Huron Capital Sells Portfolio Company LabStat International

Exit Yields a 6x Return on Invested Capital

Detroit, MI – July 11, 2012 // Huron Capital announced today that it has sold its interest in Labstat International ULC (“Labstat” or the “Company”) through its holding company, Apex Laboratories International, Inc., in a transaction that returned over 6 times its original investment. Apex was recapitalized by Alaris Royalty Corp., 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 L.P., a $185,000,000 fund closed in 2005. KPMG Corporate Finance advised Labstat on the transaction and Honigman, Miller, Schwartz and Cohn served as counsel.

Based in Kitchener, Ontario, Labstat provides chemistry and toxicology testing services to global tobacco manufacturers for both regulatory and commercial purposes. Labstat facilitates the regulation of tobacco products by providing analytical testing services to governmental agencies involved in tobacco control and to market participants needing to comply with mandatory reporting requirements. Specifically, Labstat is the leading independent laboratory measuring chemical emissions from tobacco smoke and smokeless tobacco products, and testing for the biological impact of such products.

In 2006, Huron partnered with Dr. William Rickert (CEO) and other members of Labstat’s management team to recapitalize the business. During Huron’s hold period, the team further developed its non-regulatory business, developed several new customer relationships on a global basis, and positioned the Company to capitalize on new governmental tobacco control initiatives in the United States that are driving continued growth of the business.

Nick Barker, Vice President at Huron Capital, commented, “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.”