Breaking News

Convergent expands

July 20, 2005

Convergent expands
pharma label facility
Convergent Pharmacy has broken ground on an expansion project designed to nearly double the size of its Joplin, MO, plant to 70,000 square feet. The expanded facility will also function as the company’s new headquarters.
Convergent Pharmacy was acquired by Pfingsten Partners LLC and Hilco Equity Partners in June. The company produces pressure sensitive pharmacy labels and specialty labels for drugstore and grocery chains, mass merchandisers, independent pharmacies, hospitals and specialized distribution businesses.
“The facility was formerly a sheet label production facility,” says Mike Denny, plant manager, Convergent Pharmacy. “With the addition of space and machinery, we will increase sheet label production capacity and enter the roll label business.”
The expansion will include personnel. The company plans to hire an additional 25 employees, bringing total employment to over 100.
“This expansion will benefit our customers, employees and the local community,” says Jim Norton, president of Convergent Pharmacy. “Our decision to invest in the Joplin facility was made easier by the city of Joplin and state of Missouri, which were very responsive and helpful throughout the entire process.”
The expansion is scheduled to be completed in December 2004.
Pfingsten Partners is a private equity firm based in Deerfield, IL. Its focus is on equity investments in middle market manufacturing, distribution and specialty publishing companies. Since 1991 it has acquired 40 companies.
Hilco Equity Partners is a private investment fund focusing on acquiring companies that require additional management expertise and capital to address strategic and operating issues
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