One Rock Capital Partners Sells Kova International to LGC Group

NEW YORK, July 24, 2023 – One Rock Capital Partners, LLC (“One Rock” or the “Firm”), a value-oriented, operationally focused private equity firm, today announced that one of its affiliates has completed the sale of Kova International, Inc. (“Kova” or the “Company”), a leading developer, manufacturer and marketer of in vitro diagnostic products for clinical laboratories, to LGC Group. Terms of the transaction were not disclosed.

Headquartered in Garden Grove, California, Kova currently operates two product lines: urinalysis controls, consisting of urine-based controls for urine chemistry and microscopy urinalysis, and toxicology controls, consisting of urine- and saliva-based controls for drugs of abuse screening and confirmation testing.

“This transaction marks the end of a partnership between Kova and One Rock, during which we worked closely with Nita Moritz and the Kova management team to enhance the company’s leadership in urinalysis and expand its product lineup into toxicology controls,” said Joshua Goldman, Partner at One Rock. “We fully expect to see Kova continue to thrive under new ownership.”

Baird served as financial advisor to Kova on the transaction.

ABOUT ONE ROCK CAPITAL PARTNERS, LLC

One Rock makes controlling investments in companies with potential for growth and operational improvement using a rigorous approach that utilizes highly experienced Operating Partners to identify, acquire and enhance businesses in select industries. The involvement of these Operating Partners affords One Rock the ability to conduct due diligence and consummate acquisitions and investments in all types of situations, regardless of complexity. One Rock works collaboratively with company management and its Operating Partners to develop a comprehensive business plan focused on growing the enterprise and its profitability to enhance long-term value.

For more information, visit www.onerockcapital.com.

ABOUT KOVA INTERNATIONAL, INC.

Kova International, Inc. ("Kova") the former urinalysis division of Hycor Biomedical, operating under the KOVA® brand and headquartered in Garden Grove, CA, is a leading developer, manufacturer and marketer of in vitro diagnostic products for clinical laboratories worldwide. Kova provides products to leading healthcare customers in North America and around the world.

For more information about Kova and its products, visit www.kovaintl.com.