HYCOR Biomedical, a manufacturer and marketer of in vitro diagnostic products and a portfolio company of Linden Capital Partners, has sold its urinalysis business to an affiliate of One Rock Capital Partners, Laurel Crown Partners, and StoneCreek Capital. The sale includes the KOVA® system of urinalysis products.
The acquired urinalysis business will be named Kova International and will continue to operate out of its Garden Grove, CA manufacturing facility. The transaction includes the transfer of urinalysis assets and employees. Kova International will be led by Vance Mitchell, who has more than 25 years of experience with the Kova urinalysis business (no website is available yet for Kova International).
HYCOR Biomedical is a manufacturer and marketer of in vitro diagnostics products. Since its founding, HYCOR has expanded its presence in allergy and autoimmune products used in clinical laboratories, hospitals and doctors’ offices worldwide. Brand names include HYTEC™ and AUTOSTAT™. HYCOR was founded in 1981 and is based in Garden Grove, CA (www.hycorbiomedical.com).
One Rock makes equity investments of $10 million to $50 million in companies operating in the chemicals, industrial and consumer durables, business services, environmental services, healthcare products, and automotive retail sectors. The firm is based in New York (www.onerockcapital.com).
Laurel Crown Partners invests from $10 million to $50 million in companies having enterprise values between $50 million and $350 million and an EBITDAs between $5 million and $30 million. Sectors of interest include consumer products and services, retail, healthcare products and services, restaurants, leisure, media, general industrial, financial services, logistics, and aerospace & defense. Laurel Crown Partners was founded in 2001 and is based in Los Angeles (no website found).
StoneCreek Capital invests in middle market companies that have EBITDAs of at least $2 million. The firm is industry agnostic but has a particular interest in the manufacturing, consumer products, food service and business service sectors. The firm is based in Irvine, CA (www.stonecreekcapital.com).
Linden Capital Partners is focused exclusively on leveraged buyouts in the healthcare and life science industries. Linden’s strategy is based upon four elements: specialization on middle market healthcare and life science companies; integrated private equity and operating expertise; customized value creation programs for each portfolio company; and strategic relationships with large corporations. The firm is based in Chicago (www.lindenllc.com).
Houlihan Lokey served as exclusive financial advisor to HYCOR and Kirkland & Ellis provided legal advice to HYCOR for the transaction.
© 2013 PEPD • Private Equity’s Leading News Magazine • 2-19-13