In an effort to foster growth and reinforce its infrastructure, Avomeen Analytical Services, a full-service independent analytical and chemical testing laboratory based in Ann Arbor, has announced a recapitalization with High Street Capital, a Chicago-based provider of flexible capital and operating expertise to middle market businesses. Terms of the deal were not disclosed.
The acquisition by High Street Capital allows Avomeen, which specializes in chemical analysis, R&D, and innovation, to retain its team while receiving assistance with new relationships, capital, expertise, acquisitions, and building out its infrastructure.
Company officials say the relationship with High Street will also help Avomeen achieve its next growth plan objective of doubling its size in the next five years.
“Our relationship with High Street Capital will allow Avomeen to tap into business resources not previously available to us as we prioritize strategic growth with a talented team,” says Dr. Shri Thanedar, CEO of Avomeen. “We are thrilled to work closely with High Street to expand our offerings and become a major national player in the product development, testing, and analysis space.”
Capstone Partners provided investment-banking services for the deal.
With 22 Ph.D. scientists on staff, Avomeen, founded in 2010, offers a range of services related to laboratory testing and analysis in the pharmaceutical, cosmetic, consumer products, health and beauty, and manufacturing industries.
High Street Capital looks to acquire, recapitalize, and provide growth capital to service businesses, distributors, or manufacturing companies with revenues ranging from $10 to $100 million.