GTCR Completes Acquisition of Cole-Parmer
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GTCR Completes Acquisition of Cole-Parmer

cole parmer nfGTCR has completed its previously announced acquisition of Cole-Parmer Instrument Company from Thermo Fisher Scientific.  GTCR is partnering with life science industry veteran Bernd Brust to carve-out the business from Thermo Fisher.

dean mihas nf2“We are delighted to partner with Bernd Brust as part of GTCR’s Leaders Strategy to acquire Cole-Parmer and carve the business out of 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. We look forward to partnering with Bernd and investing behind his vision of building a leading company within the lab supply industry.”

Cole-Parmer is a manufacturer and distributor of specialty laboratory equipment, instruments and supplies to a range of customers in pharmaceutical, biotech, healthcare, chemicals, food and other research-based or regulated markets. The business has technical expertise across a range of specialty products in the field of fluid handling, test & measurement, electrochemistry and other laboratory products.  The business had approximately $230 million in revenues in 2013 and is part of Thermo Fisher’s Laboratory Products and Services Segment. The company was founded in 1995 and is based in the Chicago suburb of Vernon Hills, IL (www.coleparmer.com).

The investment in Cole-Parmer is a result of GTCR’s efforts with Mr. Brust to target the medical and laboratory product industries. Mr. Brust, former CEO of Qualicaps and, previously, Chief Commercial Operations Officer of Life Technologies Corporation (acquired by Thermo Fisher in 2014), will become the CEO of the business as a part of the transaction.

“I am excited to partner with GTCR on this opportunity,” said Mr. Brust. “Cole-Parmer represents a compelling platform that is well-known within the scientific research and life sciences communities. I look forward to working with the existing Cole-Parmer management team to grow the business through product development and acquisitions to extend its leadership position.”

GTCR pioneered the investment strategy of identifying and partnering with executives to acquire and build companies through a combination of acquisitions and internal growth. The firm currently has nearly $11 billion in assets under management. Since its inception in 1980, GTCR has invested more than $10 billion in over 200 companies. The firm is based in Chicago (www.gtcr.com).

sean cunningham nf2“We are excited to work with Bernd as we look to grow the business organically and through acquisitions. The transaction highlights GTCR’s extensive experience in corporate carve-outs, and demonstrates our continued enthusiasm for investing in companies that serve the broader lab and life sciences industry,” said Sean Cunningham, Managing Director at GTCR.

GTCR’s investment in Cole-Parmer was funded from GTCR Fund XI, a private equity fund raised in 2014 with $3.85 billion of limited partner equity capital commitments. Credit Suisse and Goldman Sachs provided financing for the transaction. Kirkland & Ellis served as legal counsel to GTCR.

Thermo Fisher Scientific (NYSE:TMO) is a biotechnology product development company, created in 2006 by the merger of Thermo Electron and Fisher Scientific. The company also sells analytical instruments, equipment, reagents and consumables, software and services for research, manufacturing, analysis, discovery and diagnostics. Revenues for 2013 were approximately $13.1 billion. The company is based in Waltham, MA (www.thermofisher.com).

2014 PEPD • Private Equity’s Leading News Magazine • 8-18-14

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