STELLUS CAPITAL MANAGEMENT, LLC PROVIDES UNITRANCHE FINANCING IN SUPPORT OF NORTHLANE CAPITAL PARTNERS' INVESTMENT IN UNITED STATES DRUG TESTING LABORATORIES INC.

HOUSTON, Jan. 28, 2025 /PRNewswire/ -- Stellus Capital Management, LLC ("Stellus") announced today that its affiliates provided senior debt financing and an equity co-investment in support of Northlane Capital Partners' ("NCP") investment in United States Drug Testing Laboratories Inc. ("USDTL" or the "Company"), a forensic toxicology laboratory testing for alcohol and substance use.

USDTL is headquartered in Des Plaines, IL, and offers a broad suite of forensic testing capabilities. The Company primarily serves hospitals, health systems, court systems, and employers. USDTL has more than 160 employees and over 1,000 customers in the U.S. and internationally.

"For more than 30 years, USDTL has been an innovative leader in specialized forensic testing in the U.S. We are thrilled to be partnering with another founder-owned company and are well-positioned to support the Company's continued expansion. We plan to leverage our network and experience as we implement value creation initiatives and expand USDTL's niche testing capabilities," said Justin DuFour, Partner at NCP.

Colin Baker, Managing Director at Stellus, added, "We appreciate the opportunity to partner with NCP and the USDTL team on this transaction. We believe USDTL is well positioned to benefit from NCP's experience in the lab services sector during its next phase of growth."  

SOURCE Stellus Capital Management, LLC