Aqua Pharmaceuticals, LLC, a West Chester, PA-based specialty dermatology pharmaceutical company focused on acquiring, developing and marketing under-promoted, branded, pharmaceutical products in the United States, has received a controlling investment from private equity firm RoundTable Healthcare Partners.
In connection with the agreement, Jack McGinley, Founding Partner of RoundTable, will serve as Chairman of the board of Aqua.
Jay Gooding and Craig Ballaron, the founders of Aqua, will retain a significant stake in the company and will continue to serve in their current roles as CEO and President and as members of the board.
The proceeds from the investment will be used to expand the company’s product portfolio through an active program of acquisition, licensing and internal drug development.
As part of the transaction, and to finance further growth opportunities for Aqua, RoundTable facilitated the completion of new senior credit facilities and a private placement of senior subordinated notes.
The senior credit facilities were led by GE Commercial Finance Healthcare Financial Services, and included The PrivateBank and Trust Company and Libertyville Bank and Trust.
Aqua’s senior subordinated notes were acquired by RoundTable Capital Partners, RoundTable’s captive subordinated debt fund.