PE firm picks up model provider Taconic
An affiliate of the private equity (PE) firm H.I.G. Capital has partnered with Taconic Biosciences’ management team to support the company's growth.
Founded by the Phelan family in 1952, Taconic provides genetically engineered models and service solutions to the life sciences industry. A majority shareholder, the family has decided to exit the business, selling to the PE firm which will back the current leadership team and their strategic plan.
“Our new institutional investors will help Taconic grow by providing access to additional capital to support acquisitions, product development and capacity expansion,” said Nancy Sandy, Taconic’s newly appointed CEO.
“The transaction provided liquidity to the three generations of the Phelan family; and on a go-forward basis, access to capital to invest in the Taconic’s growth strategy, including adding additional capacity, pursuing acquisitions, broadening our research and distribution partners, and adding services,” she explained.
While a few changes have been made to the senior leadership team, Sandy said the employees remain focused on implementing the company’s strategic growth plan.
As part of the transaction – financial terms of which were not disclosed – Alex Zisson, a Managing Director of H.I.G. BioHealth Partners has joined the company’s board of directors. Additiaonlly, the former CEO Dr. Robert Rosenthal is now the chairman of the board as well as the company's chief innovation officer.