Specialty pharmaceutical company Crown Laboratories, Inc. and portfolio company Hildred Capital Partners LLC (Hildred) have announced the acquisition of Bellus Medical.
Bellus Medical specializes in medical aesthetic treatments, delivering repairing and restorative products to aesthetic practices around the globe. Its range of products include SkinPen, a medical grade microneedling device used exclusively by healthcare providers to improve the appearance of facial acne scars.
Renamed Bellus Aesthetics, Bellus Medical will become the new aesthetics division of Crown Laboratories. It will continue to be based in Dallas, and operate as a wholly-owned subsidiary of Crown Laboratories. Bellus CEO Joe Proctor will become president of the new division, and join the Crown board of directors.
Financial terms of the transaction were not disclosed.
“Partnering with Bellus is a truly exciting and significant first step in building our Aesthetics Division,” said Jeff Bedard, Crown Laboratories president and CEO. “Bellus has assembled a truly impressive team with an enviable track record of innovation in aesthetics, exemplified by the SkinPen®, the first ever FDA-cleared microneedling device for acne scarring. We believe there is a tremendous opportunity for us in aesthetics, and with Bellus as the cornerstone of our new division, we expect to expand our portfolio meaningfully in the years ahead.”
“We are thrilled to have found such a compelling opportunity with a partner that shares our vision and approach to growing the business and improving patient outcomes,” added Proctor. “The Crown Labs organization is culturally compatible and brings us the additional resources we need to expand our infrastructure, support future growth, and better serve our valued network of providers. This transaction represents a unique opportunity to build Bellus into an elite aesthetics company and we look forward to joining with our new colleagues and to building the Crown aesthetics franchise.”
