O’Melveny Advises Progress Equity Partners on Recapitalization of Hanson Lab Solutions

FOR IMMEDIATE RELEASE

DALLAS—April 24, 2023—O’Melveny advised Progress Equity Partners on its recapitalization of Hanson Lab Solutions, a lab casework manufacturer and interiors supplier.

The transaction, which was announced on April 19, was done in partnership with NewSpring, First Capital Partners, and Enterprise Bank & Trust.

Progress Equity Partners is a private investment firm that acquires majority control of operating companies typically from founder-entrepreneurs.

Founded in 1977, Hanson Lab Solutions is the largest direct and vertically integrated lab casework single source supply and assembly operation in the Western United States. The company offers a multifaceted supply chain, planning, assembly, and installation.

The O’Melveny team advising Progress Equity Partners was led by partners Jack Jacobsen and Will Becker, counsel Cody Dreibelbis, and associates Sahil Nooruddin, Sean Horan, and Eleanor Gilbert.

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Progress Equity Partner issued the following announcement:

Progress Equity Partners Recapitalizes Hason Lab Solutions

April 2023 – Progress Equity Partners (“Progress Equity”) is pleased to announce its recent recapitalization of Hanson Lab Solutions (“Hanson Labs” or “HLS”).

Founded in 1977, Hanson Labs is the largest direct, vertically-integrated manufacturer and supplier of laboratory casework, fume hoods, and related accessories to R&D laboratory owners and users in the western U.S. including the world’s most prominent biotech, pharmaceutical and life science companies.

Steve Sangalis, Partner at Progress Equity, commented “we are excited to partner with Joe Matta and the entire HLS management team to continue Hanson Labs’ growth as an industry leading company.”

“We designed Hanson Labs to be the standard of excellence in our industry. As we continue to grow as a national leader, we always want to keep the customer in mind.” said Joe Matta, Chief Executive Officer at Hanson Lab Solutions. “From the outset of meeting Progress Equity, we realized our shared value of integrity and vision for collaboration in building a world-class business would result in a great partnership and bright future for HLS.”

Clay Fox, Progress Equity Vice President, added, “with record amounts of capital being deployed by pharma and biotech companies, HLS is poised to continue to be a model partner for companies expanding their research and development, clinical trial pipelines, and more.”

Progress Equity partnered with NewSpring Mezzanine, First Capital Partners, and Enterprise Bank & Trust to complete the transaction.

About Progress Equity Partners

Progress Equity Partners is a private investment firm that acquires majority control of operating companies typically from founder-entrepreneurs. We are particularly successful in providing entrepreneurs the opportunity to gain liquidity while partnering with us to transition their business for future growth. For more information, please visit www.progressequity.com.

About Hanson Lab Solutions

Founded in 1977 and headquartered in Camarillo, CA, Hanson Lab Solutions is the largest direct, vertically-integrated lab casework manufacturer and interiors supplier in the western U.S. With 100’s of different SKUs in lab casework & furniture, fume hoods & enclosures, mobile and modular product lines, the Company has built a differentiated model of innovation and full-service capabilities to serve its customers in the life science industries.

For more information, visit www.hansonlab.com.