Azusa-based Westwood Laboratories Inc. has been acquired by Dallas-based private equity firm Sole Source Capital for an undisclosed sum. Sole Source has a local office in Santa Monica.
Westwood is a contract manufacturer that makes consumer products such as beauty and personal care items and specializes in liquids, creams, gels and pastes. The company offers design, research and development, packaging and other services.
“The opportunity to collaborate with Sole Source is a testament to the hard work of our team to build a strong brand within the contract manufacturing space,” Tony De Vos, chief executive of Westwood Laboratories, said in a statement.
“As new, innovative consumer brands continue to gain market share and require resources for product development and R&D (research and development), now is the right time to bring on a partner that can provide strategic capital as well as operational and financial expertise. The team looks forward to partnering with SSC,” he added.
The transaction marks Sole Source Capital’s first investment in contract manufacturing.
“We were attracted to Westwood’s ability to provide a full-service product offering in the contract manufacturing space to a diverse mix of established and emerging consumer brands in the recession-resilient personal care, pet, and over-the-counter drug end markets. The company employs an impressive formulary team of industry veterans with decades of experience in developing cutting-edge products,” David Fredston, founder and chief executive of Sole Source Capital, said in a statement.
“Additionally, we believe the contract manufacturing industry has been exhibiting strong secular tailwinds – offering significant growth potential for the company – and are excited to be entering this expanding space,” he added.
Fredston founded Sole Source Capital in 2016.
