WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Palm Beach Capital Fund III, L.P., through one of its investment entities, today announced that it has sold its equity interest in Arriva Medical to Alere, Inc. The private equity firm, headquartered in West Palm Beach, Florida, made its investment in Arriva earlier this year.
Alere Inc. (NYSE:ALR), a global leader in enabling individuals to take charge of their health at home through the merger of rapid diagnostics and health management, acquired Arriva Medical, a leading provider of diabetes testing supplies to individuals in their homes. To acquire Arriva, Alere paid approximately $65 million cash, subject to working capital and other closing adjustments, plus 806,452 restricted shares of Alere common stock. Based in Coral Springs, Florida, Arriva had revenues of approximately $21.5 million for the six months ended October 31, 2011.
About Palm Beach Capital
Founded in 2001, Palm Beach Capital is a private equity investment firm which specializes in making investments in and building early and middle-stage private companies. With offices in both West Palm Beach and Tampa, Florida, the firm focuses on high growth investment opportunities. Since its inception, Palm Beach Capital has made investments in 33 companies and has approximately $325 million in total assets under management. For more information, please visit the firm's website at www.pbcap.com.