Contract packaging organisation Tjoapack has received a majority investment from a private equity firm to help it meet growing industry demand for high quality pharmaceutical packaging services across different dosage forms.
Expansion
The investment from Ampersand Capital Parnters will enable Tjoapack to expand its automated packaging capabilities, including for injectable products, which the company states will enable it to cater to market demand for pre-filled syringes and vial packaging.
In conjunction with the deal, Dexter Tjoa, Tjoapack’s director of corporate strategy has been appointed as CEO. Eric Tjoa, the company’s founder and previous CEO, will retain a seat on the board of directors.
Dexter Tjoa said, “At Tjoapack, we are committed to shaping the future of the pharmaceutical supply chain and meeting the ever-changing demands of the industry. With that comes ensuring we have the capacity and capabilities to provide a comprehensive set of services to our global customer base.”
"We made the decision last year to seek investment from a strong financial partner with experience in our industry to help us achieve our long-term strategic goals, and we found Ampersand to be an excellent fit. It is a pleasure to welcome Ampersand as a partner to Tjoapack,” Tjoa added.
David Parker, general partner at Ampersand Capital Partners added, “Over the past 30 years, the Tjoa family has built an efficient, well-run business recognised by global pharmaceutical companies for its high quality and innovation. The Company’s commitment to steady growth as well as assuring the safe, secure supply of medicines for patients aligns perfectly with Ampersand’s values. We look forward to supporting Tjoapack’s management team to take the business to the next level.”