Avalon Laboratories Gets $66M

Los Angeles-based Avalon Laboratories, a provider of medical devices for connecting patients to life support devices, has raised $66M in a combination of a equity and debt. According to American Capital Strategies Ltd., the firm invested a combination of senior term loan, senior subordinated debt and convertible preferred and common equity in Avalon Laboratories, along with a revolving credit facility. Avalon Laboratories is based in Rancho Dominguez, and its devices are used to connect patients to heart and lung machines.