US BioTek Laboratories Partners with Pike Street Capital to Accelerate Growth
SEATTLE (December 18, 2018) US BioTek Laboratories (US BioTek) announced today a major investment by Pike Street Capital (Pike Street), a private equity firm based in Seattle. Headquartered in Shoreline, Washington, US BioTek is a Clinical Laboratory Improvement Amendments (CLIA) accredited testing facility that provides a variety of immunology and chemistry profiles to clinicians worldwide.
“US BioTek has been looking for a strategic partner that shared our vision for future growth, and that’s exactly what we found in Pike Street Capital,” said Raymond Suen, US BioTek’s president. “Pike Street’s strategy-to-execution operating model gave us confidence they were bringing operational excellence to the table along with their financial investment, which benefits our customers and employees alike.”
US BioTek’s planned expansion comes at a time of growing demand for specialty testing services for food-related allergies and intolerances. More than 170 foods have been reported to cause allergic reactions, and up to 15 million Americans have food allergies, including 5.9 million children under age 18, according to Food Allergy Research & Education, the world’s largest nonprofit organization dedicated to food allergy awareness, education, research and advocacy. While most food allergies arise in childhood, at least 15 percent of food allergies are first diagnosed in adulthood.
“US BioTek plays a critical role in helping our customers – naturopaths, clinics and physicians – help understand and improve their patients’ health,” said Margaret Suen, executive vice president at US BioTek. “Pike Street Capital’s investment and partnership will help US BioTek reach – and help – even more people.”
Pike Street Capital will acquire a majority interest in US BioTek and invest significantly to improve the quality, capacity and speed of its testing and reporting capabilities; expand sales and marketing capabilities to reach a growing customer base; and bring in new executive leadership to help scale the business. Raymond and Margaret Suen, who founded US BioTek in 1999, will remain with the company in advisory roles.
“US BioTek’s commitment to quality and customer service is an excellent foundation for future growth, and that’s a testament to Raymond and Margaret’s leadership,” said Dave Dandel, partner at Pike Street Capital. “As food allergies and intolerances become more prevalent, US BioTek is ideally positioned to help more clinicians help patients make better decisions about their health, and Pike Street Capital is excited to be part of that future.”
About US BioTek Laboratories
Headquartered in Shoreline, Washington, US BioTek Laboratories, Inc. is a Clinical Laboratory Improvement Amendments (CLIA) accredited testing facility that provides a variety of immunology and chemistry profiles to clinicians worldwide. With over 30 years’ experience in enzyme-linked immunosorbent assay technology, our dedicated team of experienced scientists and technicians utilize the latest research and technologies. More information is available at www.usbiotek.com
About Pike Street Capital
Seattle-based Pike Street Capital manages a private equity fund focused on growth buyouts in industrial technology in the lower middle market. With over 75+ years of investing and operating experience, Pike Street Capital partners with management teams to build and execute a strategy for future growth. Pike Street Capital was co-founded by Paul Caragher, Dave Dandel and Ed Whatley. More information is available at www.pikestreetcapital.com.