L Squared Capital has acquired United Scope, a designer, manufacturer, and distributor of microscopes and accessories.
United Scope sells its products – the company has more than 5,000 SKUs – under the brand name AmScope to a range of end markets including the education, sciences, and industrial inspection. United Scope was founded in 1996 and is headquartered in Irvine, CA (www.AmScope.com).
With the closing of the transaction, Brad Staley and Jim Butler have joined United Scope as the company’s CEO and CFO, respectively. From October 2014 to December 2017, Mr. Staley was the Chief Operating Officer of Minneapolis-based Performance Optics, an ophthalmic lens manufacturer specializing in polycarbonate, photochromic, polarized and high index eyeglass lenses. Performance Optics was owned by Wind Point Partners until its sale in August 2017 to Tokyo-based Hoya Corporation. Mr. Butler was previously the Senior Director of Finance & Treasurer at Pulse Electronics, a San Diego-based provider of electronic components which was acquired by Oaktree Capital Management in March 2015.
L Squared’s investment will support United Scope’s international expansion strategy, product development efforts, and add-on acquisitions. “We have been extremely impressed by United Scope’s track record of growth and commitment to excellence and customer service,” said Randall Hunt, Partner at L Squared. “The company’s vast supply chain network and omni-channel presence have created a leading online position to drive sustainable growth and we are committed to providing the capital, experience, and strategic resources to accelerate organic growth initiatives and pursue accretive acquisitions.”
“We believe United Scope’s founders have done an excellent job building a world-class business that delivers best-in-class service, speed, and quality to its customers. With the additional resources and talent we’ve recruited to the platform, the L Squared team is extremely excited about our investment in United Scope right here in Southern California,” said Sean Barrette, Partner at L Squared.
L Squared invests from $15 million to $75 million of equity in companies active in tech-enabled services & software, industrial technology & services, and education technology. Targeted investments will have revenue of $10 million to $100 million and EBITDA of $3 million to $20 million. United Scope is L Squared’s seventh platform investment over the last three years. The firm was founded in 2014 and is headquartered in Newport Beach, CA (www.lsquaredcap.com).
The L Squared transaction team was comprised of Randall Hunt, Sean Barrette, and Tyler Huez.
Varagon Capital Partners (www.varagon.com) provided debt financing to support the transaction. Keystone Capital Markets (www.keystone-cap.com) was the financial advisor to United Scope.
© 2018 Private Equity Professional | February 27, 2018