L Squared Capital Partners said Feb. 27 that it invested in United Scope, resulting in a majority recap of the company. Financial terms weren’t announced. Company founders also invested. United Scope, which goes to market under the brand AmScope, provides microscopes and related accessories sold online to end markets including the education sector, life sciences and other scientific research fields, as well as various industrial inspection applications. Varagon Capital Partners provided debt financing. Paul Hastings served as legal counsel to L Squared. Keystone Capital Markets served as financial adviser and Dentons served as legal counsel to United Scope.
L Squared Capital Partners Completes Growth Investment in United Scope
Investment will support United Scope’s rapid growth and solidify its dominant e-commerce presence in the growing microscopy market with focus on global expansion and accretive acquisitions
L Squared Capital Partners is pleased to announce a growth investment in United Scope, resulting in a majority recapitalization of the business. United Scope represents L Squared’s seventh platform investment over the last three years. Financial terms of the transaction were not disclosed.
Headquartered in Irvine, CA, United Scope goes to market primarily under the brand AmScope, which is the leading provider of microscopes and related accessories sold mostly online to a diverse range of end markets including the education sector, life sciences and other scientific research fields, as well as various industrial inspection applications. The Company’s unique modularized design strategy yields an unmatched product portfolio of more than 5,000 SKUs. L Squared’s investment provides a long-term capital base to support the Company’s international expansion strategy, product development efforts, and accretive acquisitions.
United Scope’s Co-founder and majority owner Frank Dai commented, “We are pleased to partner with the L Squared team to drive the next phase of our growth as the leading e-commerce provider of microscopy solutions. Our partnership will enable United Scope to continue providing world-class optical products and accessories to our customers globally.”
“We have been extremely impressed by United Scope’s track record of growth and commitment to excellence and customer service,” said Randall Hunt, Partner at L Squared. “The Company’s vast supply chain network and omni-channel presence has created a leading online position to drive sustainable growth and we are committed to providing the capital, experience, and strategic resources to accelerate organic growth initiatives and pursue accretive acquisitions.”
L Squared recruited Brad Staley and Jim Butler to join the Company as CEO and CFO, respectively. Additionally, Bernard Luthi, Lance Stern, and Ron Huberman have joined as independent value added board advisors.
Sean Barrette, Partner at L Squared added, “We believe United Scope’s founders have done an excellent job building a world-class business that delivers best-in-class service, speed, and quality to its customers. With the additional resources and talent we’ve recruited to the platform, the L Squared team is extremely excited about our investment in United Scope right here in Southern California.”
L Squared Capital Partners, together with rollover from United Scope’s founders, contributed the equity for the transaction. Varagon Capital Partners provided debt financing to support the transaction. Paul Hastings served as legal counsel to L Squared. Keystone Capital Markets served as financial advisor and Dentons served as legal counsel to United Scope. The L Squared deal team was comprised of Randall Hunt, Sean Barrette, and Tyler Huez.
About United Scope
Headquartered in Irvine, CA, United Scope goes to market primarily under the brand AmScope, which is the leading provider of microscopes and related accessories sold mostly online to a diverse range of end markets including the education sector, life sciences and other scientific research fields as well as various industrial inspection applications. For additional information, please visit www.AmScope.com.
About L Squared Capital Partners
L Squared Capital Partners is an investment firm with offices in Newport Beach, CA, and Chicago, IL, that seeks to make long-term investments in leading growth companies that operate in targeted sectors: Tech-Enabled Services & Software, Industrial Technology & Services, and Education Technology. Our unique investor base of family offices enables us to focus on long-term value creation driven by revenue and earnings growth, not financial engineering or market timing. The principals of L Squared have worked together for over a decade and have over 60 years of combined experience investing in growing private companies. For additional information, please visit www.LSquaredcap.com.
This press release is for informational purposes only and is not intended as investment advice or an offer or solicitation with respect to the purchase of any investment. Investing with any investment firm is suitable only for qualified investors that fully understand the risks of such an investment. L Squared Capital Partners is an investment adviser registered with the United States Securities and Exchange Commission. Investments with L Squared Capital Partners are only offered in accordance with applicable securities laws.