APHENA OBTAINS $10 MILLION IN FINANCEING FROM NEWSTAR
March 7, 2014
Aphena Pharma Solutions Holdings, Inc. and subsidiaries (“Aphena”) announced today that it has obtained a revolving credit facility totaling $10,000,000 from NewStar Business Credit, a wholly-owned subsidiary of NewStar Financial, Inc. (NASDAQ: NEWS). The revolving credit facility will be used by Aphena to refinance existing debt and support future growth.
“It has been a pleasure working with a team that understands our business. Their approach and complementary perspectives are the differentiators which will contribute to a long-term partnership. We are excited to partner with NewStar as we continue to grow our business,” said Kevin H. Kerchner, CEO of Aphena.
“We went through an extensive process to select an asset-based lender that met our requirements. NewStar was definitely our best option, and we look forward to a strong relationship with them,” added Joseph A. Del Buono, CFO of Aphena.
“When it comes to your health, the safety and convenience of packaging may be taken for granted by some, but we understand its importance and are pleased to have the opportunity to work with a leading packaging solution provider like Aphena and meet their financial needs,” said Milton Iskra, National Marketing Manager.
Headquartered in Trevose, Pa., Aphena provides a wide range of packaging solutions to the pharmaceutical, OTC, dietary supplement, animal health, consumer health and medical device markets. Aphena is a portfolio company of Enhanced Equity Funds (“EEF”), a private equity firm focused exclusively on investing in the health care industry.
NewStar Business Credit provides asset-based and senior, secured “stretch” loans nationally to middle market companies with credit requirements between $5 million and $25 million. Deal structures are flexible and tailored to meet each client’s unique needs. Funds can be used for a wide range of purposes, including strategic acquisitions, management buyouts, recapitalizations and refinancings, as well as, to support internal growth strategies.
About Aphena Pharma Solutions
Aphena Pharma Solutions Inc. is an industry-leading organization providing turnkey contract packaging, repackaging and manufacturing solutions for the pharmaceutical, OTC, dietary supplement, animal health, consumer health and medical device markets. With five FDA-registered facilities in the U.S., Aphena handles solid dose, liquids, gels, creams, ointments, foams, suspensions and lotions. For more information about Aphena, visit www.AphenaPharma.com or call 1-866-465-4506.