TCP Analytical Welcomes New Investment from Audax Strategic Capital (“ASC”) and Other Investors, Alongside Expanded Commitment from Existing Sponsor Riverarch Equity Partners

Investment from Audax Strategic Capital aims to help extend growth runway and accelerate M&A.

NEW YORK, NY, AND PITTSBURGH, PA – March 25, 2025 – Audax Strategic Capital (“ASC” or “Audax”), a provider of customized, mid-hold equity solutions, announced today an investment in TCP Analytical, a portfolio company of Riverarch Equity Partners (“Riverarch”) and an established manufacturer and distributor of specialty chemicals and consumable products used in life science applications. ASC’s investment is intended to support future M&A and organic growth initiatives. Riverarch, SilverMill, The Hillman Company, Lacy Diversified, PPM America, and other co-investors also committed significant incremental capital to TCP.

Led by Chief Executive Officer Al Jurgela, TCP Analytical is a manufacturer and distributor of specialty chemicals, reagents, and supplies used in analytical testing labs and production operations. The company serves a diverse customer base across North America, with an offering that includes over 50,000 SKUs to try to provide a one-stop-shop for customers and distributors across the biotech and pharmaceutical, clinical and academic research, and industrial sectors, in addition to other end markets.

“ASC showed a deep understanding of our business,” noted Al Jurgela, the CEO of TCP Analytical. “We’re excited to work with the ASC team, and believe this investment will help to bolster our M&A program and support continued funding from our long-time sponsor Riverarch Equity Partners.”

“This is a sector we know well, and the deep experience across the Audax Private Equity platform helped provide conviction in the company’s ongoing growth prospects, which allowed us to move quickly,” noted Kumber Husain, Managing Director, Audax Strategic Capital. “We’re thrilled to invest behind a long-tenured and respected sponsor and support a management team that has successfully scaled TCP Analytical through both organic and inorganic growth.”

Pittsburgh-based Riverarch originally invested in TCP Analytical in November 2018. Riverarch is a middle market private equity firm that seeks to invest in market-leading companies where it can partner with management to support accelerated growth.

Since Riverarch’s and SilverMill’s original investment, TCP Analytical has completed and integrated eight acquisitions that have added depth to its North American footprint and diversified the company’s brands and product set, its customer base, and its end markets. The company has grown nearly tenfold since Riverarch’s original investment.

“ASC provides us with a value-add capital provider that we believe will help us act on the compelling opportunity set in front of the business,” noted Michael Rost, Managing Director at Riverarch Equity Partners. “We’re excited to welcome ASC into the investment and believe their support will help to catalyze and amplify future growth.”