Pharmapacks Announces Growth Financing by GPI Capital and JPMorgan Chase Bank
Pharmapacks has secured growth financing of up to $150 million from GPI Capital and JPMorgan Chase Bank (JPM) to enhance its expansion strategy. Founded in 2010, Pharmapacks aims to leverage this funding to improve brand and inventory investments, expand its warehouse network, and enhance customer experience. With sales exceeding $250 million in 2019, the company anticipates achieving over 70% year-over-year growth. The partnership with GPI and JPM strengthens Pharmapacks' position in the ecommerce market.
- Secured growth financing of up to $150 million from GPI Capital and JPM.
- Achieved over $250 million in sales in 2019.
- Anticipates over 70% year-over-year growth.
- Plans to open a 230k square foot replenishment center to drive future growth.
- None.
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
"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
"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 Pharmapacks
Pharmapacks, LLC is a leading e-commerce company with a proprietary technology platform that empowers brands with a complete and cost-effective logistics, fulfillment, marketing and sales solution. Pharmapacks has a premier team of eCommerce experts with over 10 years' experience and 850 employees connecting consumers to their favorite brands on online marketplaces such as Amazon, Walmart, Google, eBay and Facebook, becoming one of the largest marketplace sellers in North America. Pharmapacks serves as a "launch pad" for emerging brands by giving a select amount of lesser-known brands access to the Pharmapacks' e-commerce platform and consumer base. This enables brands to focus on product research and development, while Pharmapacks strategically sets competitive price points and builds a connection between the consumer and the brand.
Website: www.pharmapacks.com
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.
Website: www.gpicap.com
About JPMorgan
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of
Website: www.jpmorganchase.com
Forward-Looking Statements
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.
Media Contact
publicrelations@pharmapacks.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/pharmapacks-announces-growth-financing-by-gpi-capital-and-jpmorgan-chase-bank-301101320.html
SOURCE Pharmapacks
FAQ
What is the recent financing amount for Pharmapacks from JPM and GPI?
How has Pharmapacks performed in terms of sales?
What are Pharmapacks' future growth plans?
What does the financing mean for JPMorgan Chase Bank (JPM)?
