Ex-B&L Execs Build Firm After Buying Units

Friday, October 16, 2015

Source: Rochester Business Journal

Former Bausch & Lomb Inc. execu­tives Ben Burton and Mary Richardson arc determined to breathe new life into iuvo BioScience LLC. The duo, who bought two Moog Inc. units in March to create iuvo, aims to boost total em­ployment at the company from 52 to more than I 00 in five years.

Already, under Burton and Richard­son's ownership, sales that were flat to declining upon the acquisition arc set to grow IO percent by the end of the year. Burton, president and CEO of iuvo, ex­pects the company to generate roughly 20 percent growth in 2016.

"We have reversed the downtrend," he said. "We're growing again, and that growth is organic in two different areas: One is new revenue from existing customers, and there's also new customers that we've been able to bring in .. through some focused business development efforts." 

luvo operates a contract laboratory and testing services facility in Rush, where it employs 40, and a sterilization division in Erie, Pa., which has 12 people. Through a holding company, Tartan Holdings LLC, Burton and Richardson acquired real estate and assets from Moog Medical De­vices and MMC Sterilization.

luvo sees itself as a partner research organization, assisting its customers with a host of pre-clinical testing ser­vices that span areas of toxicology, ana­lytical chemistry and microbiology. The company also acts as a consultant, assisting with development of new prod­ucts and testing strategies and regula­tory requirements. Juvo's clients include medical device and pharmaceutical companies. The lab testing services has close to 200 customers, while more than I 00 clients are served at the Erie site.

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