Private equity firm Carlyle Group invested more than $250m in Pharmapacks, a US-based e-commerce services provider backed by corporates McKesson, Sealed Air and Reckitt Benckiser (RB), at a $1.1bn valuation yesterday.
Pharmapacks provides a range of fulfilment services for online merchants in the health, beauty and wellness sectors that primarily operate on online marketplaces such as Amazon or eBay.
The company said it is set to record 60% year-on-year growth in 2020 after posting $250m in sales in 2019. It will channel the Carlyle funding into company growth and is preparing to open a 230,000 square foot replenishment hub.
Andrew Vagenas, Pharmapacks’ CEO, said: “Pharmapacks is experiencing unprecedented growth with massive market support and highly attractive industry dynamics.
“We are thrilled that our partnership with Carlyle, a world-class investment firm with extensive connectivity, data and global resources, will provide us with an opportunity to take significant steps to enter the next phase of our growth plans.”
The Carlyle investment comes two months after Pharmapacks raised $40m in bridge financing from consumer goods manufacturer RB, consumer equity and consulting firm Emerson Group, The Craftory, Straus Group and Sawaya Capital Partners.
JPMorgan Chase and GPI Capital had supplied $150m in debt financing for the company in July this year. RB led its $32.5m series A round in mid-2018, investing with Emerson Group, packaging provider Sealed Air and McKesson Ventures, part of pharmaceuticals supplier McKesson.
