An investor group that includes One Rock Capital Partners LLC, Laurel Crown Partners, StoneCreek Capital and management purchased Kova International from Hycor Biomedical Inc.
Kova, headquartered in Garden Grove, Calif., develops and manufactures in-vitro diagnostic products. Hycor manufactures and markets diagnostic products used in clinical laboratories. Terms of the deal were not disclosed.
Among the portfolio companies backed by New York-based private equity firm One Rock are electrical contractor Dixie Electric and chemical company Petroplex Acidizing LP.
In December, Lone Star Investment Advisors LLC, a Dallas private equity firm, sold both Dixie Electric and Petroplex to One Rock for $47 million and $95 million, respectively.
Laurel Crown is a Los Angeles venture capital firm, while StoneCreek Capital is a private equity firm based in Irvine, Calif.
Abacus Finance Group LLC acted as sole lead arranger for $16.5 million in senior-secured credit facilities that supported the deal. Goulston & Storrs LLP acted as Abacus’ legal counsel.