GTCR, a private equity firm, has entered into a definitive agreement to acquire the Cole-Parmer Instrument Company from Thermo Fisher Scientific Inc. for $480 million. Cole-Parmer, headquartered in Vernon Hills, Illinois, is a 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.
Founded in 1955, Cole-Parmer offers a portfolio of industry-leading brands and private-label products in niche applications to fulfill important needs in the laboratory supply 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 products across a range of end-markets and to a diverse, global customer base.
“We are excited to acquire Cole-Parmer from 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. GTCR looks forward to investing in the business and building a leading company within the life sciences and lab supply industry.”
Sean Cunningham, Managing Director at GTCR, added: “The acquisition of Cole-Parmer from Thermo Fisher underscores GTCR’s extensive experience in corporate carve-outs, and highlights GTCR’s continued enthusiasm for investing in companies that serve the broader life sciences industry.”
The transaction is subject to regulatory approval and other customary closing conditions. GTCR’s investment in Cole-Parmer will be funded from GTCR Fund XI, a private equity fund raised in 2014 with $3.85 billion of limited partner equity capital commitments. Credit Suisse served as financial advisor to GTCR and will provide financing for the transaction. Kirkland & Ellis LLP served as legal counsel to GTCR.