BioSource International, Inc. and Genstar Capital Announce Private Investment for Acquisitions
1/10/2000
Contact: Genstar CapitalAndrea Ginsberg(415) 664-4680aginsberg@gencap.com January 10, 2000 – BioSource International, Inc. [NASDAQ: BIOI], and Genstar Capital LLC, jointly announced today a private investment of up to $19 million by affiliates of Genstar Capital LLC in BioSource International, Inc. The proceeds will be used to position BioSource for future acquisitions. Pending application of the proceeds will be used to reduce BioSource’s current acquisition indebtedness.James H. Chamberlain, Chairman, President and Chief Executive Officer of BioSource, stated in announcing the financing transaction, “We’re very excited to be able to partner with Genstar to help accelerate the growth of BioSource. There have been a number of significant discoveries as an offshoot of the recent explosion in genomic research. The proteins being discovered are creating tremendous new opportunities in our industry. We think that having a strong financial and strategic partner like Genstar on our team will enable us to take better advantage of these developments. If you follow BioSource, you know we have an impressive histiry of growth by acquisition. Genstar enhances our ability to complete and finance much larger acquisitions than we have previously been able to pursue. Our intent is to aggressively pursue growth with our new partner at our side.”As part of the transaction, BioSource will elect two designees of Genstar to serve on its Board of Directors. J-P Conte, Managing Director of Genstar Capital LLC stated, “Dramatic growth in the life science markets is being fueled by the Human Genome Project, and the related genomics revolution will only create more opportunities for BioSource to accelerate its growth both internally and externally through acquisitions. Genstar will be BioSource’s partner in identifying and executing these acquisitions and joint ventures based on our acquisition experience in the life science markets. Our goal is to help managment make BioSource a leader in the life science arena and create substancial value for the shareholders over the long term.”Genstar Capital LLC is a private equity investment firm that was formed to make equity investments, structured as leveraged buyouts or growth financings, in middle market companies. Among other areas of focus, Genstar has been an active investor in the life science market, both directly and through its majority interest in NEN Life Science Products, IncBioSource International, Inc. is engaged in the development, manufacture, marketing and distribution of immunological reagents, test kits and oligonucleotides used in biomedical research. The types of products supplied by the Company include a range of bioactive proteins, antibodies, human and murine cytokines, growth factors and a variety of assay systems for the detection of biological molecules. These products focus on areas of research such as immunology, cancer and neurological disease. The Company focuses its sales efforts on academic, industrial, and governmental laboratories.This news release contains forward-looking statements, including those relating to the ability of BioSource International, Inc. to consummate acquisitions in the future and growth opportunities in its industry. These statements are based on the current plans and expectations of BioSource International, Inc. and involve risks and uncertainties that could cause actual events to vary significantly from those included or contemplated by such statements, including risks described from time to time in reports filed by BioSource International, Inc. with the Securities and Exchange Commission, including its most recently filed Annual Report on Form 10-K/A.