Pharmapacks Announces Growth Financing by GPI Capital and JPMorgan Chase Bank
NEW YORK, July 28, 2020 /PRNewswire/ -- Pharmapacks, LLC ("Pharmapacks" or "Company"), a leading ecommerce enablement platform and retail seller for brands across the major ecommerce marketplaces, today announced a growth financing of up to $150 million from GPI Capital ("GPI") and JPMorgan Chase Bank ("JPM") to accelerate the Company's expansion plans.
"Since its founding in 2010, Pharmapacks has achieved significant growth and cultivated extensive partnerships with major brands across ecommerce marketplaces in North America, including Amazon, Walmart, eBay, Google and Facebook," said Andrew Vagenas, Chief Executive Officer of Pharmapacks. "We are thrilled that these new relationships with GPI and JPM will provide us with an opportunity to take significant steps to enter the next phase of our growth strategy. GPI constructed a flexible financing which, in conjunction with JPM's credit facility, will accelerate our brand and inventory investments, enabling us to expand our warehouse footprint to drive greater cost efficiencies and deepen our offerings across all major ecommerce platforms, while maintaining the best customer experience."
The rapid growth and increasing penetration of online retail sales has Pharmapacks' brand partners deepening their relationships with the Company and extending their ecommerce capabilities. Pharmapacks was founded with the vision of providing brands – in which sometimes it takes ownership stakes – with a platform of best-in-class capabilities around sales management, marketing, fulfilment and logistics. GPI and JPM are joining our well-respected Series A investors, including Reckitt Benckiser (leading consumer goods company and maker of Lysol), McKesson (one of the world's largest healthcare companies), SealedAir (one of the world's leading packaging companies), and the Emerson Group (a leading consumer products equity organization).
Powered by its proprietary technology, Pharmapacks has been trusted by millions of customers to provide all their daily needs. After reaching over $250MM in sales in 2019, Pharmapacks is on a current run rate to achieve more than 70% year-over-year growth and, wih the opening of a 230k square foot replenishment center in late Q3, should give Pharmapacks the ability to achieve 100% year-over-year growth in Q4.
"Andrew and team have built a premier integrated ecommerce enablement platform with deep brand, merchandising, logistics and marketplace expertise. We are excited to contribute to Pharmapacks' next phase of growth and its further commitment to partner brands. This investment builds upon GPI's extensive consumer internet expertise and our ability to create flexible financing solutions. We believe that Pharmapacks is well positioned for success." commented Khai Ha, Managing Partner at GPI.
About GPI Capital
GPI Capital is a leading alternative investment firm that provides strategic capital and partners with growth-oriented technology, consumer and industrial companies. GPI focuses on identifying high quality businesses looking to accelerate growth and execute on transformational opportunities with an engaged and value-add partner.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.2 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands.
This release contains forward-looking statements. Words such as "anticipates," "projects," "believes," "expects," "future," "will," "intends," and similar expressions identify forward-looking statements. Any such forward-looking statements are based on the current reasonable belief and assumptions of management of the Company; however, they are not guarantees of future performance and undue reliance should not be placed on such forward-looking statements. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from today's forward-looking statements. The Company undertakes no obligation to update such forward-looking statements after the date hereof.
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