Biomedical Solutions, Inc. Has Been Acquired by LabRepCo Holding Corporation, an Employee-Owned Company


HOUSTON, TEXAS (January 7, 2021) – Statesman Corporate Finance, LLC (“Statesman”) is pleased to announce that Biomedical Solutions, Inc. (“BSI” and/or the “Company”) has been acquired by LabRepCo Holding Corporation (“LabRepCo”), an employee owned company. Statesman served as the exclusive financial advisor to BSI on the transaction which closed December 31, 2020.

BSI, founded in 2000 by Bill Stacy and Vince Arnold, is a one of the South’s leading manufacturers’ representatives for laboratory equipment. Headquartered in Stafford, Texas, a suburb of Houston, BSI specializes in equipment and applications for molecular biology, cell biology, and research animal care facilities.  Additionally, the Company offers a broad selection of general lab equipment and refrigeration products used in both clinical and industrial labs. BSI’s vast equipment and laboratory expertise enables the Company to partner with architects and planners, many of whom have limited laboratory experience, in the construction of highly specialized new and renovated laboratory space from the early stages of design, through construction, and ultimately commissioning.  All BSI personnel are expected to remain with the Company post transaction.
LabRepCo, founded in 1978, and headquartered in Horsham, Pennsylvania (Philadelphia) is one of the largest and most respected consultative laboratory equipment sales organizations in the United States.  Serving a 20 state East Coast based territory, with regionally located sales personnel, LabRepCo offers some of the strongest lines and consultative solutions available.  LabRepCo serves customers across the spectrum of the scientific marketplace which includes the “traditional” pharmaceutical, biotechnology, and government research venues, as well as academic, forensic, and industrial research laboratories.
LabRepCo’s President, Richard Dougherty, led a conversion of the company to an employee stock ownership plan (“ESOP”) in 2019 and in turn formed LabRepCo Holding Corporation as part of that transaction. LabRepCo, LLC and Biomedical Solutions will both be operating companies under the Holding Corporation, with all entities being 100% employee-owned. This structure, which gives employees a financial interest in the success of the business, was an important consideration for BSI shareholders and employees in evaluating the opportunity to partner with LabRepCo.
“We’ve worked with the people at BSI for years and know the integrity and expertise they offer their customers.  BSI is a great cultural fit with LabRepCo and an equally great strategic fit.  Combined, these two companies will be positioned to benefit our customers across a greatly expanded geography and with a broader array of solutions.” – Rich Dougherty, LabRepCo President
“We are tremendously pleased to partner with LabRepCo, undoubtedly one of the premier leaders in our industry.  This transaction is the ideal culmination of 20 years of effort in building BSI to a first-tier rep organization.  With the added resources, ESOP structure, additional lines, and geography that LabRepCo brings to the table, all the company’s constituents including customers, suppliers, employees, and shareholders, are positioned to benefit.  Additionally, we were tremendously pleased with the work Statesman did in helping us get this transaction structured correctly and across the finish line.” – Bill Stacy, BSI President

About the other transaction participants

Johnson DeLuca Kurisky & Gould, P.C. (“JDKG”) (Houston, TX), led by Partner Don Gould and Senior Counsel Scott Franck, served as legal counsel to BSI.  Founded in 1995, JDKG is a Houston based commercial transactions and litigation law firm.  In addition to M&A, JDKG key practice areas include auto dealerships, oil & gas, banking, real estate, labor and environmental.

SES ESOP Strategies (“SES”) (Bala Cynwyd, PA), led by Chairman James G. Steiker and Shareholder Sean-Tamba Matthew, served as legal counsel to LabRepCo.  SES is a national ESOP firm, with offices in PA, NY, TX, OH, FL, MA, NJ, and CO, that combines the expertise of ESOP consulting, financial, investment banking, and legal professionals to assist companies in creating and maintaining successful, sustainable employee ownership results throughout the entire ESOP lifecycle.  SES balances the needs of owners, managers, the company, and its employees to ensure long term corporate sustainability with substantial employee ownership.

Viviano & Associates, PC (“Viviano”) (Dallas, TX), a full-service CPA firm provided accounting and tax advisory to BSI, led by Shareholder Sam Viviano, CPA.

Kreischer Miller (Horsham, PA), a full-service CPA firm provided accounting advisory to LabRepCo led by Director Steven Staugaitis, CPA, CVA.

Statesman Corporate Finance, LLC (Houston & Austin, TX) is the FINRA-licensed broker dealer affiliate of Statesman Business Advisors, LLC. With offices in Houston and Austin, Texas, Statesman is a leading middle-market investment banking firm providing merger and acquisition, capital formation, valuation, and other general corporate financial advisory services to middle-market companies. Managing Principal Will Jaco, Vice President Peter Chiu, and Analyst Anthony Hernandez led the transaction on behalf of Statesman.

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