Align Capital Partners has completed the recapitalization of Premier Biotech, a provider of point-of-care drugs of abuse testing products and laboratory services for customers across workplace, government and behavioral health end markets. ACP is partnering with the company’s senior management team to support Premier Biotech’s continued growth and innovation.
Premier Biotech was founded in 2009 and shortly thereafter launched the company’s flagship oral fluid testing product OralTox®. 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 Biotech 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.
“We are excited to partner with ACP. 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.
“Premier has grown to become a niche leader in the point-of-care drug testing market by developing a differentiated, tech-enabled offering with a clear value proposition for its customers,” said ACP Managing Partner Rob Langley. “We see the post-COVID normalization of self-testing and oral testing as a tailwind for the industry, and believe the Company is poised to benefit with their highly effective and easy-to-use products.”
ACP’s investment in Premier Biotech will help drive continued R&D and support growth by leveraging ACP’s toolkit of operating, technology and sales resources. Together with management, ACP will pursue strategic add-on acquisitions with an emphasis on government-focused providers of outsourced drugs of abuse testing, background screening and occupational health services. This transaction marks ACP’s sixth platform investment in the Testing, Inspection and Compliance space. The Company’s products and services are anchored by several core attributes ACP targets for its TIC investments — strong recurring demand, safety-oriented applications and a clear customer value proposition.
Vice President Kurt Smentek, Senior Associate Aaron Lewis and Associate Jacob Ham worked alongside Mr. Langley on the transaction. Premier Biotech was advised on the transaction by Cascadia Capital and Winthrop & Weinstine, while ACP was advised by McGuireWoods LLP.
