Acquisition Targets
Four types of operators. One platform.
FosterWaller acquires across the pharma QA ecosystem — consulting, validation, software, and laboratory operators that compound together under shared infrastructure.
QA Consulting Firms
Outsourced quality assurance services to pharmaceutical and supplement manufacturers. Typically 5–20 person shops with long-term retainer relationships, high margins, and a founder who is the primary client relationship.
Target EBITDA: $500K – $4M
Why We Acquire
The ideal acquisition target. Strong recurring revenue, deeply embedded client relationships, and a founder cohort actively seeking succession. The knowledge these firms hold is the asset — not the headcount.
What We Look For
- ·Long-term retainer or service agreement revenue
- ·FDA-regulated manufacturer client base
- ·Founder-owned with operational staff in place
Validation Service Providers
Specialized firms performing IQ/OQ/PQ validation for manufacturing equipment and processes. High expertise concentration, recurring as clients upgrade equipment, strong embedded relationships.
Target EBITDA: $500K – $3M
Why We Acquire
Defensible through expertise that takes years to build. Recurring as equipment lifecycles turn. Client relationships are technical and deep — not easily displaced.
What We Look For
- ·Equipment or process validation for regulated manufacturers
- ·Recurring work tied to equipment or regulatory cycle
- ·Domain expertise in FDA validation protocols
Compliance Software
QMS, document control, audit management, and training tracking tools serving pharma and supplement manufacturers. Often undercapitalized with strong recurring revenue and high switching costs.
Target EBITDA: $500K – $5M
Why We Acquire
SaaS economics in a regulated vertical. Manufacturers do not migrate QMS platforms casually — the data, audit trail, and user training are all embedded. Acquirable at reasonable multiples with significant platform integration value.
What We Look For
- ·Recurring SaaS or license revenue
- ·FDA-regulated manufacturer customer base
- ·Standalone tool with cross-sell integration opportunity
QC Laboratories
Testing laboratories providing analytical quality control services to manufacturers who outsource laboratory testing. Capital-intensive but highly recurring and defensible through accreditation.
Target EBITDA: $1M – $5M
Why We Acquire
Accreditation creates a regulatory moat. Method libraries take years to build. Client relationships are long-term by necessity — manufacturers do not change analytical labs mid-product-lifecycle.
What We Look For
- ·ISO/IEC 17025 or equivalent accreditation
- ·Long-term service agreements with manufacturer clients
- ·Analytical method library with regulatory submission history
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If you're operating in pharmaceutical or supplement manufacturing QA and considering a transition — we'd like to understand what you've built.