Southfield Capital Acquires BioPharm Communications
Southfield Capital, a private investment firm focused on the lower middle-market, announced that it has acquired majority ownership of BioPharm Communications. Abacus Finance Group provided the senior debt financing, and Boathouse Capital and CMS Mezzanine provided the subordinated debt financing.
BioPharm is a medical communications and marketing agency that specializes in providing non-personal, peer-to-peer solutions to the pharmaceutical and biotechnology industries. BioPharm’s senior management will continue in their current operating roles and will maintain a minority ownership position in the company. Additional terms of the transaction were not disclosed.
Headquartered in New Hope, PA, BioPharm develops promotional medical education programs for customers in the pharmaceutical and biotechnology industries.
“The BioPharm team is very excited about our partnership with Southfield Capital,” said Jeff Persinger, co-founder and CEO of BioPharm. “We selected Southfield because of their collaborative management philosophy and proven track record of assisting lower middle-market companies achieve explosive growth. Their dedication to learning our business and understanding the industry was truly impressive. We are confident that Southfield is the right partner to help us develop and execute on a successful organic and acquisition growth strategy.”
Southfield Capital operating partner, Vince Tyra, commented, “We are very pleased to announce this investment in BioPharm. Jeff Persinger and Daniel Egeland have built an extraordinary business and have surrounded themselves with highly talented and motivated people. Healthcare reform is making it more and more difficult for brands to utilize the traditional sales representative model, and we believe BioPharm is well-positioned to capitalize on the expected growth in the non-personal healthcare marketing industry.”
Finn Dixon & Herling provided legal counsel to Southfield Capital. Grant Thornton Corporate Finance acted as financial advisor to BioPharm and its shareholders.
Founded in 2005, Southfield Capital provides capital for majority recapitalizations and management-led buyouts of lower middle-market businesses.