Market Overview

Ancor Capital Partners Sells WellSpring Pharma Services, Inc.

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Ancor
Capital Partners
, a Dallas private equity firm, announces the sale
of WellSpring Pharma Services, Inc. to ANI Pharmaceuticals, Inc., an
emerging leader in the specialty pharmaceuticals industry based in
Baudette, Minnesota. The sale was finalized Aug. 6, 2018, and terms were
not disclosed.

WellSpring
Pharma Services Inc.
, headquartered in Ontario, Canada, has
established itself as a leading pharmaceutical contract manufacturing
organization by emphasizing quality, precision and constant improvement.
Today WellSpring provides pharmaceutical manufacturing services for
virtually all nonsterile finished dosage form products, including
solids, semisolids, and oral liquids and suspensions, as well as primary
and secondary packaging in a variety of presentations.

When Ancor, along with co-investor Sentinel
Capital Partners
, acquired the WellSpring business in 2011, it
consisted of three separate business operations – prescription drugs,
consumer health care and over-the-counter products, and contract
manufacturing of pharmaceutical products. Ancor sold the prescription
drug business in 2014 and the consumer health care division in 2017.
This transaction represents the sale of the contract manufacturing
operation, the final WellSpring business segment.

"We are extremely pleased with our WellSpring business investment," said
Randall Keene, a founding partner at Ancor. "On our watch, the operation
was able to advance its position as a market leader and has emerged into
a powerful platform poised for continued and sustainable growth."

Keene continued, "Along with our outstanding partners on this deal,
Sentinel, and the leadership of WellSpring CEO Wendy Shusko, we have
been able to achieve a number of key strategic initiatives over the
course of this investment. I am confident the company's talented
management team and state-of-the-art facilities will continue to drive
them toward new opportunities in the industry."

About Ancor Capital Partners

Ancor Capital Partners is a Dallas, Texas-based private equity firm
focused on helping companies reach their next level of growth. Ancor's
experienced team has the acumen, expertise and resources to invest
wisely in existing successful companies through private equity buyouts.
As a seasoned operating partner, Ancor works to operationally optimize
businesses, maximize growth opportunities and instill a lasting culture.
With a proven track record of over 50 successful acquisitions to date,
Ancor targets health care, consumer staples, industrial manufacturing,
automotive and emerging market businesses with an EBITDA of $5-$15
million. For more information about Ancor, visit www.ancorcapital.com.

About Sentinel Capital Partners

Sentinel Capital Partners specializes in buying and building businesses
at the lower end of the midmarket in the United States and Canada in
partnership with management. Sentinel targets aerospace and defense,
business services, consumer, distribution, food and restaurants,
franchising, health care and industrial businesses. Sentinel invests in
management buyouts, recapitalizations, corporate divestitures and
going-private transactions of established businesses with EBITDA of up
to $65 million. Sentinel also invests in special situations, including
balance sheet restructurings and operational turnarounds. For more
information about Sentinel, visit www.sentinelpartners.com.

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