Private Equity Firm Buys Controlling Interest in Avomeen
Wednesday, December 7, 2016
Posted by: Kate Oesterle
High Street Capital, a Chicago-based private equity firm, planned to announce Monday that it has bought a controlling interest in Ann Arbor-based Avomeen Analytical Services LLC, a fast-growing chemical testing and analytics company.
In June, Shri Thanedar, who founded Avomeen in 2010 and is its CEO, was named an Entrepreneur of the Year by Ernst & Young for the Michigan and northwest Ohio region, and the company has been on the Inc. 5000 list of fastest-growing private companies in the U.S. two years in a row.
In 2015, Avomeen was ranked 673rd for its 670 percent growth rate over three years, and in 2016, the company was ranked No. 1,365 for a three-year growth rate of 281 percent. Thanedar said the company has grown revenue by 400 percent in the last four years to more than $10 million.
In 2014, Thanedar was a finalist at a Crain's Salute to Entrepreneurs event.
Thanedar said that with High Street's support, the plan is to grow Avomeen through acquisition and to expand its brick-and-mortar presence to California. He said he will remain as CEO for now, but the company will start looking for a replacement.
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