Investment Summary

StoneCreek Capital Partners, One Rock Capital Partners and Laurel Capital Partners Exits Kova International

On July 24, 2023, LGC Group invested in life science company Kova International from StoneCreek Capital Partners, One Rock Capital Partners and Laurel Capital Partners

Investment Highlights
  • This is LGC Group’s 5th transaction in the Life Science sector.
  • This is LGC Group’s 5th transaction in the United States.
  • This is LGC Group’s 2nd transaction in California.

Investment Summary

Date 2023-07-24
Target Kova International
Sector Life Science
Investor(s) LGC Group
Sellers(s) StoneCreek Capital Partners
One Rock Capital Partners
Laurel Capital Partners
Deal Type Add-on Acquisition
Advisor(s) Baird (Financial)

Target

Kova International

Garden Grove, California, United States
Kova International is a developer, manufacturer, and marketer of in-vitro diagnostic products for the global urinalysis market. Kova International was founded in 1981 and is based in Garden Grove, California.

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Investor(S) 1

Investor

LGC Group

Teddington, United Kingdom

Category Company
Founded 1842
Sector Test/Measurement Equipment
Employees3,200
Revenue 222M GBP (2015)
DESCRIPTION

LGC Group is an international life science measurement and testing company. LGC provides a range of measurement products and services that underpin the safety, health, and security of the public, including reference materials and proficiency testing, genomics reagents and instrumentation, and expert sample analysis and interpretation. LGC Group was founded in 1842 and is based in Teddington, United Kingdom.


DEAL STATS #
Overall 9 of 9
Sector: Life Science M&A 5 of 5
Type: Add-on Acquisition M&A Deals 7 of 7
State: California M&A 2 of 2
Country: United States M&A 5 of 5
Year: 2023 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-17 DDS

Fordham, United Kingdom

DDS’s Bioanalytical solutions include liquid-chromatography mass spectrometry (LC-MS) and immunoassay bioanalysis, to provide data for pharmacokinetics, immunogenicity, pharmacodynamics, and cell-based assays supporting all phases of drug development to GCP and GLP standards. DDS is based in Fordham, United Kingdom.

Sell -

Seller(S) 3

SELLER

StoneCreek Capital Partners

Irvine, California, United States

Investor Investor


Category Private Equity Firm
Founded 1992
Size Small
Type Sector Agnostic
DESCRIPTION

StoneCreek Capital is a private equity firm that targets investments in growth-oriented middle-market companies. Areas of interest include manufacturing (contract, niche), consumer products (branded, automotive accessories, Hispanic oriented), food service (products, services, restaurants), and business services (distribution, transportation, direct marketing/advertising). StoneCreek focuses on US based, with a preference for West Coast based opportunities. The Firm generally looks at transactions with minimum enterprise values of $10 million. Stone Creek can invest both equity and subordinated debt, and has an investment horizon of five to seven years. StoneCreek was formed in 1992 and is based in Irvine, California.


DEAL STATS #
Overall 3 of 3
Sector: Life Science M&A 1 of 1
Type: Add-on Acquisition M&A Deals 2 of 2
State: California M&A 2 of 2
Country: United States M&A 3 of 3
Year: 2023 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-09 Rio Ranch Markets

Fontana, California, United States

Rio Ranch Markets is an operator of a Hispanic supermarket chain. Rio primarily serves the Hispanic community by replicating the open-air atmosphere of a traditional Latin American marketplace, providing freshly prepared foods, bakery, tortilleria and basic everyday grocery, meat, produce, household needs. Rio Ranch Markets was founded in 1983 and is based in Fontana, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-11 US Cabinet Depot

Marietta, Georgia, United States

US Cabinet Depot is a North American wholesale distributor of ready-to-assemble cabinetry products that are imported from overseas manufacturers and sold domestically through a diversified base of kitchen & bath dealers and home builders. Ready-to-assemble cabinets have an attractive value proposition and are favorably positioned at the value end of the cabinetry market due to comparable product quality as alternative types of cabinets at meaningfully lower price points. US Cabinet Depot was founded in 2012 and is based in Marietta, Georgia.

Buy -
SELLER

One Rock Capital Partners

New York, New York, United States

Category Private Equity Firm
Founded 2010
PE ASSETS 9.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

One Rock Capital Partners is a private equity group focused on opportunities where the Firm can leverage its operational, strategic, and financial resources. One Rock seeks investments in mature, North American companies and will also consider distressed situations. Sectors of interest include chemicals, packaging, forest products, consumer appliances/electronics, electrical equipment, niche manufacturing, business services, environmental services, waste management, equipment rental, healthcare products, medical products, and automotive dealerships. One Rock Capital Partners is based in New York City.


DEAL STATS #
Overall 8 of 10
Sector: Life Science M&A 1 of 1
Type: Add-on Acquisition M&A Deals 3 of 3
State: California M&A 2 of 2
Country: United States M&A 8 of 10
Year: 2023 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-23 OLM Food Solutions

Sioux Falls, South Dakota, United States

OLM is a provider and distributor of food service solutions to the C-store industry, servicing over 1,500 convenience stores as well as co-manufacturing customers across the U.S. and abroad. The company offering includes a diverse portfolio of branded solutions including Hot Stuff Kitchen, pcpizza, Papa Primo’s, Day’N Night Bites, and private label solutions. OLM was formed in 1983 and is based in Sioux Falls, South Dakota.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-31 Constantia

Vienna, Austria

Constantia is a producer of flexible packaging solutions for consumer and pharma industries. Constantia is based in Vienna, Austria.

Buy -
DESCRIPTION

Laurel Capital Partners is a private investment firm focused on growth equity and buyout investments in business services, financial services, healthcare, aviation services, and specialty manufacturing companies located in the Eastern US. Laurel will pursue both control and non-control transactions to provide liquidity to shareholders, financing for management buyouts, and capital for growth. The Firm's target company size is $5 to $50 million in revenue and $1 to $5 million of EBITDA. Laurel Capital Partners was formed in 2007 and is based in Wayne, Pennsylvania.


DEAL STATS #
Overall 2 of 2
Sector: Life Science M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 1
State: California M&A 1 of 1
Country: United States M&A 2 of 2
Year: 2023 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-14 Agilence

Mount Laurel, New Jersey, United States

Agilence is a provider of cloud-based data analytics solutions for retail and food & beverage organizations. Agilence was founded in 2006 and is based in Mount Laurel, New Jersey.

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