December 7, 2022
Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Premier Biotech (“Premier” or the “Company”), a provider of point-of-care drugs of abuse testing products and laboratory services for customers across workplace, government and behavioral health end markets, to Align Capital Partners (“ACP”), a growth-oriented private equity firm that partners with business owners and management teams.
Founded in 2009 and headquartered in Minneapolis, Minnesota, Premier is a leading provider of point-of-care and rapid drugs of abuse diagnostic testing devices supported by an accredited laboratory. The Company’s products and corresponding laboratory services are used in the workplace (hiring and safety applications), government (child and family services, criminal justice, corrections and DOT applications) and clinical (medication monitoring) segments. The Company is differentiated by its ability to provide accurate, cost-effective drug testing at the point-of-care with rapid results that enable faster and more informed decision making. As an R&D focused organization, Premier has been at the forefront of the drugs of abuse testing industry and strives to be the leader in bringing new tests and cutting-edge technology to market.
“The entire Premier Biotech team and I are elated about our partnership with the ACP team. They value our history of innovation and market leadership in the drugs of abuse testing market and bring resources to help us scale the organization to capitalize on the tremendous growth opportunity in front of the business,” said CEO Todd Bailey.
“As the point-of-care drugs of abuse testing space evolves, Premier Biotech will continue to drive growth through the team’s broad expertise, the Company’s differentiated, tech-enabled offering, and its new products in development. Todd and the team have found a compelling partner and we look forward to their collective future success,” said Adam Stormoen, Managing Director and Head of Medical Devices & Products coverage at Cascadia Capital. “We are pleased to have delivered another successful outcome in the Medical Devices market and look forward to continuing to support clients in the space.”
The recapitalization represents another successful transaction for Cascadia’s healthcare team, and another great outcome for a client in the Medical Devices & Products sector following the recent sale of Summit Imaging to RSA, a portfolio company of Sheridan Capital Partners.
For more information about this transaction, please contact:
Other senior members of the Cascadia Healthcare team include:
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