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Alcami To Be Acquired By Pair Of Private Equity Firms

By Johanna F. Still, posted Nov 18, 2022
Alcami Corp., headquartered in Wilmington, has been acquired by a pair of private equity firms, pending government approval. (Photo courtesy of Alcami Corp.)
Locally headquartered Alcami Corp. will likely soon be under new ownership. 

Pending government approval, Global Healthcare Opportunities (GHO Capital Partners) and The Vistria Group will acquire a controlling interest in the contract pharmaceutical development and manufacturing organization. 

The terms of the deal were not disclosed. Patrick Walsh, Alcami CEO and chairman, said he anticipates the transaction to close in December, following a Hart-Scott-Rodino Antitrust Improvements Act review. The threshold for this government review being required in 2022 begins with deals that exceed $101 million, according to the Federal Trade Commission. 

No impacts to Alcami’s local workforce are anticipated as a result of the acquisition, Walsh said.

Ampersand Capital Partners and Madison Dearborn Partners currently own the controlling interest in the company, according to Walsh. Current minority owners Ampersand Capital Partners and Alcami Management “will reinvest significant equity as part of the acquisition,” a news release stated. 

GHO Capital Partners officials said in the release they believe Alcami represents a "unique opportunity to acquire a rapidly growing (contract development and manufacturing organization) with complementary capabilities in attractive markets."

“We are selling a portion of the business from one private equity group to another private equity group,” Walsh explained. The duo of GHO Capital Partners and The Vistria Group made a preemptive offer to acquire the business. “They were actually on the hunt and had been looking and following the company for quite some time,” Walsh said. 

Founded in Wilmington in 1979, Alcami employs about 1,000 globally. The greatest concentration of its workforce – about 400 employees – is located in Wilmington. About 600 in all are located in the Carolinas; besides Wilmington, the firm also has a presence in Charleston, South Carolina, and Durham and Morrisville, North Carolina. 

The firm has three main offerings: its legacy model, which surrounds analytical services capabilities; manufacturing services; and its biostorage and pharma services. In Wilmington, the firm’s capabilities run the gamut. “We have labs, manufacturing, packaging and warehouse,” Walsh said. “So it’s a full array of service offerings.”

Next year, Walsh anticipates continuing to hire new employees in Wilmington as the company looks to expand local lab and manufacturing capabilities. “It's a great location to recruit and retain talent.”

In recent years, Alcami has been on an aggressive growth path. In 2020, it acquired sterile fill-finish manufacturer TriPharm, located in Morrisville, and purchased Massachusettes-based Masy BioServices, a biostorage and pharma services company, in December 2021. 

Between the acquisitions and recent capital investments, Walsh said Alcami has spent nearly $300 million to grow the company over the past two years. 

Walsh said he anticipates ending 2022 with about 32% year-over-year growth. “We expect that trend to continue going into 2023,” he said. 

This rate of growth “puts us at or near the top of our competitive peer group,” Walsh said, adding, “that's really an ideal business for private equity ownership.”

Part of the new private equity ownership, GHO Capital Partners, plans to leverage its expertise to help diversify Alcami’s offerings and further expand its partnerships in Europe. A large portion of Alcami’s current revenue is derived from North America and Japan, according to Walsh. “We’d like to expand on a more global basis,” he said. 

Alcami services more than 1,000 clients globally, which range from well-known pharmaceutical companies to emerging biotech firms. “The customer list continues to expand,” Walsh said. 
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