Tampa VC firm makes $84M sale

TAMPA -- Palm Beach Capital sold its interest in Arriva Medical to Waltham, Mass.-based Alere Inc. (symbol: ALR) for roughly $84 million.

Alere is paying for the acquisition with $65 million in cash, along with roughly 800,000 shares of its common stock, worth nearly $19 million based on Alere's most recent stock price.

Palm Beach Capital is headquartered in West Palm Beach, but operates a Tampa office as well. The equity firm owns St. Petersburg-based Interstate Transport, which expanded earlier this month. The firm manages $325 million in total assets.

Arriva is headquartered in Coral Springs, and generated $21.5 million in revenues over the six months ended Oct. 31, a release says. Alere earned $2.2 billion in revenues in 2010.