The Bottom Line: NewSpring Invests in Hanson Lab Solutions
April 20, 2023
NewSpring, a family of private equity strategies, announced today that NewSpring Mezzanine, the Firm’s dedicated private credit strategy, has invested equity and subordinated debt to support Progress Equity Partners’ recapitalization of Hanson Lab Solutions, LLC (“Hanson Labs” or “HLS”). Progress Equity and NewSpring partnered with First Capital Partners and Enterprise Bank & Trust to complete the transaction.
Hanson Labs is a leading lab casework supplier
Founded in 1977, Hanson Labs is the largest direct, vertically-integrated manufacturer and supplier of laboratory casework, fume hoods, and related accessories to R&D laboratory owners and users in the western U.S. HLS’ customers include the world’s most prominent biotech, pharmaceutical, and life science companies.
Hanson Labs serves the fast-growing scientific research market
As funding for biomedical and public health research continues to rise, HLS is well-positioned to continue supporting these critical research projects. HLS has recently successfully expanded into the Denver market and seeks to continue growing its footprint in new markets and end users.
“We designed Hanson Labs to be the standard of excellence in our industry. As we continue to grow as a national leader, we always want to keep the customer in mind. We are thrilled to partner with NewSpring, a firm with significant experience taking lower-middle market companies into their next stage of growth.”
The company is run by a growth-oriented leadership team
Led by CEO Joe Matta, the Hanson Labs management team has a long track record of success and possesses the industry expertise and relationships to continue the company’s fast growth.
"As medical research projects continue to attract investment, Hanson Lab’s industry-leading laboratory casework will play an important role in the discovery of new treatments and scientific breakthroughs. Joe has a long history of success in this market and represents the type of growth-oriented leader we look to partner with. We’re excited to work with Joe, Progress Equity, and First Capital to take Hanson Labs to new levels of growth.”