Sell-Side M&A Deal Closing: Women’s International Pharmacy

Updated: Feb 18

Waypoint Private Capital is pleased to announce the sale of Women’s International Pharmacy to Belmar Pharma Solutions (a portfolio company of Webster Equity Partners). Waypoint acted as the exclusive sell-side M&A advisor to Women’s International Pharmacy.


Founded in 1985 in Madison, WI, Women’s International Pharmacy is a pioneer in bioidentical hormone replacement therapy. The founder, Wally Simons, started treating women who had PMS with oral progesterone. He soon partnered with Connie Hegerfeld, and together they built Women’s International Pharmacy into a leader in the compounding pharmacy industry. From their start using one hormone, in one dosage strength, treating one condition, they continued to innovate to better serve their customers, and now have more than 142,000 compound formulas to treat a variety of hormone-related imbalances and conditions in both men and women. They focus on bioidentical hormone replacement therapy compounding for humans, and compounding for animals through their pet division. From their two 503A pharmacy locations in Wisconsin and Arizona, they serve customers in all 50 states, as well as Guam and the Virgin Islands.


Despite managing this sell-side M&A process in the midst of a global pandemic, the team at Waypoint Private Capital generated significant buyer interest for the company. After many conversations with prospective buyers, and the review and negotiation of multiple offers, the owners of Women’s International Pharmacy chose to sell the company to Belmar Pharma Solutions.


Belmar Pharma Solutions, based in Golden, CO, is a national source for compounded medication, education, and consultation for anti-aging and integrative therapies. After their beginnings as a local compounding pharmacy, the management team at Belmar, led by CEO Dave Hill, developed a clear vision and strategy for how they could best serve their patients. To help them execute on that vision, in 2019 they partnered with Webster Equity Partners, a leading healthcare services focused Private Equity Firm. Belmar Pharma Solutions has grown to include Belmar Pharmacy, Belmar Select Outsourcing, Green Mountain Pharmaceuticals, Belmar Research, and now Women’s International Pharmacy. They perform traditional compounding through their 503A facility, pellet compounding through their 503B facility, and since their acquisition of APS Pharmacy, sterile compounding in a Florida-based 503A pharmacy.


The Waypoint team knows this combination of companies is going to be a huge success. The management teams of both companies are impressive and complementary to one another, and their combined service offering is unrivaled in the industry. This acquisition will result in the best possible service to their patients and prescribers.


Michael Banks, of Haus, Roman and Banks, LLP served as legal counsel for Women’s International Pharmacy and did a fantastic job representing the owners.


We wish Dave Hill, Rob Kilgore, Gina Besteman, and the rest of the Belmar team continued success. Connie Hegerfeld and Wally Simons, enjoy your well-deserved retirement.

About Waypoint Private Capital

Waypoint Private Capital is an investment banking firm providing M&A and Capital Sourcing advisory services to middle-market companies throughout the country.

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