Stellus Capital Management’s affiliates provided senior debt financing and an equity co-investment in support of Northlane Capital Partners’ (NCP) investment in United States Drug Testing Laboratories (USDTL), a forensic toxicology laboratory testing for alcohol and substance use.
“For more than 30 years, USDTL has been an innovative leader in specialized forensic testing in the U.S.,” Justin DuFour, partner at NCP, said. “We are thrilled to be partnering with another founder-owned company and are well-positioned to support the company’s continued expansion. We plan to leverage our network and experience as we implement value creation initiatives and expand USDTL’s niche testing capabilities.”
“We appreciate the opportunity to partner with NCP and the USDTL team on this transaction,” Colin Baker, managing director at Stellus, said. “We believe USDTL is well positioned to benefit from NCP’s experience in the lab services sector during its next phase of growth.”
