Arsenal Capital Partners has acquired a majority equity position in BioreclamationIVT from Thompson Street Capital Partners (TSCP).
BioreclamationIVT (BIVT) provides biological products to the early stage drug discovery and development industry. The company’s products include plasma, serum, tissue and cellular material products which are used by biological researchers in new drug discovery and development and to validate the safety and efficacy of new compounds during pre-clinical research and in clinical diagnostics. The company is based on Long Island in Westbury, NY (www.bioreclamationivt.com).
TSCP acquired BIVT in April 2013 and will retain a minority equity ownership interest in the company. Other investors in BIVT include Baltimore-based In Vitro Technologies; UK-based SeraLabs; and Chestertown, MD-based ILSbio.
“This recapitalization allowed us to generate a strong return for our investors while simultaneously providing additional resources to fuel the company’s continued growth,” said Bob Dunn, Managing Director of TSCP. “Together with the management team at BIVT, we were able to establish a leading position in the specialty biological products space. We are excited to work with our new partners at Arsenal to facilitate the next stage of growth at BIVT.”
Arsenal Capital Partners invests in middle-market specialty industrial and healthcare companies that have $50 million to $250 million in enterprise value. Industries of specific interest include specialty & fine chemicals; segments of healthcare; transportation and logistics; power generation; aerospace & defense; and process industry components and services. Arsenal has $1.7 billion of committed capital under management. The firm was founded in 2000 and has offices in New York and Shanghai (www.arsenalcapital.com).
Thompson Street Capital Partners makes investments in companies with annual revenues between $20 million and $200 million and EBITDA between $4 million and $15 million. Since its founding in 2000, Thompson Street has acquired more than 100 companies in the business services, healthcare services and engineered products sectors. In December 2015, TSCP held a final close of TSCP IV with $640 million in commitments. Fundraising for the new fund began in September 2015 and closed in December 2015. The total commitments of $640 million exceeded the fund’s target of $500 million and the original hard cap of $600 million. TSCP is based in St. Louis (www.tscp.com).
Perella Weinberg Partners (www.pwpartners.com) and Sidley Austin (www.sidley.com) advised BIVT on this transaction. Golub Capital (www.golubcapital.com) – the company’s existing lender – provided debt financing for the transaction.
© 2016 PEPD • Private Equity’s Leading News Magazine • 1-19-16