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San Antonio's 74-year-old DPT Laboratories Ltd., a large contract manufacturer of creams, lotions, powders and other health care products, has been acquired by an Illinois private-equity company, the companies announced Thursday.
Acquisition terms were not revealed. The local DPT headquarters, management and operations will remain in place, the companies said.
DPT, which had been closely held by Texas owners, now is owned by Renaissance Acquisitions Holdings LLC. Renaissance's parent company is RoundTable Healthcare Partners of Lake Forest, Ill.
DPT Laboratories operates six manufacturing, research and office facilities in San Antonio and Lakewood, N.J. It employs approximately 1,000 workers, including about 700 in San Antonio. More than 100 San Antonio employees are scientists.
There are no plans for layoffs. In fact, the employment level in San Antonio will grow, said Paul Josephs, DPT senior vice president for sales, marketing and corporate development. "We're having a tremendous year," he said.
Renaissance made an unsolicited bid to acquire the company, Josephs said.
"They loved our dominant position from San Antonio, our management team and our emerging sterile business in New Jersey," which makes injectables such as nasal sprays, Josephs said.
"This partnership provides the resources we need to accelerate our long-term strategic plans, which include maximizing our semi-solid and liquid business in San Antonio, and achieving aggressive growth in our sterile and specialty products business in Lakewood," said Paul Johnson, DPT Laboratories group president and chief operating officer.
DPT's headquarters is at Broadway and McCullough Avenue. Its largest manufacturing facility is at Josephine Street and U.S. 281 and is accompanied by an adjacent science building. A smaller production plant is located on Rittiman Road. A DPT research-and-development center operates at Brooks City-Base. The company's New Jersey plant produces sterile and specialty products.
DPT performs drug development and manufacturing for pharmaceutical companies, including GlaxoSmithKline, Pfizer, Merck & Co. and Johnson & Johnson. DPT has about 80 projects, producing some 1,000 stock-keeping units of creams, lotions, ointments, powders and gels.
DPT's annual revenue is between $225 million and $250 million. DPT was owned by parent company DFB Pharmaceuticals Inc., which in turn was owned by majority owner Paul Dorman of Fort Worth, co-founder John Feik of San Antonio, and Fort Worth's Burnett family, owners of Burnett Oil Co. Inc.
"As we review investment opportunities, we look for outstanding companies that deliver a value-added proposition, with strong management teams and excellent reputations in the markets in which they compete," said Pierre Fréchette, Renaissance Acquisition Holdings president and CEO, in a prepared statement.
DPT dates back to 1938, when it began as Texas Pharmacal Co. and was recognized as the first U.S. dermatology company. After several acquisitions, Texas Pharmacal was renamed Dermatological Products of Texas in 1980. A decade later, DFB Pharmaceuticals acquired Dermatological Products of Texas and renamed it DPT Laboratories Ltd.
RoundTable currently manages $1.9 billion in capital, including three equity funds totaling $1.5 billion and two subordinated debt funds totaling $400 million.
Photo: John Feik, founder and CEO of DPT Laboratories in the downtown headquarters. Photo: Robert McLeroy, / San Antonio Express-News
By David Hendricks, San Antonio Express-News