Levine Leichtman has added on to its Technical Safety Services platform with the buy of Precision Air Technology.
Technical Safety Services (TSS) is a provider of recurring and on-site technical services including testing, inspection, certification, and calibration (TICC) services to customers in the pharmaceutical, biotechnology, healthcare, and other life sciences end markets.
TSS’ services are used to ensure that customers’ controlled environments – clean rooms, bio-safety cabinets, medical gas systems, high-purity water systems, and laboratory equipment – remain in compliance with regulatory standards. TSS, led by CEO Brent Hart, was founded in 1970 and is headquartered in La Jolla, California.
Like TSS, Precision is a provider of controlled environment testing and certification services to the pharmaceutical and healthcare sectors. The company specializes in HEPA filter certification and testing, adjust, and balance (TAB) projects. TAB projects ensure that the heating, ventilation, and air conditioning systems in a building are working effectively and efficiently.
Precision Air was founded in 1994 and is headquartered near Raleigh in Morrisville, North Carolina.
“Precision is a highly respected organization that we are thrilled to welcome to the TSS platform,” said Mr. Hart. “Our combined team will have greater resources and capacity to serve mission-critical life sciences and healthcare markets by delivering best-in-class, expert support.”
“We are proud to support the TSS team in this exciting step to expand their geographic presence within the Research Triangle, a key, high-growth pharmaceutical and life sciences hub,” said Matthew Rich, a partner at LLCP. “We look forward to the benefits of this integration and to the continued execution of TSS’s ambitious expansion plans through further strategic M&A and other active initiatives.”
The acquisition of Precision by TSS is the sixth since being acquired by LLCP in June 2022 from Edgewater Growth. The five earlier acquisitions were Massachusetts-based Cornerstone Commissioning (January 2022), California-based CEPA Operations (August 2022), New Hampshire-based AIRTEST (September 2022), Ohio-based Northeast Medical Consulting (January 2023), and Massachusetts-based Quality Systems Integration (January 2023).
Levine Leichtman invests in US and Europe-based middle-market companies across numerous industries including franchising, business services, education, engineered products, healthcare, and light manufacturing. The firm closed its most recent fund, LLCP Lower Middle Market Fund III LP (Fund III), at an oversubscribed $1.38 billion in September 2021. A recent transaction closed by LLCP was the February 2023 buy of Kilwins, a Michigan-headquartered franchisor, retailer, manufacturer, and distributor of chocolate, ice cream, and confectionery products.
Since its founding in 1984 by Arthur Levine and Lauren Leichtman, LLCP has managed $13.3 billion of institutional capital across 15 investment funds and has invested in over 100 portfolio companies. LLCP currently has $8.9 billion of assets under management with offices in Los Angeles, New York, Chicago, Charlotte, Miami, London, Stockholm, The Hague, and Frankfurt.
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