Trending: Quantum computing is coming: Here’s why Seattle needs to get our computer science workforce ready
Pike Street managing partners: David Dandel, Paul Caragher, and Edward Whatley. (Pike Street Photo)

Pike Street Capital Partners, a new Seattle-based private equity firm, made its first acquisition today, swooping up Seattle-area medical testing company US BioTek.

Pike Street launched earlier this year and is focused on growth buyouts of profitable B2B industrial technology companies in the lower middle market that have annual revenues of $10 to $100 million. It seeks majority ownership positions in its portfolio companies.

US BioTek is a leading diagnostics company that tests for food-related allergies and intolerances. The company was founded more than two decades ago by Raymond and Margaret Suen, who will transition to advisory roles and remain investors following the acquisition. US BioTek has 25 employees on LinkedIn.

“US BioTek is an impressive company and, as awareness of food allergies and intolerances continues to grow, one well-positioned to help clinicians assist patients to make better decisions about their health,” Dave Dandel, partner at Pike Street Capital, said in a statement. “US BioTek’s commitment to quality and customer service is an excellent foundation for future growth in the burgeoning health and wellness industry.”

Terms of the deal were not disclosed.

Pike Street is run by three founding partners:

  • Dave Dandel, who was previously a partner at Evergreen Pacific Partners and has experience at other firms such as D.A. Davidson, Piper Jaffray, and Key Bank’s Investment Banking Group.
  • Paul Caragher, former CEO of Radiant Zemax, a light measurement company that formed after an Evergreen Pacific Partners deal. He also held several leadership positions at Danaher.
  • Edward Whatley, another former partner at Evergreen Pacific Partners. Whatley was previously an investment banker in New York with Credit Suisse and CIBC World Markets.

Pike Street is still raising its first fund. It issued an SEC filing last month that revealed a total offering amount of $200 million for the fund. We’ve contacted the firm to learn more and will update this story when we hear back.

Like what you're reading? Subscribe to GeekWire's free newsletters to catch every headline

Comments

Job Listings on GeekWork

Find more jobs on GeekWork. Employers, post a job here.