Capitala Group (“Capitala” or the “Company”) announced today that it recently invested a combination of senior secured debt and equity totaling $19.5 million, alongside Pike Street Capital, in US BioTek Laboratories LLC (“US BioTek”), a worldwide leader in specialty immunology and allergy testing.
US BioTek’s planned expansion comes at a time of growing demand for specialty testing services for food-related allergies and intolerances. More than 170 foods have been reported to cause allergic reactions, and up to 15 million Americans have food allergies, including 5.9 million children under age 18, according to Food Allergy Research & Education, the world’s largest nonprofit organization dedicated to food allergy awareness, education, research and advocacy.
Capitala’s investment, which closed late in the fourth quarter of 2018, will help fund the company’s next phase of growth as US BioTek continues to advance its testing and reporting, as well as expand its sales and marketing initiatives.
About Capitala Group
Capitala Group is a $2.7 billion asset management firm that provides capital to lower and traditional middle market businesses throughout North America. Capitala’s lower middle market investment strategy focuses on investing in debt securities with minority equity co-investments with less than $250 million in enterprise value through its permanent capital vehicles, Capitala Finance Corp. (Nasdaq:CPTA) and Capitala Specialty Lending Corp. (CSLC). Capitala’s growth fund strategy targets control and minority equity investments, typically coupled with credit investments, in lower middle market companies with less than $50 million in enterprise value through both SBIC (CapitalSouth SBIC Fund IV, L.P.) and non-SBIC closed-end funds. Capitala Group has invested in over 150 companies since its inception in 1998 and seeks to partner with strong management teams to create value and achieve optimal outcomes for its investors.For more information, visit our website at www.CapitalaGroup.com.
About US BioTek Laboratories
Headquartered in Shoreline, WA, US BioTek Laboratories, Inc. is a Clinical Laboratory Improvement Amendments (CLIA) accredited testing facility that provides a variety of immunology and chemistry profiles to clinicians worldwide. With over 30 years’ experience in enzyme –linked immunosorbent essay technology, our dedicated team of experienced scientists and technicians utilize the latest research and technologies. For more information, visit www.usbiotek.com
About Pike Street Capital
Seattle-based Pike Street Capital manages a private equity fund focused on growth buyouts in industrial technology in the lower middle market.With over 75+ years of investing and operating experience, Pike Street Capital partners with management teams to build and execute a strategy for future growth.Pike Street Capital was co-founded by Paul Caragher, Dave Dandel and Ed Whatley.More information is available at www.pikestreetcapital.com.
Contacts:
Steve Arnall
CFO | Investor Relations
sarnall@capitalagroup.com
Katina Jakubowski
Marketing | Communications
kjakubowski@capitalagroup.com