SEATTLE, Jan. 14, 2019 (GLOBE NEWSWIRE) -- US BioTek Laboratories (US BioTek) announced today the appointment of a new President and CEO, Jack Frausing. Frausing assumes the leadership from co-founder and current president Raymond Suen and his co-founder and wife Margaret Suen, the current executive vice president. The addition of Frausing is the first step in an overall plan to invest significantly to expand the the company’s testing and reporting capabilities, as well as expand sales and marketing to reach and service a growing customer base. Raymond and Margaret will continue to be active in the business to facilitate a smooth transition.
Headquartered in Shoreline, Washington, US BioTek is a Clinical Laboratory Improvement Amendments (CLIA) accredited testing facility that provides a variety of immunology and chemistry profiles to clinicians worldwide. In December 2018, the Suens partnered with Pike Street Capital, a growth-oriented private equity company, which acquired a majority interest in US BioTek.
“We’re thrilled to have Jack on board, given his proven experience in building global sales operations and distribution networks,” said Paul Caragher, Partner at Pike Street Capital. “The company has already established itself for quality, accuracy and great customer service, and we’re looking to build on those strengths in the coming months.”
Frausing has nearly 30 years of global experience in sales and commercial leadership. Most recently he led global sales for Radiant Vision Systems, a leader in sophisticated imaging technologies for light measurement, manufacturing integrity, and surface quality for the world’s leading industrial OEMs and suppliers.
“Margaret and I have taken so much pride in building US BioTek and we believe Jack is the right leader for the next phase of growth,” said Raymond Suen. “One of the reasons we partnered with Pike Street Capital was their desire to invest in the team and business.”
US BioTek’s planned expansion comes at a time of growing demand for specialty testing services for food-related allergies and intolerances. More than 170 foods have been reported to cause allergic reactions, and up to 15 million Americans have food allergies, including 5.9 million children under age 18, according to Food Allergy Research & Education, the world’s largest nonprofit organization dedicated to food allergy awareness, education, research and advocacy. While most food allergies arise in childhood, at least 15 percent of food allergies are first diagnosed in adulthood.
About US BioTek Laboratories
Headquartered in Shoreline, Washington, US BioTek Laboratories, Inc. is a Clinical Laboratory Improvement Amendments (CLIA) accredited testing facility that provides a variety of immunology and chemistry profiles to clinicians worldwide. With over 30 years’ experience in enzyme-linked immunosorbent assay technology, our dedicated team of experienced scientists and technicians utilize the latest research and technologies. More information is available at www.usbiotek.com
About Pike Street Capital
Seattle-based Pike Street Capital manages a private equity fund focused on growth buyouts in industrial technology in the lower middle market. With over 75+ years of investing and operating experience, Pike Street Capital partners with management teams to build and execute a strategy for future growth. Pike Street Capital was co-founded by Paul Caragher, Dave Dandel and Ed Whatley. More information is available at www.pikestreetcapital.com.