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CORE Industrial Partners Portfolio Company Arizona Natural Resources Acquires HealthSpecialty

CORE Industrial Partners (“CORE”), a Chicago-based private equity firm, today announced the acquisition of HealthSpecialty (“HealthSpecialty” or the “Company”), a full-service contract manufacturer of skin, body and hair care products with a focus on premium skincare applications, by CORE portfolio company Arizona Natural Resources (“ANR”), based in Phoenix, Arizona.

Founded in 1995 and based in Santa Fe Springs, California, HealthSpecialty is a turnkey provider of R&D, formulation, compounding, filling and packaging solutions for the personal care industry. HealthSpecialty offers robust formulation services with an in-house research and development team that has developed an extensive formula library containing more than 4,500 formulas. The Company’s product offering includes skin creams, body lotions, serums, sunscreen, and OTC products. HealthSpecialty is FDA-certified and maintains cGMP and OTC drug certifications.

Together, HealthSpecialty and ANR have more than 550,000 square feet of production space and nearly 50 filling lines across three manufacturing facilities in Arizona, Nebraska, and California. The combination will expand ANR’s product portfolio in the premium skincare category, enabling the platform to serve a broader range of personal care and beauty applications across a wide spectrum of unit sizes.

Frank Papa, Senior Partner of CORE, said, “Our investment in HealthSpecialty continues CORE’s focus on building a leading beauty and personal care contract manufacturing franchise serving both established and emerging brands. We believe the combination of HealthSpecialty with ANR will prove highly impactful in both augmenting the platform’s existing product offerings and adding new capabilities and geographic reach.”

Neil Badlani, Founder and President of HealthSpecialty, said, “Since HealthSpecialty’s inception, we’ve been committed to providing exceptional formulation solutions and dedicated service for our customers with the goal of building the business into a leader in the premium skincare space. We’ve now reached an inflection point in our growth trajectory and believe leveraging ANR’s complementary product offerings and R&D capabilities will yield immediate benefits for our customers while accelerating our growth.”

Norton Rose Fulbright provided legal representation to CORE and ANR in the transaction.


CORE Industrial Partners is a Chicago-based private equity firm with $700 million of capital commitments investing in North American lower middle-market manufacturing, industrial technology and services businesses. CORE’s team is comprised of highly experienced former CEOs and investment professionals with shared beliefs, deep experience, and a proven track record of building market-leading businesses. Through our capital, insight, and operational expertise, CORE partners with management teams and strives to build best-in-class companies.

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HealthSpecialty is a cGMP, OTC certified, and FDA approved skin, body and hair care contract manufacturer, with a focus on premium skincare products. As a turnkey provider, HealthSpecialty offers a complete range of R&D, formulation, compounding, filling and packaging solutions to customers in the personal care industry. HealthSpecialty was founded in 1995 and operates out of two adjacent facilities in Santa Fe Springs, CA with 34,000 sq. ft. of combined space.

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Arizona Natural Resources is a leading full-service contract manufacturer, formulator, and distributor of customized hair care, skincare, hair styling, and pet grooming products. ANR’s turnkey manufacturing services include concept & formula development, batching, filling, production, quality assurance, distribution, and packaging. With locations in Phoenix, Arizona and Omaha, Nebraska, ANR operates out of two FDA-registered, cGMP-compliant facilities with over 500,000 sq. ft. of manufacturing space. The Company’s equipment is designed to accommodate a wide range of custom formulas and provide consistent, high-quality products in a variety of different batch and order sizes. ANR specializes in assisting emerging brands accelerate time to market through innovation and seamless collaboration and serves a customer base comprised of some of the most well-known and fastest-growing health & beauty companies and cosmetology schools across North America.

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