Blackstone Appoints Fotiades and Erdeljan to PTS Board
New York, January 29th, 2007: Following last week’s announcement by Cardinal Health that the company will sell its Pharmaceutical Technologies and Services segment (PTS) to The Blackstone Group, Blackstone has announced the appointment of George Fotiades, former CEO of PTS, and Aleksander Erdeljan, former CEO of R.P. Scherer, to the Board of PTS.
PTS, headquartered in Somerset, NJ, is the leading contract manufacturing and service provider for the pharmaceutical industry. Its core offerings include the development and manufacture of oral and sterile medication, and the softgel and Zydis fast dissolving technologies. In addition, PTS is the largest contract packager of pharmaceuticals. The firm has annual revenues of approximately $1.8 billion.
Chinh Chu, Senior Managing Director of The Blackstone Group, said: “A core strength of PTS is the experienced management team led by CEO John Lowry. We want to build a board of complementary strengths and experience and are very pleased to have George Fotiades and Alex Erdeljan join us in that capacity.” He added: “PTS is a great platform for growth in a very attractive industry.”
Mr. Fotiades, who was President and CEO of PTS from 2000 until 2004 and who will now serve as non-executive Chairman, said: “I am gratified to have the opportunity to return to PTS and to re-join a proven and very experienced management team under the direction of John Lowry.”
Mr. Erdeljan, said: “I am delighted to have the opportunity to reconnect with a business and a management team that I know well. I have worked with many of them before and have a lot of respect for the whole team. I am confident that PTS, under new ownership, will be a major beneficiary of favorable industry trends in the pharmaceutical sector.”
John Lowry, CEO of PTS added: “The entire management team at PTS is looking forward to partnering with Blackstone as we embark on the next phase of PTS’s growth trajectory. Furthermore, I am personally excited to be working with George Fotiades and Alex Erdeljan, both of whom bring a great deal of industry knowledge to our new Board of Directors.”
Mr. Fotiades started his career at Procter & Gamble, before joining Bristol-Myers-Squib in 1991 and then moving to Warner-Lambert in 1992. In 1996, he joined R.P. Scherer Corporation where he was appointed President and COO in January of 1998. R.P. Scherer was acquired by Cardinal Health in August of 1998. Before leaving Cardinal Health in April of 2006, Mr. Fotiades served as President and COO.
Mr. Erdeljan, a founding member of Blackstone Healthcare Partners, was a Managing Director with Global Healthcare Partners at CSFB and previously Chairman and CEO of R.P. Scherer Corporation. He currently serves as a board member of Eurand and is Chairman of the advisory Board of Gerresheimer.
About The Blackstone Group
The Blackstone Group, a global private investment and advisory firm, was founded in 1985. The firm has raised approximately $75 billion for alternative asset investing since its formation of which over $30 billion has been for private equity investing. Blackstone has a significant commitment to the healthcare sector with investments in Biomet (orthopedics and dental), Emcure (pharmaceuticals), Encore Medical (rehabilitation products), Gerresheimer (healthcare packaging), Health Markets (health insurance), Southern Cross (nursing homes), Team Health (ambulatory care) and Vanguard (hospitals). The Private Equity Group is currently investing its fifth general private equity fund with commitments of more than $15 billion. Blackstone’s other core businesses include Private Real Estate Investing, Corporate Debt Investing, Hedge Funds, Mutual Fund Management, Private Placement, Marketable Alternative Asset Management, and Investment Banking Advisory Services. Further information is available at http://www.blackstone.com.