Hanson Lab Acquires Assets of Its Buyer

Two Ventura County concerns in the laboratory furniture and equipment business have given new meaning to the word turnaround .

Nearly three years ago, Norlab Inc., a privately held firm with offices in Chicago and Toronto, paid several million dollars to acquire Hanson Lab Furniture Inc., based in Newbury Park.

Hanson claimed to be the largest West Coast manufacturer of metal laboratory cabinets, tables and similar equipment. Norlab wanted to increase its presence in the West.

Norlab announced that Kenneth Hanson, who had founded Hanson Lab 20 years before, would not be involved in managing the newly merged companies, to be called Norlab Manufacturing Co. Norlab relocated to Newbury Park and severed its ties with its Midwest and Canadian operations.

Cut to earlier this month. Channel Islands Equities, the same Oxnard investment banking firm that arranged the mid-1992 acquisition, announces that it has helped Hanson Lab Furniture return to life and acquire the operating assets of Norlab Manufacturing Co.

The acquiree became the acquirer.

“It just didn’t work out,” said Hanson, who has reassumed the title of chairman of the surviving Hanson Lab. “I feel very sorry for the Norlab people.”

Norlab is being liquidated, Hanson said, and Hanson Lab will go back to producing furniture for scientific customers throughout the West. Terms of the turnaround acquisition weren’t disclosed.