TechLab, a medical device company founded by a group of Virginia Tech researchers in 1989, has been acquired by a private equity firm with plans to keep growing the Blacksburg-based business.
Co-founders Tracy Wilkins and David Lyerly previously sold 49 percent of the company to publicly-traded Alere in 2006.
On Monday, Texas-based Pharos Capital Group announced it bought Alere’s portion as well as an undisclosed percentage from the founders — enough to claim majority ownership.
No one would comment on the terms of the deal Tuesday, but SEC records show Alere estimated as recently as December 2015 that its 49 percent stake was worth about $13.3 million, up from the $8.8 it paid 10 years earlier.
