NEW YORK--(BUSINESS WIRE)--D.A. Davidson & Co. announced today that it served as exclusive financial advisor to Turnspire Capital Partners LLC (“Turnspire”) on an asset-backed credit facility to finance Turnspire’s acquisition of Pharmachem Innovations, LLC (“Pharmachem” or the “Company”), the former nutraceuticals business of Ashland Inc. (NYSE: ASH).
“We appreciate the D.A. Davidson team’s efforts in securing an attractive financing package for a complicated carve-out transaction, which enabled us to complete diligence and close the acquisition,” said Ilya Koffman, Managing Partner at Turnspire. “The new capital structure will help us achieve our growth plans for Pharmachem.”
Pharmachem is a leading provider of proprietary nutrition ingredients and custom formulation services that supplies a broad portfolio of both active ingredients and formulation aids to nutritional product companies. The Company also offers custom formulation and contract manufacturing capabilities for the nutrition market, handling everything from formula design and ingredient sourcing to finished product manufacturing. Pharmachem has approximately 500 employees located at four production facilities in New Jersey and Utah in the United States, and Tamaulipas, Mexico.
“We are pleased to have worked with the Turnspire team to arrange and place the acquisition financing to support Turnspire’s acquisition of Pharmachem,” commented Yaron Redlich, Head of Financial Sponsors Group at D.A. Davidson.
“This transaction demonstrates our Debt Advisory team’s capability set in arranging an array of financings for financial sponsors,” said Amy Johnson, Head of Debt Advisory at D.A. Davidson.
About Turnspire Capital Partners
Turnspire Capital Partners invests in high-quality businesses that have reached strategic, financial or operational inflection points and stand to benefit from our hands-on, operationally focused approach. Turnspire’s investment philosophy is predicated on creating value through operational improvements rather than through financial leverage. Turnspire strives to make each of its companies best-in-class in their respective industry niche, and then to grow the businesses through organic initiatives or strategic acquisitions.
About D.A. Davidson Companies
D.A. Davidson Companies is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions and municipalities nationwide. Founded in 1935 with corporate headquarters in Great Falls, Montana, and regional headquarters in Denver, Los Angeles, New York, Omaha and Seattle, the company has approximately 1,600 employees and offices in 30 states.
Subsidiaries include: D.A. Davidson & Co., a full-service investment firm providing wealth management, investment banking, equity and fixed income capital markets services, and advice; Davidson Investment Advisors, a professional asset management firm; and D.A. Davidson Trust Company, a trust and wealth management company.
