New Mountain Capital Announces Intent to Acquire PerkinElmer’s Applied, Food and Enterprise Services Businesses
New Mountain Capital, a growth-oriented investment firm with over $37 billion in assets under management, announced that it has entered into a definitive agreement with the intention to acquire PerkinElmer’s Applied, Food and Enterprise Services businesses, a carve-out from the Discovery & Analytical Solutions segment of PerkinElmer, Inc, for up to $2.45 billion in total consideration.
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The business being acquired includes PerkinElmer’s leading OneSource laboratory and field services, along with a portfolio of atomic spectroscopy, molecular spectroscopy, and chromatography instruments, consumables and reagents that serve the biopharma, food, environmental & safety and applied end markets. The PerkinElmer brand will be transferred with the business, and the transaction is expected to close in the first quarter of 2023, subject to regulatory approvals and other customary closing conditions.
Andre Moura, Managing Director at New Mountain Capital, said: “PerkinElmer has a long history of market-leading innovation, and we are excited to partner with this dedicated team to support the next phase of growth. The business we are acquiring provides mission-critical solutions that enable scientists and researchers to perform their important work, including developing and manufacturing biopharmaceuticals, ensuring a cleaner and safer environment and food supply, and helping to provide high-quality products to demanding customers. New Mountain intends to continue to invest behind the business as we pursue a dynamic growth strategy.”
Joe Walker, Managing Director at New Mountain Capital, added: “We look forward to supporting the business as we invest in continued product innovation, cutting-edge technology, market expansion, add-on M&A and other strategic partnerships to further expand and build on the business’ strong value proposition to its customers and partners.”
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Matt Holt, President of Private Equity and Managing Director at New Mountain Capital, added: “We view this investment as a platform for growth and business building at the intersection of two long-standing sector efforts, healthcare technology and life science materials & supplies. We plan to invest significantly in the resources of this business, for the benefit of all stakeholders including customers, the workforce and other business partners.”
Prahlad Singh, President and CEO of PerkinElmer, commented: “This milestone has been made possible by the hard work of our nearly 17,000 employees across the globe. It is validation of our people and the incredible businesses we have built. With this transaction, the Applied, Food and Enterprise Services businesses are gaining a partner who is committed to building on their record of success. Upon closing of the transaction, I believe both organizations will benefit significantly from increased focus and aligned investment on their unique market opportunities.”
New Mountain Capital was advised by Jefferies as exclusive financial advisor and Simpson Thacher & Bartlett as lead legal counsel. Owl Rock Capital, a division of Blue Owl, served as administrative agent and joint lead arranger for the credit facilities. Goldman Sachs & Co. LLC, Inc., is serving as exclusive financial advisor to PerkinElmer, with WilmerHale, McDermott Will & Emery, and Hogan Lovells serving as legal counsel to the Company.
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