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Private equity firm invests in lab supplier.

Bethesda, MD 9/18/06--American Capital Strategies, a buyout and mezzanine fund, has acquired a 79% stake in Axygen, a distributor and manufacturer of life science plastic consumables, liquid handling products and benchtop lab equipment, in the form of a senior term loan, senior and junior subordinated debt and equity. "Axygen is well positioned in many of the industry's highest growth segments including high throughput screening, DNA and RNA testing and the proterin crystallogaphy and manual liquid handling markets," stated American Capital Principal Kimberly Reed. "The Company expects to sustain its industry leading growth with its shift towards higher margin products, further manufacturing automation, increased volumes and a continuing shift of some manufacturing to low-cost production facilities in China, Europe and Mexico."

The acquisition provides further evidence of the increasing popularity of the laboratory supplies sector for private equity firms. Founded in 1993, Axygen is based in Union City, California and offers 2,400 products. Axygen's acquisitions include Labnet (see IBO 12/15/ 04) and China's V-Gene Biotechnology.
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Title Annotation:Executive Briefing: News, Trends & Market Intelligence for Instrument Executives
Publication:Instrument Business Outlook
Date:Sep 30, 2006
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