CORE Industrial Partners (“CORE”), an industrials-focused private equity firm, announced today the sale of MedLit Solutions (“MedLit” or the “Company”), a full-service provider of pharmaceutical packaging, labeling and printing solutions, to Resource Label Group, a national label company.
Founded in 1986, MedLit offers a broad range of packaging, labeling, printing, design, and fulfillment capabilities, primarily for pharmaceutical and healthcare applications. MedLit serves a loyal customer base comprised of branded and generic pharmaceutical companies, emerging biotech application developers, healthcare service providers, and higher education institutions. Operating out of two locations on the eastern seaboard in New Jersey and North Carolina, the Company conforms to a variety of rigorous customer and industry standards and holds several key certifications and compliance designations, including ISO: 15378 and ISO: 9001.
CORE began building the MedLit platform with the acquisition of TCG Legacy in October 2020. In 2021, CORE combined TCG Legacy with MedLit Graphics, a provider of pharmaceutical secondary packaging and labeling solutions based in New Jersey, to form a full-service pharmaceutical packaging platform, offering complementary, single-source-solution packaging and print products. CORE partnered with the founders of both businesses and executed numerous strategic initiatives over the last two years, including extensive commercial integration and capacity expansion, as well as the successful pursuit of key quality certifications. CORE also assembled a management team led by CEO Kevin Grogan.
John May, Managing Partner of CORE said, “We are incredibly proud of the MedLit team for building a great business and driving a successful exit in a period of only two years. With access to CORE’s operational resources and support, Kevin and team have transformed MedLit into a fully integrated pharmaceutical packaging and printing business with advanced manufacturing capabilities. We look forward to continuing to partner with founder and family-owned businesses where our capital and operational expertise can help create value.”
Frank Papa, Senior Partner of CORE and Chairman of MedLit Solutions, said, “During CORE’s ownership, we identified an opportunity to drive value creation by expanding MedLit’s presence in the pharmaceutical end market. As a result, we made significant investments to enhance MedLit’s manufacturing equipment footprint, expanded the product portfolio and assembled a highly experienced management team comprised of packaging industry veterans and pharmaceutical market experts. The MedLit team’s ability to execute key strategic initiatives while still providing quality products and services to its customers resulted in a period of growth and performance over the course of our investment.”
Kevin Grogan, CEO of MedLit Solutions, said, “CORE has been great to work with. They had a vision for MedLit Solutions and gave us the support, advice and resources to achieve our goals ahead of schedule. We look forward to continuing our success as part of the Resource Label Group family, and are very excited about the opportunity they now provide us to expand and enhance our value proposition in the marketplace.”
Mesirow Financial served as the exclusive financial advisor and Winston & Strawn acted as the legal advisor to CORE and the Company on the transaction.
ABOUT CORE INDUSTRIAL PARTNERS:
CORE Industrial Partners is an industrials-focused private equity firm with more than $700 million of capital investing in North American lower middle-market manufacturing, industrial technology, and industrial services businesses. CORE’s team is comprised of highly experienced former CEOs and investment professionals with shared beliefs, deep experience, and a demonstrated track record of building market-leading businesses. Through our capital, insight, and operational expertise, CORE partners with management teams and strives to build best-in-class companies with lasting results. For more information, visit www.coreipfund.com.
ABOUT MEDLIT SOLUTIONS:
MedLit Solutions is a full-service provider of pharmaceutical packaging and printing services, offering a broad range of secondary packaging, labeling, printing, and fulfillment solutions. The Company provides turnkey design, packaging, printing, cutting, gluing, and bindery services on an order-by-order basis. MedLit Solutions serves a broad base of customers in the pharmaceutical industry, including specialized brand-name pharmaceutical application providers and emerging generic pharmaceutical companies. The Company operates out of two state-of-the-art facilities in New Jersey and North Carolina, with over 140,000 square feet of manufacturing and fulfillment space. For more information, visit www.medlitsolutions.com.