Align Capital Partners has acquired Barrow-Agee Laboratories, a provider of microbiological and analytical chemistry testing services in support of food safety and the analysis of foods, ingredients, nutraceuticals, feeds, animal fats and vegetable oils.
Customers of Barrow-Agee, which is FDA-registered and ISO-certified, include food manufacturers, suppliers and distributors which use Barrow-Agee to meet quality and regulatory requirements. The company was founded in 1917 by Edward Barrow and Worthen Agee and is based in Memphis (www.balabs.com).
The buy of Barrow-Agee is Align’s second acquisition of the quarter, and the fourth platform company acquisition since the firm’s first fund closed in September 2016. Earlier this month, Align acquired Lewellyn Technology, an Indianapolis-based provider of electrical safety training, hazard assessments, and mitigation for Fortune 1000 companies. Lewellyn was acquired from Cleveland-based Evolution Capital Partners.
“We’re excited to partner with President Michael Hawkins and the entire Barrow-Agee management team to pursue the company’s next phase of growth,” said Align’s Managing Partner Chris Jones. “Barrow-Agee represents a unique opportunity to invest in a well-established company within the rapidly growing food safety and testing industry, and support the company’s clear growth opportunities through both organic expansion and via add-on acquisitions.”
Managing Partner Rob Langley, Operating Partner John Dupuy, Vice President Jack Parks and Associate Kurt Smentek worked alongside Mr. Jones on this transaction.
Align Capital Partners makes control investments in companies that have from $3 million to $10 million of EBITDA. Sectors of interest include specialty manufacturing, distribution and business services. The firm was founded in 2016 by managing partners Steve Dyke, Robert Langley, and Chris Jones – all formerly of The Riverside Company – and has offices in Cleveland and Dallas (www.aligncp.com).
“I’m very proud of the long-standing client relationships we’ve built in the industry,” said Barrow-Agee President Michael Hawkins. “I look forward to continuing our tradition of providing market-leading testing and analytical services, while also leveraging Align’s resources to further expand our reach.”
© 2017 Private Equity Professional | December 11, 2017