Huron Capital Sells Portfolio Company Labstat International
DETROIT, Mich., 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. The Company was acquired by Alaris Royalty Corp., a Canadian private investment firm, and Labstat management. 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, “The Labstat 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 look to continue to partner with world-class executives and their companies in the years to come.”
Certain information herein may contain forward-looking statements which are provided to assist the reader in understanding the beliefs and opinions with respect to future opportunities as perceived by Huron Capital and others quoted herein. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance in future periods to differ materially from any projections or results expressed or implied by such forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The issuer of these statements undertakes no obligation to update forward-looking statements if circumstances or estimates or opinions should change except as may be required by applicable securities laws.