Ampersand Exits ChanTest Investment

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Oct 29, 2014, 04:56 ET

WELLESLEY, Mass., Oct. 29, 2014 /PRNewswire/ -- Ampersand Capital Partners is pleased to announce the successful sale of Cleveland, Ohio based ChanTest, a leading provider of specialized laboratory testing services for drug development. ChanTest has been acquired by Charles River Laboratories International, Inc. in an all-cash transaction.

ChanTest specializes in measuring interactions between drug candidates and proteins known as ion channels. Ion channels represent an important class of drug targets, and are also important because of cardiac safety risks that can result from unintended interactions between certain drugs and ion channels. In the 1990s, ChanTest founder Arthur Brown, MD, PhD, discovered the connection between ion channels and cardiac risk, and in 1998 Dr. Brown founded ChanTest to help pharmaceutical and biotechnology companies screen for these interactions early in the drug development process.

Ampersand made a growth equity investment in ChanTest in 2007, and has worked with management to expand and diversify the business. Today, ChanTest is widely regarded as having the most complete offering of ion channel services and products in the industry, and has been named the "most trusted and most used provider" of ion channel screening services by industry surveys.

Dr. Brown, founder and CEO of ChanTest, commented: "Ampersand has been a highly supportive and valuable partner for ChanTest, helping to grow our business and expand our leadership team over the years. With Ampersand's support, and the contributions from our excellent management team, ChanTest has established itself as a trusted partner for numerous pharmaceutical and biotechnology clients. We are all excited about building on that track record with Charles River."

During Ampersand's investment, Managing Partner Herb Hooper and Operating Partner Peter Glick have served on ChanTest's Board. Mr. Hooper added: "ChanTest is exactly the type of company that Ampersand seeks – a founder-run company with a market leading position, excellent management and opportunities to accelerate growth. It has been very rewarding to partner with Buzz Brown and his team, and we wish them the best in continuing to grow the business within Charles River."

About Ampersand
Ampersand is a middle market private equity firm with a focus on growth equity investments in the Healthcare sector. Over the past two decades, Ampersand has managed $1 billion in private equity partnerships. Ampersand leverages its unique blend of private equity and operating experience to build value and drive superior long-term performance alongside its portfolio company management teams. Additional information about Ampersand is available at www.ampersandcapital.com.

SOURCE Ampersand Capital Partners