Transaction Represents Vance Street’s Second Investment out of its Third Fund
Los Angeles – January 12, 2021 – Vance Street Capital LLC (“Vance Street”), a Los Angeles-based private equity firm, today announced the acquisition of Excel Scientific, Inc. (“Excel”), a leading manufacturer of microplate sealing films and foils used by life science research, university, and testing laboratories as well as biotech companies, pharmaceutical companies and diagnostic providers. This transaction represents the second platform investment out of Vance Street Capital III L.P. Terms of the transaction were not disclosed.
Founded in 1992 and headquartered in Victorville, California, Excel is a founder-owned business known for its adhesive-based sealing solutions. The products are used to protect testing samples from evaporation, cross-contamination, spillage, and other damaging events during the testing and storage process. Excel’s sealing films and foils are made of proprietary constructions and have been individually tailored to optimize performance in a variety of complex applications.
Bambi Lyn Cahilly, Founder of Excel, is retaining an ownership position in the company. “We are excited to partner with Vance Street as we look toward our next chapter of growth,” said Ms. Cahilly. “Vance Street’s highly relevant investing and operating experience in the medical and life science manufacturing space along with their focus on customer satisfaction made them the ideal partner as they know how to help Excel execute on the exciting growth we see across our customer base.”
“We have known and admired Excel since our prior involvement with Axygen Biosciences, a provider of consumables for genomics applications including PCR microplates and are thrilled to have the opportunity to support the business during the next phase of growth,” said Brian Martin, Managing Partner at Vance Street. “We plan to leverage our prior life science experience, network and resources to invest in this business and grow our life science portfolio,” said Grady Miller, Principal at Vance Street.
“Excel is a great addition to the Vance Street portfolio,” said John LeRosen, Partner at Vance Street. “Ms. Cahilly built an industry leading and highly differentiated business that is well positioned across the fastest growing lab research and clinical end markets and we are excited to maintain the culture of continuous product innovation and superior customer service.”
Vedder Price acted as legal advisor to Vance Street. Debt financing was provided by BMO Sponsor Finance. RA Capital Advisors and Squire Patton Boggs served as financial advisor and legal advisor, respectively, to Excel and Bambi Lyn Cahilly.
About Vance Street Capital LLC
Vance Street Capital is a middle-market private equity firm focused on investing in highly engineered solutions businesses across the medical, life science, aerospace, defense, and industrial sectors. For over two decades, Vance Street’s partners have worked with management teams and family owners to accelerate revenue growth, improve operations and acquire strategic assets for the companies in their investment portfolio. For more information please visit: www.vancestreetcapital.com.