Pfingsten Builds Lab Instrumentation Platform

Full Spectrum Group, a portfolio company of Pfingsten Partners, has acquired the assets of the third party field services division of Pion (Pion TPFS).

Full Spectrum (FSG) is a provider of repair, maintenance, and validation services for laboratory instrumentation. Validation ensures that a product, service, or system meets requirements and specifications and is a required component of ISO 9000 certification.

FSG offers service contracts, preventative maintenance programs, instrument qualification and repair services, replacement parts, and reconditioned instruments. Many of the company’s customers are active in the biotechnology, pharmaceutical, forensics, environmental, petroleum, food and flavor, cannabis, and government sectors.

FSG is headquartered near San Francisco in Pleasanton, California and has 14 sales and service locations across the US. Pfingsten acquired Full Spectrum in February 2019 in partnership with the company’s three founders – Tom Fider, Alan Chan, and John Martin.

Pion TPFS is a brand-agnostic provider of repair, maintenance, validation, and qualification services for laboratory instrumentation used in the biotechnology, life sciences, and pharmaceutical sectors. The business serves a nationwide customer base and is headquartered 30 miles south of Raleigh in Benson, North Carolina.

The buy of Pion TPFS by FSG is the first add-on acquisition completed by the company under Pfingsten ownership.

“Pion TPFS’s customer-focused approach to instrumentation services made it a perfect fit for the FSG platform,” said Phillip Bronsteatter, a managing director at Pfingsten. “This is an important acquisition as we seek to build a national instrumentation service provider for life sciences, forensics, chemical and industrial, food and beverage, environmental, education and research end markets.”

“We are excited to add Pion TPFS to the FSG platform,” said Bob McLeese, president and CEO of FSG. “This acquisition broadens our service expertise and geographic coverage, enabling us to better serve our customers and offer additional validation and qualification services. We cannot wait to work alongside the Pion TPFS team to accelerate the growth of the combined platform.”

Pfingsten invests in middle-market manufacturing, distribution and business services companies that have transaction values ranging from $15 million to $100 million, revenues from $20 million to $150 million, and EBITDA between $3 million and $12 million. Since completing its first investment in 1991, Pfingsten has acquired 141 such companies through five funds with total commitments of $1.3 billion. The firm is based in Chicago with representative offices in India and China.

Pion develops and manufactures instrumentation used for compound testing in pharmaceutical research and development. The company was founded in 1996 and is headquartered north of Boston in Billerica, Massachusetts.

Private Equity Professional | June 24, 2020

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