LLR Partners has made an investment in Genesee Scientific, a manufacturer and distributor of products used in life sciences applications.
Genesee Scientific’s products include lab instruments and equipment, reagents, and consumables used in life sciences applications by pharmaceutical and biotechnology companies, universities, medical research institutions and hospitals.
The company maintains thousands of SKUs and has a unique specialty supplying equipment and supplies used by the Drosophila (fruit fly) research community. Drosophilae are widely used as a model organism in the field of genetics.
Genesee Scientific was founded in 1995 by Ken Fry as a laboratory products distributor and today is one of the largest providers of life science consumables and equipment to the academic and biotech markets. Other members of Genesee Scientific’s senior management team include Executive Vice Presidents David Ultis and Jeff Boone.
At the close of the buy of Genesee Scientific, LLR named Sean Patrick, an industry veteran and former executive at Life Technologies and Antylia Scientific, as Genesee Scientific’s CEO.
“I am excited and honored to be joining such an incredible team and organization,” said Mr. Patrick. “Along with Jeff Boone, David Ultis and the rest of the Genesee team, we are excited to build upon the strong product portfolio and drive continued innovation in the business to support the needs of our customer base.”
“I am thrilled for this opportunity to work with LLR given their partnership-focused culture, industry expertise and experience helping businesses like ours continue to grow,” said Mr. Fry, who will continue with the company as a member of its board of directors. “We care deeply about our customers and employees. As Genesee enters our next phase of growth, we will continue to invest in our team, systems and products to better serve our customers.”
“We are thrilled to be working with the Genesee team at such an exciting time in the life sciences research & development market. Genesee Scientific has served as a key partner to laboratories for more than two decades and will continue to support its customers as they lead innovative research initiatives for the industry,” said Michael Levenberg, a partner at LLR.
Philadelphia-based LLR makes minority or majority investments from $25 million to $200 million in companies that are active in the education, financial, healthcare, security, and software sectors. In October 2020, LLR held a final closing of its latest fund, LLR Equity Partners VI LP, with $1.8 billion in capital.
“Scientists care about quality, consistency and availability. Genesee’s product portfolio checks all these boxes with a team that goes above and beyond to service customers. We look forward to partnering with the Genesee Scientific team as they continue to expand their resources, customer base and suite of products,” said Jesse Gray, a vice president at LLR.
Capstone Partners was the financial advisor to Genesee Scientific on this transaction.
© 2021 Private Equity Professional | October 21, 2021
