DALLAS--(BUSINESS WIRE)--Sole Source Capital LLC (“SSC”), an industrial-focused private equity firm, announced today that it has acquired Westwood Laboratories (“Westwood”), a contract manufacturer of consumer staple products in the beauty, personal care, pet and over-the-counter drug end markets. This is Sole Source Capital’s first investment in the contract manufacturing industry. Terms of the transaction were not disclosed.
Founded in 1948 in Azusa, California, Westwood provides a full-service contract manufacturer offering including formulation design, research & development, compounding, filling, packaging and overwrapping/bagging. The company serves a diverse group of established consumer brands in addition to fast-growing emerging brands. Westwood specializes in liquids, creams, gels and pastes that are packaged in a variety of formats.
“We were attracted to Westwood’s ability to provide a full-service product offering in the contract manufacturing space to a diverse mix of established and emerging consumer brands in the recession-resilient personal care, pet, and over-the-counter drug end markets. The company employs an impressive formulary team of industry veterans with decades of experience in developing cutting-edge products,” said David Fredston, Founder and CEO of Sole Source Capital. “Additionally, we believe the contract manufacturing industry has been exhibiting strong secular tailwinds - offering significant growth potential for the company - and are excited to be entering this expanding space.”
"The opportunity to collaborate with Sole Source is a testament to the hard work of our team to build a strong brand within the contract manufacturing space,” said Tony De Vos, Founder of Westwood Laboratories. “As new, innovative consumer brands continue to gain market share and require resources for product development and R&D, now is the right time to bring on a partner that can provide strategic capital as well as operational and financial expertise. The team looks forward to partnering with SSC.”
About Sole Source Capital
Founded in 2016 by David Fredston, Sole Source Capital is a private equity firm that thematically invests in fragmented, high-growth industrial subsectors. Sole Source seeks founder-owned businesses or corporate carve-outs that will benefit from the team’s operating and M&A capabilities. The Firm has a strong operating heritage that enables it to execute a buy-and-build strategy with significant downside protection. The Firm is headquartered in Dallas, Texas with offices in Santa Monica, California. For more information, please visit www.solesourcecapital.com or contact investor.relations@solesourcecapital.com.
About Westwood Laboratories
Westwood Laboratories is a full-service contract manufacturer of consumer staple products specializing in the beauty, personal care, pet and OTC drug markets. The company is headquartered in Azusa, California and they are licensed by the FDA, EPA, and State Department of Health. For more information, please visit www.westwoodlabs.com.
