Eureka Growth Capital has formed Toxicology Holdings Corp., a provider of substance abuse identification and services for private industry, local governments, law enforcement and medical examiners in the U.S. and Canada. No financial terms were disclosed, except that Sovereign Bank provided a working capital facility.
Eureka Growth Capital (“Eureka“) today announced its formation of Toxicology Holdings Corp. (“ToxCo”), in partnership with a team of highly experienced and successful industry veterans, as a platform to build a premier toxicology laboratory with a national footprint through both organic growth and acquisitions. ToxCo provides substance abuse identification and services as a one-stop solution for private industry, local governments, law enforcement agencies and medical examiners throughout the United States and Canada.
ToxCo is led by Dr. Tony Costantino, President; Mr. Phil Dubois, Executive Vice President of Sales and Marketing; and Mr. Jack Bergstrom, who will serve as Chairman. Messrs. Costantino, Dubois and Bergstrom collectively have over 50 years of lab industry experience and together led the successful growth of American Medical Laboratories (“AML”) from $74 million in revenue to $300 million at the time of its acquisition by Quest Diagnostics. ToxCo closed its first acquisition in November 2008 with the recapitalization of DrugScan, Inc. (“DrugScan”), a Warminster, Pennsylvania-based forensic toxicology laboratory certified by the Substance Abuse and Mental Health Services Administration (“SAMHSA”). DrugScan co-founder Dr. Richard Cohn will continue to be an integral member of the ToxCo team, providing reporting and expert testimony services to DrugScan’s law enforcement customers.
“We are very excited to partner with such a talented and proven management team to build a toxicology platform to provide the depth of product and service offerings of a national provider with a level of service that customers need but aren’t consistently getting,” said Tom Calibeo, a Partner with Eureka.
“The collaboration and support by the team at Eureka has been and will continue to be an integral part of our success building this platform,” stated Dr. Costantino. “Their ability to bring talented people and resources together allows DrugScan to aggressively expand its services and create value for its customers, employees and key stakeholders. They share the passion for results and desire to exceed customer expectations that are held by each member of our committed management team as the drivers of our long-term success.”
Sovereign Bank provided a working capital facility to support the company’s continued growth.
About Eureka Growth Capital
Eureka Growth Capital is a private equity firm providing capital and trusted counsel in partnership with proven managers to drive the growth of promising companies into outstanding enterprises. Eureka is committed to supporting exceptional management teams of businesses with $10 million to $75 million in revenue. Eureka acquires businesses in change of control transactions that bring significant ownership to the managers driving the success of the business. Eureka is also comfortable supporting these managers as a non-control investor, providing flexible investment structures designed to uniquely meet the needs of the company, its management team and other shareholders. More information about Eureka Growth Capital can be found at www.eurekagrowth.com.