GTCR Announces Acquisition of Cole-Parmer Instrument Company
July 17, 2014
Corporate carve-out of leading manufacturer and distributor of life sciences products.
GTCR, a leading private equity firm, today announced that it has entered into a definitive agreement to acquire the Cole-Parmer Instrument Company (“Cole-Parmer”) from Thermo Fisher Scientific Inc. (NYSE:TMO) (“Thermo Fisher”) for $480 million. Cole-Parmer, headquartered in Vernon Hills, Illinois, is a leading global manufacturer and distributor of specialty laboratory equipment, instruments and supplies to a diverse range of customers in pharmaceutical, biotech, healthcare, chemicals, food and other research-based or regulated markets.
Founded in 1955, Cole-Parmer offers a portfolio of industry-leading brands and private-label products in niche applications to fulfill important needs in the laboratory supply market. The business has deep technical expertise across a range of specialty products in the field of fluid handling, test and measurement, electrochemistry and other laboratory products. Cole-Parmer sells its products across a range of end-markets and to a diverse, global customer base.
“We are excited to acquire Cole-Parmer from Thermo Fisher,” said Dean Mihas, managing director at GTCR. “We believe Cole-Parmer’s strong reputation, management team and portfolio of leading brands provides a unique position within the diverse end-markets it serves. GTCR looks forward to investing in the business and building a leading company within the life sciences and lab supply industry.”
Sean Cunningham, managing director at GTCR, added: “The acquisition of Cole-Parmer from Thermo Fisher underscores GTCR’s extensive experience in corporate carve-outs and highlights GTCR’s continued enthusiasm for investing in companies that serve the broader life sciences industry.”
The transaction is subject to regulatory approval and other customary closing conditions. GTCR’s investment in Cole-Parmer will be funded from GTCR Fund XI, a private equity fund raised in 2014 with $3.85 billion of limited partner equity capital commitments. Credit Suisse served as financial advisor to GTCR and will provide financing for the transaction. Kirkland & Ellis LLP served as legal counsel to GTCR.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare and Information Services & Technology industries. The Chicago-based firm pioneered The Leaders Strategy™—finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $10 billion in over 200 companies. For more information, please visit www.gtcr.com.
Cole-Parmer has been a leading global source of laboratory and industrial fluid handling products, instrumentation, equipment and supplies since 1955. Our product lines, including popular brand names such as Masterflex®, Oakton®, Digi-Sense™ and more, are sold through company-owned customer channel outlets and a strong network of international dealers. We also feature an ISO17025-accredited metrology lab for instrument calibration and repair. Cole-Parmer responds with excellence to customer needs, and offers application expertise and technical support.