Nathan Every works for a West Coast private equity firm and lives in Seattle, but his latest deal announced this week brought him home to Philadelphia, at least figuratively.
Every is a general partner with Frazier Healthcare, which is leading a group of private equity firms that formed a separate entity to buy AndersonBrecon, the pharmaceutical packaging subsidiary of AmerisourceBergen.
One of the big three U.S. drug wholesalers, AmerisourceBergen is getting $308 million for the unit. AmerisourceBergen is headquartered in Chesterbrook. A link to Wednesday's Inquirer story is here.
Every went to Lower Merion High School and the University of Pennsylvania, before getting his medical degree at Emory University and a masters in public health from the University of Washington.
In buying AndersonBrecon, Frazier Healthcare is expanding its commercial drug packaging capacity after purchasing Catalent Pharma Solutions' Northeast Philadelphia plant in 2012.
Packaging Coordinators, Inc. is the company formed by Frazier Healthcare to buy the Catalent facility in Northeast, along with one in Woodstock, Ill. The AndersonBrecon acquisition adds facilities in Rockford, Ill., and one in the United Kingdom.
"The first one was solely a commercial pharmaceutical packaging plant," Every said by phone from Seattle. "AndersonBrecon gives us a worldwide footprint and a clinical packaging business, which means new lines of business."
Every said PCI has not done a lot to the 427,908-square foot Catalent plant on Red Lion Road in Northeast, except change the management.
"The plant was in terrific shape and it has a terrific workforce," Every said. "The main thing we did was put in new management, with Bill Mitchell returning to run the place. He ran it when it was owned by Cardinal Health. To some degree, we were putting the band back together."
Every said integrating AndersonBrecon would not be that difficult.
"AndersonBrecon is really well-run," Every said.