Press Release
20 October 2009
Nova announces second exit from the Barloworld Portfolio with the MBO of Dynalab Corp
Nova Capital Management, the specialist acquirer of corporate and private equity portfolios, is pleased to announce the successful exit of Dynalab Corp through a Management Buy-out. This is the second business to be sold from the Barloworld Scientific Laboratory Group, a portfolio of six businesses which Nova acquired in November 2007. Nova exited Afora SA, the leading Spanish distributor of laboratory equipment and reusables in August 2008.
With headquarters in Rochester New York State, Dynalab is a specialist importer and repackager of laboratory reusables and equipment for the US laboratory distributor market and other specialist applications. It also operates a bespoke plastics fabrication workshop manufacturing high quality perspex and other plastic products for use in diverse industries from home furniture to education.
Mike Nevin, investment partner, Nova commented:
"Dynalab is a strong business with a highly focused management team. The support of local banks in the transaction is a reflection of the quality of the company. Dynalab will continue to be a valuable route to market for other businesses in the Barloworld portfolio including Scilabware and Sterilin. We wish the management team every success for the future."
Martin Davies chief executive, Dynalab commented:
"We are delighted to have the opportunity to take the business forward. Nova has been a highly supportive partner for Dynalab over the last 2 years and helped enable a very smooth transaction. The management buy-out means that we have secured a platform for Dynalab to maintain and improve the high level of customer service and to run the business in the same efficient and conscientious manner that has been integral to its past success."