In 2010, Stephens Capital Partners (SCP) partnered with management to acquire control of Aaron Industries, a South Carolina based manufacturer of private label pharmaceutical and first-aid products. At the time, Aaron’s product line was predominantly liquid based and included cough cold, allergy, digestive health, oral electrolyte solutions, and personal sanitization items that were manufactured in South Carolina and California.
In 2013, Aaron was acquired by PLD, also a private label manufacturer and distributor, with a focus on solid dose products, which was owned solely by the Singer family, based in Westbury, Long Island. In order to facilitate the financing of the merger, SCP rolled a majority of its investment into the newly formed company. The combined company became the second-largest provider of store branded (generic) consumer healthcare products to U.S. retailers. Post-merger, SCP become the first non-family shareholder of PLD and joined the board, under the leadership of Mitch Singer and his sons Evan and Adam.
Over the past 10 years the company has grown significantly, both organically and through key strategic M&A. In 2019, with the support of SCP – which invested additional capital into the business – PLD acquired the U.S. over-the-counter business of Teva Pharmaceuticals, including its nicotine replacement therapy business and a basket of OTC pharmaceutical products.
Offering more than 300 unique products, including over 60 FDA approved Abbreviated New Drug Applications (ANDAs), PLD is clearly established as the second largest provider of store branded consumer healthcare products to U.S. retailers. In fact, PLD serves every single retailer of consequence that offers its own brand program across all key retailing channels (Food, Drug, Mass, Club, Discount, Convenience and E-commerce).
In 2020, PLD merged with its sister company Avema Pharma Solutions. This transaction combined Avema’s drug development and contract manufacturing capabilities with PLD’s impressive scale in product portfolio and manufacturing capabilities. The combined company is now a leading provider of Contract Development and Manufacturing Organization (CDMO) services to global consumer healthcare and pharmaceutical companies.
In 2022, the company expects to generate $600+ million of revenue across 300 unique products and more than 20 billion dosages sold. The impressive scale of the business is supported by a network of FDA-registered pharmaceutical manufacturing, packaging, and distribution facilities totaling over 2 million square feet.
With SCP’s support, PLD maintains a robust balance sheet with which the company continues to make strategic investments to bring high quality products, capabilities, and services to its impressive roster of clients.