DPT Laboratories has been acquired by Renaissance Acquisition Holdings, the portfolio company of RoundTable Healthcare Partners, an operating-oriented private equity firm focused exclusively on the healthcare industry. Terms of the acquisition were not disclosed, but the current shareholders of DPT will maintain an equity stake in the combined business.
"Renaissance is excited by the opportunity to further invest in the continued growth and success of DPT," said Pierre Frechette, president and chief executive officer of Renaissance. "We are committed to supporting DPT's leading market position in semi-solid contract manufacturing and development as well as their emerging business in sterile manufacturing and specialty products."
The existing DPT management team will continue to run day-to-day operations at DPT while Paul Johnson, group president and chief operating officer, will assume additional responsibilities within Renaissance. Renaissance also owns Confab Laboratories, which it acquired in December 2010.
"RoundTable and Renaissance are ideal partners for DPT," said John Feik, president and chief operating officer of DPT's parent company, DFB Pharmaceuticals. "RoundTable's track record of building strong, successful businesses combined with their unique capabilities in this industry truly differentiates them."
"Renaissance's acquisition of DPT is an important milestone in RoundTable's strategy to build new pharmaceutical platforms," stated Lester B. Knight, chairman of Renaissance and founding partner and co-chairman of RoundTable. "We continue to be enthusiastic about the opportunities in this important market and look forward to partnering with the DPT management team to build on their success and accelerate the growth of their business."