Heartwood Partners has sold Allentown, a New Jersey-based provider of vivarium laboratory equipment and related solutions. The buyer is Aterian Investment Partners. No financial terms were disclosed.
Norwalk, CT – May 9, 2022 – Heartwood Partners is pleased to announce the sale of Allentown (www.allentowninc.com), a Heartwood Partners Fund III, LP portfolio company, to a New York based private equity investment firm.
Based in Allentown, New Jersey, Allentown is a leading provider of vivarium laboratory equipment and related solutions to customers performing biomedical and preclinical research. Over its 50+ year history, Allentown has established itself as the one-stop shop for vivarium lab solutions, including individually ventilated housing systems, large animal housing, washing and sterilizer equipment and other services and solutions. The Company serves a global, blue-chip customer base, including universities, pharmaceutical manufacturers, contract research organizations, biotech companies, private labs and government agencies. Over the past few years, Allentown has focused on continuous product innovation and bolstering its position as the market leader by investing in its operations and expanding its international presence, which has positioned the business for continued transformational growth.
Mark Allsteadt, Managing Partner at Heartwood Partners, stated, “It has been a privilege to partner with the talented Allentown team over the last few years and we are all proud of what has been accomplished. The management team successfully executed on an ambitious strategic growth plan while mitigating challenges stemming from the pandemic. Everyone at Heartwood Partners is looking forward to following Allentown’s next phase of growth.” Heartwood Principal Anshul Chawla commented, “I’d like to echo Mark’s comments – we’re deeply appreciative of our partnership and thrilled with our joint achievements. During our time together Allentown’s sales and EBITDA grew +25% and +125%, respectively, due to a genuine commitment to delivering high quality products and providing best-in-class customer service. It has been an impressive period of growth and expansion for Allentown and I’m excited to see what the talented management team accomplishes in the future.”
Allentown CEO, John Coiro commented, “Under Heartwood Partners’ guidance, Allentown has matured into a leading life sciences business. As we’ve expanded our product suite and solutions offerings and generated meaningful growth, I’m proud to say we’ve simultaneously helped our customers and their ability to perform life changing preclinical research and drug discovery. We have a promising future ahead of us and will continue innovating our product offering, strengthening our services and consumables businesses, and extending our presence into new regions and markets, possibly through acquisitions. We will ensure that we continue being a trusted and caring partner to global research.”
Finn Dixon & Herling LLP served as legal advisor and BlackArch Partners served as exclusive financial adviser to Allentown and its investors