Broad Sky Partners has acquired laboratory supply and scientific equipment distributor Thomas Scientific from Carlyle Group which purchased the business in 2017.
Thomas Scientific distributes chemicals, beakers, vials, incubators, microscopes, furniture and safety equipment used in laboratories and other controlled scientific environments.
Thomas Scientific was founded in 1900 and today is managed by the third and fourth generations of the founding family alongside the management team and Chief Executive Officer Charles Simmons. Thomas Scientific is headquartered near Philadelphia in Swedesboro, New Jersey.
Broad Sky Partners is based in New York City and makes control investments of $50 million to $250 million in consumer and business services companies. Broad Sky was founded in 2014 by Tyler Zachem, partially acquired by Carlyle in 2015, and then relaunched as a standalone firm in 2021. The investment in Thomas marks its first since relaunching.
“We’ve known the partners at Broad Sky for several years, given their investment and operating roles during their time at Carlyle,” said Mr. Simmons. “They have the right mix of skills and resources to help us grow and continue to advance our mission to be the most trusted partner in science for our customers, suppliers and associates.”
“We’ve identified several powerful, long-term drivers of growth in life sciences and clinical diagnostics, and believe Thomas Scientific has a platform that is uniquely positioned for significant expansion through organic growth as well as strategic acquisitions,” said Adam Glucksman, a partner at Broad Sky. “We’re thrilled to partner with their talented management team and look forward to helping the company scale.”
Post-closing, Lynn Calpeter, an operating partner at Broad Sky and a former General Electric finance executive, will become the chairman of the board at Thomas Scientific.
The Carlyle Group (NASDAQ: CG) invests worldwide in buyouts, growth capital, real estate, and leveraged finance. The firm, with $293 billion of assets under management, has more than 1,800 employees in 26 offices across five continents and is based in Washington DC.
“We are proud of our partnership with the world-class management team at Thomas Scientific to transform the business from a leading regional to a leading national player, with a comprehensive product offering, excellent customer service and reliable supply chain serving both small and large labs,” said Carlyle Managing Director Vipul Amin. “Undoubtedly, Thomas is uniquely positioned to continue to expand its market presence.”
Jefferies served as lead financial advisor, Baird served as financial advisor and Latham & Watkins served as legal advisor to Thomas Scientific. Berenson & Co. served as financial advisor and Morrison Cohen was the legal advisor to Broad Sky.
© 2022 Private Equity Professional | February 15, 2022
