Linden LLC

Linden Invests in Formulated Solutions

September 28, 2021 | For Immediate Release

Chicago, IL (September 28, 2021) – Linden Capital Partners (“Linden”), a Chicago-based healthcare private equity firm, announced today that it has invested in Formulated Solutions, LLC (“Formulated Solutions” or the “Company”) alongside current shareholders, the founding Dann Family and HealthEdge Investment Partners. Headquartered in Largo, FL, Formulated Solutions provides contract development and manufacturing services for over-the-counter (“OTC”) and prescription (“Rx”) healthcare products, with a focus on complex topical and nasal formulations in semi-solid, aerosol, and liquid formats.

Eric Dann, Founder and CEO of Formulated Solutions, stated “We are proud of the team, our culture of innovation, and the Marketing Partner-centric business model we have built at Formulated Solutions. We are excited to partner with Linden to further invest in growth and expand the capabilities we can provide to our customers. We chose Linden because of their partnership orientation, growth mindset, and differentiation in healthcare-related contract manufacturing. They have the experience, relationships, and resources to support our shared value creation plan.”

Steven Klosk, Operating Advisor at Linden and incoming Chairman of Formulated Solutions, said, “We commend Eric Dann and the entire management team at Formulated Solutions for building a truly extraordinary CDMO. Formulated Solutions has developed a differentiated model for driving innovation in complex formulations that aligns well with the needs of the consumer healthcare and pharmaceutical market. I look forward to working with Eric and Linden to execute on our long-term vision.”

Piyush Shukla, a Partner at Linden and incoming board member at Formulated Solutions, added “Our investment in Formulated Solutions represents a successful outcome of Linden’s dedicated sector effort across the pharmaceutical supply chain. We are excited to partner with Eric Dann and support the Company’s long-term growth in the OTC and Rx segments.”

Linden’s Brian Miller and Jonathan Skekloff, together with Linden Operating Advisor, Marshall Crew, have also joined the Board of Formulated Solutions. Linden Operating Partner Ron Fugate served as an advisor on the transaction.

Kirkland & Ellis LLP served as legal advisor to Linden. Robert W. Baird & Co. served as exclusive financial advisor and Macfarlane Ferguson & McMullen and Hill Ward Henderson as legal advisors to Formulated Solutions. Twin Brook Capital Partners provided debt financing for the transaction.

About Formulated Solutions
Founded in 1999, Formulated Solutions has long been known as one of the most innovative contract manufacturing and formulation development companies (CDMO) in North America. With over 650 million units of annualized production capacity, Formulated Solutions exists to enhance consumer healthcare products through creativity and invention, delivering our Marketing Partners unmatched formulations, innovative packaging, and cost-effective reliable supply of semisolids, aerosols, and Bag on Valve products. With partnerships with seven of the world’s top 12 Consumer Healthcare companies, the regulated products we’ve developed and the brands we support cover a global footprint of more than 45 countries, supported by numerous regulatory body registrations, including FDA, ANVISA, EMA, Health Canada, TGA, Korean Ministry of Food and Drug Safety, UL, ISO and more.

About Linden Capital Partners
Linden Capital Partners is a Chicago-based private equity firm focused exclusively on the healthcare industry. Founded in 2004, Linden is one of the country’s largest dedicated healthcare private equity firms. Linden’s strategy is based upon three elements: (i) healthcare specialization, (ii) integrated private equity and operating experience, and (iii) its differentiated human capital program. Linden invests in middle market platforms in the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. Since its founding, Linden has invested more than $2.5 billion in healthcare companies. For more information, please visit

About HealthEdge Investment Partners
HealthEdge Investment Partners, LLC is an operating-oriented private equity firm founded in 2005 that focuses exclusively on the healthcare industry. HealthEdge seeks to achieve superior returns by investing in businesses that benefit from the knowledge, experience, and network of relationships of its partners. HealthEdge’s partners have more than 100 years of combined operating experience in healthcare as CEOs and investors. For more information on HealthEdge, please visit