CHARLES RIVER LABORATORIES INTERNATIONAL, INC. acquired Springborn Laboratories, Inc. (SLI) for ~$27M, a transaction completed in October 2002, structured as $21 million up-front cash plus a three-year $6 million unsecured subordinated note.
Springborn Laboratories, Inc. (SLI) operates in Discovery and Safety Assessment (DSA), is based in United States (Spencerville, Ohio). Charles River acquired privately held Springborn Laboratories, an Ohio-based provider of preclinical drug safety-testing services with particular expertise in short- to mid-term toxicology studies. SLI employed about 130 people and had net revenues of more than $15 million over the prior twelve months with operating margins above 20%.
Expand Charles River's safety-assessment market share geographically and broaden its customer base among medium and smaller pharmaceutical companies that rely heavily on outsourced toxicology services.
Advisory firms were not disclosed for this transaction.