GTCR, a leading private equity firm, has recently completed the previously announced acquisition of Cole-Parmer Instrument Company (Cole-Parmer) from Thermo Fisher Scientific Inc. (Thermo Fisher).
Cole-Parmer, headquartered in Vernon Hills, Illinois, is a leading global manufacturer and distributor of specialty laboratory equipment, instruments and supplies to a diverse range of customers in pharmaceutical, biotech, healthcare, chemicals, food and other research-based or regulated markets. GTCR is partnering with life science industry veteran Bernd Brust to carve-out the business from Thermo Fisher and position the Cole-Palmer for future growth.
“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.”
Founded in 1955, Cole-Parmer offers a portfolio of industry-leading proprietary brands and private-label products in niche applications to fulfill important needs in the laboratory market. The business has deep technical expertise across a range of specialty products in the field of fluid handling, test & measurement, electrochemistry and other laboratory products. Cole-Parmer sells its broad portfolio of products to a diverse, global customer base.
The investment is a result of GTCR’s proactive efforts with Mr. Brust targeting 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. Mr. Brust has an extensive track record of success within the healthcare and life sciences industry.
“We are delighted to partner with Bernd Brust as part of GTCR’s Leaders StrategyTM 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.”
“I am excited to partner with GTCR on this opportunity,” stated 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.”
Sean Cunningham, Managing Director at GTCR, added: “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.”
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 LLP served as legal counsel to GTCR.