Partnership marks beginning of new phase of growth and expansion for Praxis
CHICAGO, Aug. 10, 2022 /PRNewswire/ -- BPOC, one of the longest tenured pure-play healthcare investors, today announced a strategic investment in Praxis Packaging Solutions ("Praxis"), a leading provider of primary and secondary contract packaging services for over-the-counter ("OTC") and prescription ("Rx") pharmaceutical, medical device, animal health and health and beauty industries. As part of the transaction, Huizenga Group, which acquired Praxis in 2008, will retain a minority ownership interest in the company.
Founded in 1989, Praxis Packaging Solutions is the premier packaging solution for the healthcare industry with a wide range of capabilities including primary solid and liquid filling, as well as secondary packaging, repackaging, serialization and labeling. BPOC's investment will enable Praxis to expand its sales and marketing team and broaden its existing service offering. BPOC will also tap its network of industry experts to accelerate value creation, including John Lowry, former CEO of Amerigen Pharmaceuticals and Catalent Pharma Solutions, who will join Praxis as Executive Chairman.
"For over 30 years, Praxis has provided flexible, high-quality contract packaging services across the healthcare sector. BPOC is excited to partner with the company's proven management team and John Lowry to enhance Praxis' unique market position and capabilities," said Adam Hentze, Principal at BPOC.
"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," said Richard King, President and CEO at Praxis Packaging Solutions. "BPOC is a true industry leader, and I am confident that they are the right strategic partner for our business."
"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," said J.C. Huizenga, Chairman of Huizenga Group.
SVB Securities served as financial advisor and Honigman LLP served as legal counsel to Huizenga Group in connection with the transaction. Paul Hastings LLP served as legal counsel to BPOC and Twin Brook Capital Partners provided debt financing.
About Praxis Packaging Solutions Established in 1989 and headquartered in Grand Rapids, MI, Praxis Packaging Solutions specializes in primary and secondary contract packaging services for the OTC and Rx pharmaceutical, medical device, animal health and health and beauty markets. Praxis is FDA, DEA, and cGMP certified and compliant with production facilities located in Grand Rapids, MI, Columbus, OH and Randolph, NJ. For more information, visit www.praxispackaging.com/