Huron Capital has sold its interest in Labstat International ULC through its holding company, Apex Laboratories International, in a transaction that returned over six times its original investment.
Apex was recapitalized by Alaris Royalty, a Canadian private investment firm, and Labstat management.
Huron’s 2006 investment in Labstat and Apex was made through its second fund, The Huron Fund II, a USD185,000,000 fund closed in 2005.
KPMG Corporate Finance advised Labstat on the transaction and Honigman, Miller, Schwartz and Cohn served as counsel.
Based in Ontario, Labstat provides chemistry and toxicology testing services to global tobacco manufacturers for both regulatory and commercial purposes.
In 2006, Huron partnered with Dr. William Rickert and other members of Labstat’s management team to recapitalize the business.
Nick Barker, vice president at Huron Capital, says: "Labstat was a tremendous success for Huron Capital. The investment was consistent with Huron’s focus on partnering with management teams in businesses that are leaders in their markets and positioned for growth. We are grateful for the collaboration with Dr. Rickert and his team over the last five years, and we hope to continue our track record of partnering with world-class executives and their companies in the years to come."
