Gen Cap Buys Eastern Business Forms

Gen Cap America has acquired Eastern Business Forms in partnership with the company’s management team.

Eastern Business Forms (EBF) is a specialty manufacturer of 903 filter paper, 903 diagnostic devices and procedure packs. EBF’s products are uses by healthcare professionals in the collection and in-vitro storage of blood and urine samples to test and screen newborns for a range of disorders and abnormalities.

903 papers must be manufactured to meet strict industry standards set by the Clinical Laboratory Standards Institute and must have high levels of purity, consistency, and absorption characteristics. In 1998, 903 sample collection paper became the international standard for body fluid sample collection, transport, analysis, and archiving.

EBF was founded in 1964 and is headquartered near Greenville in Mauldin, South Carolina.

“We are excited to support the team at EBF as they continue their long legacy of quality and reliability in the 903 diagnostics space,” said Mark Isaacs, a managing director at Gen Cap. “EBF for decades has been an industry leader, and we are thrilled to be partners with them as they move into the next phase of growth.”

With the closing of this transaction, the EBF management team is now led by newly appointed President and CEO, Brad Nelson (he has been with EBF since 2008), and Executive Vice President and Chief Marketing Officer, Will Adams.

“This was exactly the partnership we had hoped to find as we looked to transition into the next generation of management here at EBF,” said Mr. Nelson. “We’re thrilled to have brought Gen Cap on board and look forward to building on our long track record of success with the team here at EBF.”

Gen Cap America invests in companies with revenues between $10 million and $200 million and EBIT of $2 million to $15 million that are active in the manufacturing, distribution, or service sectors. Gen Cap was founded in 1988 and is based in Nashville.

“EBF fits perfectly with Gen Cap’s investment model of backing management teams at companies with long histories of success,” said Barney Byrd, the CEO of Gen Cap.

The buy of EBF is Gen Cap’s twelfth platform acquisition for its fourth fund, Southwest Fund VII LP, which had a final close at its hard cap of $250 million in January 2017. Earlier this month, Gen Cap closed on the buy of TFM Services, a Wichita, Kansas-headquartered provider of janitorial and floor maintenance services to retail, commercial, health care, industrial, and education facilities.

Generational Equity was the financial advisor to EBF on this transaction.

Private Equity Professional | August 27, 2020

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