Turnspire Capital Partners Completes Acquisition of Pharmachem from Ashland

NEW YORK--(BUSINESS WIRE)--Turnspire Capital Partners LLC (“Turnspire”) announced today that an affiliate has completed the acquisition of Pharmachem Innovations, LLC (“Pharmachem” or the “Company”), the former nutraceuticals business of Ashland Inc. (NYSE: ASH).

Additionally, Turnspire Operating Partner Maurice Murphy has been appointed Executive Chairman, and Jeff Rogers has been appointed Interim Chief Executive Officer of 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.

Mr. Murphy is an accomplished executive who has successfully led numerous private equity-owned businesses, including several carve-outs. He was President and Chief Executive Officer of UPG Company LLC, a Turnspire portfolio company from 2016 through 2022, executing a dramatic strategic, commercial and operational transformation that resulted in outsized returns for Turnspire investors.

Mr. Rogers has deep domain expertise in nutraceuticals, with over 30 years of relevant executive, commercial and operational experience. He was President and Chief Operating Officer of Niacet Corporation from 2019 through 2023, significantly contributing to a very successful exit for its private equity sponsor. He previously served in progressively senior roles at National Starch & Chemical, Ashland and Lonza.

Turnspire Managing Partner Ilya Koffman said, “We are excited to acquire Pharmachem and its highly compelling formulation and manufacturing capabilities, underpinned by a broad portfolio of proprietary ingredients. Led by Maurice and Jeff, and with the benefit of Turnspire’s extensive experience transforming corporate carve-outs into thriving standalone companies, Pharmachem is well positioned to capitalize on attractive growth opportunities in its markets.”

Mr. Murphy added, “I am delighted to join Pharmachem and to once again partner with Turnspire, which has a fantastic track record of supporting management teams to create and grow best-in-class businesses. I look forward to working with Jeff and the talented employees to build on Pharmachem’s rich legacy as an innovator in the exciting and rapidly growing nutraceuticals space.”

Winston & Strawn LLP acted as legal counsel and Piper Sandler & Co acted as financial advisor to Turnspire on the transaction.

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 portfolio companies best-in-class in their respective industry niche, and then to grow the businesses through organic initiatives or strategic acquisitions. For additional information, please visit www.turnspirecap.com.