NewSpring Capital Successfully Exits Putney
April 25, 2016
Radnor, PA – April 25, 2016 – NewSpring Capital, a family of private equity funds providing growth and expansion capital, is pleased to announce that it has successfully exited Putney, Inc. (“Putney”), a portfolio company of the firm’s dedicated healthcare fund, NewSpring Health Capital ("NewSpring"). The exit was the result of an acquisition by Dechra Pharmaceuticals (LON: DPH).
NewSpring led the financing round for Putney, a leading developer of companion animal generic pharmaceuticals in the U.S. in 2011, with a syndicate of investors. Since NewSpring’s original investment, Putney’s strong pipeline resulted in ten FDA-approved drugs in market with an additional ten products in the pipeline. Revenues grew from $11 million in 2011 to a projected $66 million in 2016. NewSpring’s investment went towards building out the scientific and medical affairs team and supporting the growth of the pipeline. Additionally, NewSpring also helped recruit the CFO of a former NewSpring portfolio company to head Putney’s financial team, as well as the VP of Quality from NewSpring’s broader network of consultants and advisors.
Bruce Downey, NewSpring Partner stated, “We are extremely pleased to have been part of the success at Putney. The vision articulated by Jean Hoffman, President and CEO of Putney, translated to reality, resulting in a unique asset in the veterinary pharmaceutical market. That, in turn, generated a very attractive outcome for our Limited Partners."
“Putney’s consistent improvements through organic growth and pipeline development were a true testament to the skill set of this first-class management team,” added Kapila Ratnam, NewSpring Partner.
Putney is a pharmaceutical company committed to providing high quality, cost-effective generic medicines for pets. Putney's reliable supply of affordable drug options empowers veterinarians, allowing them to provide the best possible medicine at the best possible price, and supports pet owners, helping them afford to comply with veterinary recommendations. Putney's ongoing investment in research and development is focused on creating the next generation of generic veterinary products based on inputs from companion animal veterinarians and its industry partners. Learn more at www.putneyvet.com.