- DW Healthcare Partners has closed its investment in Bio Agri Mix, a maker of medicated feed additives used in livestock health applications and a portfolio company of Birch Hill Equity Partners since April 2006.

Bio Agri Mix (BAM) is Canada’s largest supplier, developer, and marketer of livestock feed medications including antimicrobials, feed additives, water-soluble products, and injectable pharmaceuticals. The company’s granulated additive products are sold to feed mills and producers.

Mitchell, Ontario-headquartered BAM, led by Executive Chairman Paul Lake and CEO Rob Bell, was founded in 1983 and has 80 employees with distribution facilities in Montreal, Calgary, and Winnipeg.

“As a founder of Bio Agri Mix, it is gratifying to see DWHP’s passion for the company as we continue our growth in the animal health industry,” said Mr. Lake.

- “We are thrilled to be partnering with Paul and Rob, and the rest of the team at Bio Agri Mix,” said Andrew Carragher, the founder and managing partner at DWHP. “They have a proven track record of growth, and we are looking forward to supporting them as the business continues to scale. Bio Agri Mix represents DWHP’s third investment in the animal health pharmaceutical space and we are excited to expand our footprint in the sector.”

DWHP’s earlier investments in the sector include Kansas-based Parnell Veterinary Pharmaceuticals (acquired in January 2021) and California-based Med-Pharmex (May 2013).

- “Over the years, Bio Agri Mix has developed a truly unique footprint across Canada by expanding their product portfolio and supplying the market in a consistent and methodical basis,” said Eric Moore, a principal at DWHP. “We are excited to have Bio Agri Mix continue under Paul Lake and Rob Bell’s leadership where we will continue to expand our product portfolio to provide more solutions to our customers.”

Bio Agri Mix is the fifth investment for DWHP’s fifth fund which closed in July 2019 at its hard cap of $610 million. The firm’s earlier fund closed in March 2017 with $295 million of capital commitments.

- DW Healthcare Partners makes majority investments from $20 million to $60 million in North America-based healthcare companies that have at least $5 million of EBITDA. The firm has a team of more than 29 professionals and offices in Toronto and Park City, Utah.

- Toronto-based Birch Hill invests in North American-based companies that are valued between C$30 million and C$600 million. The firm was founded in 1994 and closed its fifth private equity fund, Birch Hill Equity Partners V LP, with C$1.3 billion of capital in January 2016.

© 2021 Private Equity Professional | August 2, 2021