Gen Cap America has carved out and acquired the Lab Products and Harford Systems subsidiaries (together Lab Products) of Avidity Science, a portfolio company of Shoreview since February 2016. Lab Products was acquired by Avidity in October 2020.
Lab Products is a manufacturer of laboratory animal housing ranging from classic small metal or plastic mouse cages to a variety of sophisticated environmental control systems. The company’s products are used in the sciences, government, and academic research sectors.
Lab Products was founded in 1969 and is headquartered in Seaford, Delaware with a manufacturing facility in Aberdeen, Maryland. With the closing of the transaction, the Lab Products management team remains unchanged with CEO John Soper retaining overall responsibility for the newly formed company.
“We are thrilled to partner with an exceptional management team at Lab Products,” said Chris Godwin, a managing director at Gen Cap America. “They plan to further build on the company’s long track record of providing the highest quality housing and care equipment products. Our management partners have decades of experience in the space and demonstrated innovation abilities to provide for the needs of their customers.”
“We share Gen Cap’s excitement about the partnership, and we remain passionate about supporting researchers around the world to deliver life-changing innovations with our products,” said Mr. Soper. “We believe Gen Cap will be the perfect partner to allow us to continue building on our decades of success in the industry. Gen Cap’s commitment to strong partnerships fits well with our culture of teamwork.”
Avidity Science manufactures automated watering and monitoring systems for the animal and laboratory research markets. The company’s customers include university, pharmaceutical, biotech, life science, and government research organizations. Avidity was founded in 1969 and is headquartered near Milwaukee in Waterford, Wisconsin.
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.
Lab Products is the fourteenth acquisition made by Gen Cap’s seventh fund, Southwest Fund VII LP, which closed in 2016 with $250 million in capital.
© 2021 Private Equity Professional | September 8, 2021