Lakeview Banks Big Multiple on UAS Sale
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Lakeview Banks Big Multiple on UAS Sale

Lakeview Equity Partners has sold its portfolio company, UAS Laboratories, to Chr. Hansen at an enterprise value of $530 million. Lakeview acquired UAS Laboratories in April 2013.

United Agricultural Services Laboratories (DBA UAS Laboratories) is a biotechnology company that formulates and markets probiotics for both domestic and international markets. The company’s probiotic fermentation is conducted at its facility in Madison, Wisconsin, and its formulation, manufacturing and distribution functions are done at their headquarters facility in Wausau, Wisconsin.

Chr. Hansen’s buy of UAS Labs expands its microbial platform and human health business by moving into the multi-species sector; broadening its product offering and customer base; and expanding its manufacturing footprint with two GMP facilities in the United States.

UAS Labs has 230 employees and is expected to generate revenues of around $85 million and EBITDA above $30 million before synergies in 2020. This EBITDA yields a purchase price multiple of more than 17x.

“With closing of the UAS Labs acquisition, we look forward to building upon the strengths of both companies,” said Mauricio Graber, chief executive officer of Chr. Hansen. “We will expand our probiotic offerings from strain to solution, gain access to new customer groups and move into new indication areas whilst staying true to our commitment to science and R&D.”

Chr. Hansen is a biosciences company that develops ingredient products – cultures, enzymes, probiotics, and natural colors – that are used in the food, nutritional, pharmaceutical, and agricultural industries. Annual revenues for the company exceed €1 billion. Chr. Hansen was founded in 1874 by Danish chemist Christian Hansen and is headquartered north of Copenhagen in Hørsholm, Denmark.

Milwaukee-based Lakeview Equity makes control and minority investments in Midwest-based, middle market companies that have enterprise values from $5 million to $50 million. Sectors of interest include niche manufacturing, business services, food processing and packaging, specialty distribution and financial services.

Private Equity Professional | July 29, 2020

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