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Empower Pharmacy, a Houston-based compounding pharmacy targeting integrated health and wellness, is seeking an investment, sources tell Axios. 

Why it matters: Private equity has a reputation for being acquisitive in compounding pharmacy — and Empower's growth profile and attractive end-markets suggest the asset will likely draw strong interest. 

Driving the news: The founder-run company has mandated Cantor Fitzgerald for financial advice, with outreach to financial sponsors kicking off early this week, sources say. 

The process could produce either a minority investment or majority recapitalization, sources add. 

By the numbers: The company, growing at a more than 30% clip over the last three years, is marketing close to $160 million of run-rate revenue off of EBITDA in the low $30 million range, sources say. 

Revenue and EBITDA are projected to climb to about $200 million and $50 million in 2023, respectively, they say. 

Details: Empower is seeking capital to fund the development of a new 503B facility that will substantially increase its growth trajectory and capacity over the next decade, one source says.  

It already has an advanced FDA-registered 503A compounding facility.

How it works: Empower, founded in 2009 by CEO Shaun Noorian, provides compounding pharmacy solutions for various health and wellness end-markets.

Empower offers customizable medications across women's health, men's health, fertility, hormone replacement, weight management, dermatology, and IV therapy (nutritional, vitamin B-12, etc.). 

The company delivers to patients and providers in all 50 states with a 24-hour average turnaround time, per its website.

Empower compounds more than 2,000 custom-made medications, per a mid-2021 news release. 

State of play: Empower is unique in its end-market focus areas, but private equity participation in the compounding pharmacy arena isn't new. In notable activity... 

Vistria Group and Excellere Partners in January 2021 invested in SCA Pharmaceuticals, an FDA-registered compounding pharmacy. The deal provided an exit for Enhanced Healthcare Partners. 

Welsh, Carson, Anderson & Stowe in November 2021 acquired a majority stake in Leiters, an FDA-regulated 503B outsourced pharmaceutical compounding company, from investors including Kaiser Permanente Ventures and Frazier Healthcare Partners. 

Bain in 2015 acquired QuVa Pharma, a 503B manufacturer of compounded, ready-to-administer injectables, from Helix. Goldman Sachs Private Credit and  Owl Rock Capital Partners injected $275 million in debt financing into the business in May 2021. 

💭 Our thought bubble: Considering Bain's seven-year plus hold, QuVa also looks ripe for potential picking.

Empower did not immediately return a request for comment, while Cantor declined to comment.

Scoop: Empower Pharmacy seeks financial partner

The Houston-based health and wellness compounding pharmacy seeks funds to develop a new 503B facility.

Illustration of falling pills surrounded by abstract shapes and sections of dollars.

Health tech deals

Empower Pharmacy, a Houston-based compounding pharmacy targeting integrated health and wellness, is seeking an investment, sources tell Axios. Why it matters: Private equity has a reputation for being acquisitive in compounding pharmacy — and Empower&#x27;s growth profile and attractive end-markets suggest the asset will likely draw strong interest.

Scoop: Empower Pharmacy seeks financial partner

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