund I investments include Carlin Consumer Health, which focuses on acquiring over-the counter brands, and Hyland's Naturals, a Los Angeles-based supplier of cough syrup, pain relief and skin care products, among others. Hildred and Bourne Partners Strategic Capital, along with the Emerson Group, launched Carlin in February last year. As for Hyland's, Hildred invested in the company in 2020.
Among the other portfolio companies in Fund I are Phoenix-based infusion and specialty pharmacy services provider AleraCare, in which Hildred invested last year. Also last year, Hildred made a $31.5 million Series C investment in Healthcare.com, a digital healthcare company based in New York City and Miami that links consumers, service providers and payers.
The PE firm's other Fund I platform companies include Binx Health Inc., a Cambridge, Mass.-based healthcare technology and diagnostics company; Identifeye Health, a Guilford, Conn.-based company that is creating an ophthalmology-based diagnostic device; SportsMed Physical Therapy Inc., a Glen Rock, N.J.-based provider of physical therapy, chiropractic treatments and other services; and DermCare Management LLC; a Hollywood, Fla.-based practice management company.
Hildred was founded in 2014 as a family office by David and Howard Solomon after the father and son sold Forest Laboratories Inc. to Actavis Inc. (now part of Teva Pharmaceutical Industries Ltd.) for $28 billion. David Solomon, also a former Paramount Pictures executive and Paul, Weiss, Rifkind, Wharton & Garrison LLP attorney, founded the firm along with Andrew Goldman, founder of Priam Capital.
Hildred Fund II. which included the first outside capital for the firm, closed oversubscribed and included $80 million from the GPs at Hildred. Kirkland & Ellis LLP was counsel to Hildred in the fundraising. A Hildred representative declined to comment for this story.
