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.