Prince Sterilization Services this week announced an investment by private equity firm Vance Street Capital.
Fairfield Township, New Jersey-based Prince did not disclose the size of the investment, but said CEO Daniel Prince and his son, President Derek Prince, will “retain a material ownership and continue to run the business’s day-to-day operations.”
Prince VP of Operations and Business Development Jozef Mastej will also stay with the company.
Prince provides outsourced sterilization services, packaging, and sterile, ready-to-use components for the pharmaceutical and medical device industries. The firm’s sterilization methods include moist heat steam, vaporized hydrogen peroxide and dry heat (which is also used by Prince for depyrogenation).
Learn more: Vaporized hydrogen peroxide for medical device sterilization
“The Prince family has built a terrific organization, and we look forward to supporting their continued growth,” Vance Street Partner Steve Sandbo said in a news release. “Prince’s focus on eco-friendly sterilization services and products across the pharmaceutical and medical device markets is a great fit with our past investing experience. We are excited to partner with Prince to support the ongoing buildout of additional capabilities and capacity to serve their growing customer base.”
Prince is the Los Angeles-based private equity firm’s 15th investment in the life sciences and medical market, the companies said.
“We created a ‘win-win’ strategic partnership with Vance Street Capital to ensure the continued success of our great company,” Daniel Prince said in the news release.
“We are excited about the next chapter of growth and our partnership with Vance Street,” Derek Prince said in the release. “Their support will enable us to expand our capabilities and offerings. We remain committed to providing the highest quality services, products, and customer service to all of our customers.”
The Prince family sold testing outsourcer Gibraltar Laboratories to Sotera Health in 2018, but held on to its Prince Sterilization Services business.
