(MENAFN- PR Newswire)
LOS ANGELES, Nov. 6, 2024 /PRNewswire/ -- Vance Street Capital ("Vance Street"), a Los Angeles-based private equity firm, announced it has partnered with the Prince Sterilization Services ("Prince" or the "Company") management team to support the Company's continued growth. The strategic partnership supports Prince Sterilization Services' growth in the Pharmaceutical and Medical Device sterilization markets. Prince provides environmentally friendly and sustainable sterilization services primarily focused on the pharmaceutical, biotechnology, compounding pharmacy, and medical device sectors. The Company also offers ready-to-use ("RTU") drug containment solutions, including vials, bottles, stoppers, and seals. The acquisition represents Vance Street's second investment out of Vance Street Capital IV and 15th investment in the life sciences and medical space.
Headquartered in Pine Brook, New Jersey, Prince provides a full suite of contract sterilization services and RTU products, including steam, dry heat, vaporized hydrogen peroxide ("VHP"), depyrogenation, water for injection (WFI) rinsing, and sterile packaging. Today, the Company's sterilization program is centered around steam and dry heat sterilization and related services.
In 2024, coinciding with the FDA announcement that it considers vaporized hydrogen peroxide an established method for medical devices, the Company expanded its sterilization offering into VHP within its new state-of-the-art facility in Pine Brook, NJ, increasing capacity across all sterilization formats. Adding VHP capacity expands Prince's eco-friendly and sustainable sterilization capabilities and positions the Company to continue to meet their customers' growing and changing demands.
Prince was founded by Dr. Daniel Prince (CEO). Dr. Derek Prince serves as the President. Both Daniel and Derek will retain a material ownership position and continue to run the business's day-to-day operations. "We are excited about the next chapter of growth and our partnership with Vance Street. Their support will enable us to expand our capabilities and offerings and maintain our commitment to providing innovative and reliable sterilization solutions to our valued customers," said Derek Prince. Mr. Jozef Mastej,
Prince's Vice President of Operations and Business Development, will also continue in his role.
"The Prince family has built a terrific organization, and we look forward to supporting their continued growth," said Steve Sandbo, Partner at Vance Street. "Prince's focus on eco-friendly sterilization services and products across the pharmaceutical and medical device markets is a great fit with our past investing experience. We are excited to partner with Prince to support the ongoing buildout of additional capabilities and capacity to serve their growing customer base."
Grady Miller, Principal at Vance Street, commented, "Prince is a great representation of our strategy of partnering with founder-owned businesses in critical markets, such as pharma, biopharma, and medical devices. We are excited to support Prince's management in developing new growth opportunities, including broadening their product portfolio and services to meet an evolving market's needs."
Paul Hastings LLP acted as legal advisor to Vance Street. Capstone Partners served as financial advisor to Prince, while Lowenstein Sandler LLP served as legal advisor to Prince. Debt financing for the transaction was provided by Apogem Capital and Bank of Montreal. Terms of the transaction were not disclosed.
About Vance Street Capital LLC
Vance Street Capital is a middle-market private equity firm focused on investing in highly engineered solutions businesses across the industrial technology, medical, life science, aerospace, and defense sectors. Vance Street works with management teams and family owners to accelerate revenue growth, improve operations, and acquire strategic assets for the companies in their investment portfolio. For more information, please visit .
Media Contact:
Natalie Yates
Head of Business Development and Investor Relations
[email protected]
SOURCE Vance Street Capital
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