On August 7, 2024, Avista Healthcare Partners ("Avista") completed the acquisition of Trillium Health Care Products ("Trillium"), a leading contract development and manufacturing organization (CDMO) for branded over-the-counter (OTC) products in North America, from New Water Capital. Although the transaction terms were not disclosed, this marks Avista's sixth investment from its latest fund, Avista Healthcare Partners III, further expanding its presence in the consumer healthcare sector.

Trillium, based in Brockville, Ontario, Canada, has over 30 years of experience in the industry, offering extensive development and manufacturing capabilities across various dosage forms, including liquids, semi-solids, and solids. It serves key therapeutic categories such as cough and cold, dermatology, gastrointestinal, allergy, and dietary supplements.

Alex Yu, Partner at Avista, highlighted the strategic value of the acquisition, emphasizing Trillium's specialization in OTC products and its strong industry reputation. Joe Ruffo, CEO of Trillium, expressed excitement for the partnership and the growth opportunities it brings. Fred Duchin, Avista Strategic Executive, noted plans to leverage Trillium as a platform for future strategic acquisitions, aiming to enhance its value in the OTC CDMO space.

Blake, Cassels & Graydon LLP and Kirkland & Ellis LLP served as legal counsel to Avista, while Stikeman Elliott LLP advised New Water Capital L.P. in the sale of Trillium to Avista.