January 9, 2008
Pennington Allen Capital Partners Completes Investment in Knox Laboratory, LLC
Pennington Allen Capital Partners, LLC today announced the acquisition of majority ownership interest of Knox Laboratory, LLC, a privately held drug testing company based in Tulsa, Oklahoma. With the completion of the acquisition by Pennington Allen Capital Partners, Knox Laboratory is positioned for tremendous growth in Oklahoma and the surrounding region.
In recent years, Knox Laboratory has expanded to add occupational health services and has grown to be one of the largest occupational testing laboratories in Northeast Oklahoma with its home office in Tulsa and a satellite office located in Bartlesville. S. Christopher Lopp and his wife Jennifer G. Lopp, the previous owners of Knox, will remain members of the management team as well as retain partial ownership equity in the company.
"We expect this to be a big step toward establishing Knox as one of the leading occupational testing providers in the Midwest," Christopher Lopp said. "The principals of Pennington Allen Capital Partners have the longtime experience, expertise and relationships to facilitate exceptional growth. We are also excited to gain access to capital to fulfill the vision for long-term expansion that we share with Mark and Lane. Finally, we are pleased to remain as partners as we work to make Knox reach its full potential."
W. Lane Pennington and Mark H. Allen both have extensive experience as senior executives at Fortune 500 level companies with broad domestic and international operations and as advisors to companies of all sizes in the Tulsa area.
"We have been working with the Lopps for some time regarding the acquisition of Knox Laboratory," stated Allen. "They have built an excellent occupational laboratory operation and earned a reputation for providing the highest quality of service. We share their vision of expanding the company by opening additional greenfield locations in metropolitan areas and other cities and towns in Oklahoma and the surrounding region, while keeping their quick turnaround time and exceptional customer service at the forefront."
The acquisition of Knox Laboratories is an initial phase in a strategic plan that will include additional investments by Pennington Allen and affiliated financial partners, according to Allen. "We are actively seeking to acquire similar companies in other markets in our region that have the same high standard as Knox and would contribute to the overall expansion of the occupational testing field. We are also pleased that our financial partners see the potential of Knox Laboratories as well and have joined with us in this investment."
About Pennington Allen Capital Partners
Pennington Allen Capital Partners is a private investment firm focused on the acquisition of manufacturing, distributing and business service companies and providing private equity to fund growth and other transformational needs of its business partners. The firm couples its capital resources with strategic and operational advisory services. Pennington Allen was formed in 2003 in Dallas, TX under the name of Whiterock Affiliates and now maintains its headquarters in Tulsa, OK with satellite offices in Dallas and Shanghai. Its principals include W. Lane Pennington and Mark H. Allen. During the past four years Pennington Allen has participated in transactions exceeding $800 million in total enterprise value.
For more information on Pennington Allen Capital Partners, please contact:
W. Lane Pennington at 918.749.6811, [email protected]
Mark H. Allen at 918.749.6811, [email protected]
On the Internet, visit www.penningtonallen.com.
Pennington Allen Capital Partners
401 South Boston Avenue, Suite 2400
Tulsa, Oklahoma 74103