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Aterian Investment Partners to Recapitalize CPL, a Leading Pharmaceutical Contract Development and Manufacturing Organization

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NEW YORK & MIAMI, April 1, 2024-- Aterian Investment Partners (“Aterian”), a private investment firm, is pleased to announce that one of its affiliates has entered into an agreement to recapitalize Contract Pharmaceuticals Limited Canada ("CPL" or the “Company”), a leading North American contract development and manufacturing organization (CDMO) of non-sterile liquid and semi-solid dosage forms.

CPL, based in Mississauga, Ontario, Canada, is an industry leader with longstanding relationships with 15 of the top 20 global pharmaceutical companies. The Company supports its customers through its FDA and Health Canada-registered facilities, selling into North America, the European Union, Japan, Australia, Mexico, Brazil, and the Middle East.

Christopher H. Thomas, Co-Founder & Partner at Aterian, stated, “CPL is a North American market leader in developing prescription-based products in its categories for some of the most trusted pharmaceutical companies in the world. We will continue building on these partnerships and investing behind the CPL management team, product development, and production and manufacturing capabilities.”

“We are very excited to enter this new chapter with Aterian, which has a demonstrated history of supporting companies with a focus on product innovation and partnership,” said Jan Sahai, CEO of CPL. “With Aterian’s support, we will make continued investments in innovation, capabilities and capacity development that will enable us to keep exceeding customer expectations and further expand our unmatched position in the non-sterile liquid and topical drug products space. I want also to acknowledge the absolute dedication of CPL employees during this process to continue to develop and manufacture products so many patients are depending on.”

Brian Moore, Principal at Aterian added, “Our partnership with CPL represents our continued investment into the broader healthcare manufacturing space. Further, CPL has a tremendous heritage of premier expertise and capabilities to offer customers a one-stop shop for all their development, manufacturing, packaging, and testing needs. We look forward to working alongside CPL’s stakeholders on the Company’s next stage of growth.”

The proposed recapitalization is subject to the approval of the Ontario Superior Court of Justice (Commercial List) in CPL’s and its affiliates proceedings pending under the Companies’ Creditors Arrangement Act (Canada).

Kirkland & Ellis LLP, and Osler, Hoskin & Harcourt LLP advised Aterian. SSG Capital Advisors, LLC and Goodmans LLP advised CPL.

About CPL

CPL is a leading CDMO that provides development, manufacturing, packaging, and testing of non-sterile liquid and semi-solid pharmaceutical prescription and regulated OTC products for markets worldwide.

For more information, please visit

About Aterian Investment Partners

Aterian Investment Partners is a private equity firm that invests in industry-leading, middle market businesses. In collaboration with management, Aterian supports investments throughout an organization, from people to processes, equipment, technology, and social governance, among others. With offices in New York and Florida, Aterian has raised cumulative equity commitments of more than $2 billion since its founding in 2009.

For more information, please visit

Alex Goss | Stanton PR & Marketing

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