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Private equity firm buys controlling interest in TechLab

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Pharos Capital Group, LLC (“Pharos”), a private equity firm, has acquired a controlling interest in Blacksburg-based TechLab, Inc.

TechLab is the developer and manufacturer of rapid, non-invasive diagnostic tests for gastrointestinal disease.

Founded in 1989, the company has a manufacturing facility in Radford in addition to its headquarters in Blacksburg.

Financial details of the acquisition were not disclosed.

Pharos, which has offices in Dallas and Nashville, Tenn., acquired its stake in the company from Waltham, Mass.-based Alere Inc. and TechLab founders Dr. Tracy Wilkins and Dr. David Lyerly.  They will remain with the company and hold a minority stake.

Wilkins will become a TechLab board member and adviser. Lyerly also will join the board and continue to be chief scientific officer.

Daniel Delaney will become TechLab’s CEO. He was president of Alere North America and a TechLab board member.

Pharos Managing Partner Bob Crants, Partner Joel Goldberg and Principal Joseph Acevedo will join TechLab’s board.

Alere will remain the principal global distributor of TechLab products.

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