Pfingsten has acquired Full Spectrum Group, a national, multi-vendor service provider for laboratory instrumentation.
Full Spectrum 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. Full Spectrum 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.
Full Spectrum, headquartered near San Francisco in Pleasanton, CA, was founded in 1992 and has 14 sales and service locations across the US (www.fsaservice.com).
Pfingsten acquired Full Spectrum in partnership with the company’s three founders – CEO Tom Fider, CFO Alan Chan, and EVP John Martin – who have retained equity ownership in the company. “We are eager to partner with Pfingsten,” said Mr. Fider. “Pfingsten’s operational expertise and prior experience scaling businesses focused on technical field service makes them the ideal partner to help us execute our strategic objectives.”
“Full Spectrum provides significant value to its customers through its ability to quickly service, support, calibrate and maintain various analytical instrumentation brands and types. The company is a market leader with best-in-class service and technical capabilities,” said Phillip Bronsteatter, a principal at Pfingsten. “We will support Full Spectrum’s growth with continued investments in people, infrastructure, geographic expansion, and add-on acquisitions.”
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 135 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 (www.pfingsten.com).
The buy of Full Spectrum was made through Pfingsten’s $382 million fifth fund which closed in March 2016.
© 2019 Private Equity Professional | February 20, 2019