NEW YORK (360Dx) – Capitala Group announced today it invested a combination of senior secured debt and equity totaling $19.5 million in Shoreline, Washington-based immunology and allergy testing lab US BioTek Laboratories.
The investment is intended to fund a planned expansion at US BioTek to meet growing demand for specialty testing services for food-related allergies and intolerances. More than 170 foods have been reported to cause allergic reactions and up to 15 million Americans have food allergies, including 5.9 million children, according to the non-profit allergy awareness organization Food Allergy Research & Education.
Capital Group's investment was made alongside an investment from Seattle-based Pike Street Capital, which announced last month that it acquired a majority interest in US BioTek. Terms of that deal were not disclosed. Capitala's investment closed late in the fourth quarter of 2018.