SFW helps recapitalize Caron Products
MARIETTA — SFW Capital Partners has completed a recapitalization of Caron Products and Services Inc. of Marietta, a leading provider of laboratory equipment used in small- and large-molecule drug development and manufacturing, cell and gene therapy and academic research.
SFW is a specialized private equity firm that invests in leading providers of instrumentation, laboratory products, software and information and related solutions.
The company has partnered in the investment with Steve Keiser, president and CEO of Caron, and Caron Vice President Dave Figel, who will both continue in their roles and remain significant shareholders.
With SFW’s strategic support and resources, Caron plans to make significant investments to expand its product portfolio, enhance its sales and marketing function, extend its service capabilities and pursue acquisitions to drive growth.
Caron manufactures environmental testing chambers, incubators and growth chambers and is known for its innovative features, high quality and reliability. Headquartered in Marietta, Caron was founded in 1985 and is owned by the Christy family and management.
Caron products are used for FDA-required quality assurance and quality control stability testing during drug development and manufacturing, incubation in clean-room environments, and growth of samples in academic research.
“We are delighted to build on our success over the last decade and partner with SFW to continue to serve our customers with innovative laboratory products,” Keiser said. “We are looking forward to leveraging SFW’s expertise and resources to help accelerate our product road map, enhance service and support infrastructure, and engage even more deeply with existing and new customers.”
Caron exhibits key characteristics sought by SFW in laboratory and life sciences tools platform companies, proprietary technology, high value proposition, deep domain expertise and significant opportunities for expansion, Ahmad Sheikh, a partner at SFW. Sheikh will be a member of Caron’s board of directors.
“We are excited to partner with Steve, Dave, and the entire Caron team and provide them with the resources and capital to support their growth plan and accelerate their trajectory through strategic acquisitions of complementary businesses,” he said.
SFW and its principals have experience in supporting the growth and development of leading providers of laboratory instrumentation and equipment, including Essen Bioscience, Micromeritics, Spectro Scientific, Mettler-Toledo and Waters Corp.
The relationship between SFW and Caron was initiated through a direct dialogue between both parties. Neither party worked with a financial adviser to complete the transaction.