UAS Lakeview Investment Co. II LLC opened and closed the private equity fund on Jan. 17, said Kent Velde, president of Lakeview. There were 47 investors in the fund, according to an SEC filing.
The Lakeview investment is part of an overall $4 million private equity round, Velde said.
Also on Jan. 17, UAS raised a $21.7 million funding round, according to another SEC filing. Velde said the filing was unrelated, and was for a previous transaction.
Lakeview has also invested in UAS Labs in previous private equity funds, and is majority owner of the company. UAS is a sizable, profitable company that has sought the private equity to support its growth, Velde said.
“The company has had a strong, consistent growth every year since inception of our investment,” he said. “It’s an industry that is growing rapidly and we have a strong team and an outstanding company. It’s a strong growth industry and we’ve been experiencing strong growth as a part of that.”
Founded in 1979, UAS Labs develops and manufactures probiotics aimed at improving wellness. The company last year opened a new $60 million fermentation facility in Madison. The company last raised funding in February 2017, when it completed a $21.4 million round.